Permitted Change Order definition

Permitted Change Order. Means change orders to the Design and Build Contract that:
Permitted Change Order means a change in the Construction Contract and/or the Plans and Specifications (a) that individually does not cause the guaranteed maximum price of the Construction Contract to be increased or decreased by more than $250,000 and, when added to all previous change orders, does not cause such price to be increased or decreased by more than $1,000,000 in the aggregate, (b) that does not result in a material change to the design of the Project, (c) that has been approved in writing by the Architect and/or the Engineer, and any
Permitted Change Order means a Change Order entered into at a time when no Event of Default exists which satisfies all of the following conditions:

Examples of Permitted Change Order in a sentence

  • If Lender does not approve, disapprove or request additional information within ten (10) Business Days after receipt of such notice, the proposed change order shall be deemed approved on the eleventh (11th) Business Day thereafter, and such change order shall be deemed, for purposes of this Agreement, a Permitted Change Order.

  • Tenant shall have ten (10) Business Days after receipt of Landlord’s approval within which to withdraw the subject Permitted Change Order Request, TIME BEING OF THE ESSENCE, by written notice to Landlord; if Tenant does not timely give such withdrawal notice, Tenant shall be deemed to have approved Xxxxxxxx’s proposal for the subject Permitted Change Order Request (individually, an “Approved Change Order”, or collectively, “Approved Change Orders”).

  • Xxxxxxxx further agrees that Xxxxxx’s approval of any Change Order (including any Permitted Change Order) shall not constitute Lender’s implied consent to the reallocation or use of funds in the Contingency Reserve for the payment of any additional Project Costs arising from such Change Order, it being agreed that Xxxxxxxx’s right to the use or reallocation of funds in the Contingency Reserve shall be governed solely by the provisions of this Section.

  • If Tenant and Landlord are unable to agree upon a Change Order which constitutes a Permitted Delay Change Order, either party may submit the necessity or terms of such Permitted Change Order to arbitration pursuant to the rules then obtaining of the American Arbitration Association (“AAA”) and the determination or award rendered by the arbitrator(s) shall be final, conclusive and binding upon the parties and not subject to appeal.

  • If Tenant submits a request to Landlord for a Tenant Requested Change Order that does not constitute a Permitted Change Order Request, Landlord may approve or deny such request as determined by Landlord in its sole and absolute discretion, for any reason or no reason, and the absence of a response from Landlord within the time period provided in Section 6(A)(8)(ii) below shall automatically be deemed a denial.


More Definitions of Permitted Change Order

Permitted Change Order means a Change Order entered into at a time when no Event of Default exists which satisfies all of the following conditions: (i) such Change Order does not change the cost of the Initial Construction Work by more than $100,000 with respect to any individual line item for each individual Change Order or $250,000 in the aggregate of such line items for each individual Change Order, (ii) such Change Order does not increase the time scheduled for completion of the Initial Construction Work or materially modify the scope, quality, functionality, or marketability of the Mortgaged Property after completion of the Initial Construction Work, (iii) if such Change Order increases the cost of the Initial Construction Work and the increased cost exceeds the amount remaining in the Hard Cost Contingency of the Development Budget, Borrower deposits the amount of such increase with Lender prior to execution of the Change Order in question, (iv) such Change Order does not materially adversely affect the structural components of the Mortgaged Property, (v) the total of all Change Orders taken in the aggregate do not exceed fifty percent (50%) of the Hard Cost Contingency, (vi) no portion of the Change Order deletes or reduces the Initial Construction Work in any way (it is not a deductive Change Order in whole or in part) and (v) Borrower provides a copy of such Change Order to Lender promptly after execution of such Change Order.
Permitted Change Order means a change in the Construction Contract and/or the Plans and Specifications (a) that individually does not cause the guaranteed maximum price of the Construction Contract to be increased or decreased by more than $350,000 and, when added to all previous change orders, does not cause such price to be increased or decreased by more than $2,000,000 in the aggregate,
Permitted Change Order means, with respect to any Construction Property, a change order which does not materially change the Plans for such Construction Property, and either (a) (i) increases the cost amount attributable to the item being changed as shown on the Cost Breakdown for such Construction Property, and (ii) when the amount of such increase is added to the aggregate amount of the increases of all prior Permitted Change Orders which increase the cost thereof, such sum does not exceed 5.0% of the amount of the applicable line item or 5.0% of the aggregate costs shown on such Cost Breakdown or (b) (i) decreases the cost amount attributable to the item being changed as shown on the Cost Breakdown for such Construction Property, and (ii) when the amount of such decrease is added to the aggregate amount of the decreases of all prior Permitted Change Orders for such Construction Property which decrease the cost thereof, such sum does not exceed 5.0% of the amount of the applicable line item or 5.0% of the aggregate costs shown on such Cost Breakdown.
Permitted Change Order means any Change Order designated in writing by the Administrative Agent to the Borrower to be non-material to the development, financing, construction, commissioning, management and operation of the Project as determined by the Administrative Agent using its reasonable discretion and acting in consultation with the Technical Agent, provided that, Change Orders contemplating or relating to any of the following shall be automatically designated as material to the development, financing, construction, commissioning and management and operation of the Project, will not be designated as Permitted Change Orders and will require the prior written consent of the Majority Lenders in accordance with Section 13.4(a):

Related to Permitted Change Order

  • Change Order means a written order to the Contractor signed by the Contracting Officer, issued after execu- tion of the Contract, authorizing a change in the term or scope of the Contract.

  • Benchmark Replacement Conforming Changes means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Base Rate,” the definition of “Business Day,” the definition of “Interest Period,” timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, the applicability and length of lookback periods, the applicability of breakage provisions, and other technical, administrative or operational matters) that the Agent decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Agent in a manner substantially consistent with market practice (or, if the Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Agent determines that no market practice for the administration of such Benchmark Replacement exists, in such other manner of administration as the Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents).

  • Permitted Modification shall have the meaning ascribed thereto in Section 4.02.

  • Permitted Modifications As defined in Section 2.02(a) of the Servicing Agreement.

  • Material Modification means any modification to an Interconnection Request that has a material adverse effect on the cost or timing of Interconnection Studies related to, or any Network Upgrades or Local Upgrades needed to accommodate, any Interconnection Request with a later Queue Position.

  • Work Order means an individually negotiated document that is executed by both Parties and which authorizes a Project, if any, in an indefinite quantity Contract.