Project Contingency definition
Project Contingency means the dollar amount(s) set forth in the applicable Cost Budget, over and above the estimated Project Costs, as of the Effective Date, whether allocated to specific aspects of the Rail Projects or unallocated, which have been or may be used for Project Costs as permitted by this Governance Agreement.
Project Contingency means an amount set by Judicial Council that is part of the GMP, and that Design Build Entity may only use, subject to Design Build Entity’s compliance with requirements for the use of Contingency in these General Conditions, and only after Judicial Council’s prior written authorization.
Project Contingency means the contingency by that name set forth in the Project
Examples of Project Contingency in a sentence
Bid and Project Contingency funds may be expended only with written approval of the Owner.
The accounting shall include documentation and information in the level of detail required by the Contract Documents, including, without limitation: (i) a description of the Construction Work for which Project Contingency was used; (ii) a breakdown of the costs of Project Contingency use; and (iii) an itemization of the amount used and an accounting of the Project Contingency balance.
Judicial Council will authorize any approved use of the Project Contingency in writing.
The Project Contingency is however within the design and documentation scope of the Architect and should be included in the Basic Services.
Design Build Entity shall be issued twenty-five percent (25%) of the total unused balance of the Project Contingency and return seventy-five percent (75%) to Judicial Council through a deductive Change Order.
More Definitions of Project Contingency
Project Contingency means a fund to cover non-general condition and other cost growth during the Project used by the City or approved by the City for CMAR use, at City’s sole discretion. The City will permit use of the Project Contingency, as the need may arise, and such Project Contingency monies may be utilized and are generally available for increased charges due to material costs and availability, production capacity, unforeseen Project circumstances or site conditions, City directed changes to the Work to be performed under the Contract including design revisions or additional scope requests made by the City or the Design Professional, or may be utilized to cover costs that have not been completely identified as trade specific scope on the GMP setting documents such as scope gap, coordination issues between trades, and missed scope during the bidding process, and may require further clarification or coordination. The amount of Project Contingency will be set solely by City and will not be included in the GMP or GMP Proposal.
Project Contingency means the amounts allocated in the Budgeted Costs as a contingency allowance for use to meet costs that may be incurred by the Borrower in connection with the Development and that do not form part of the Construction Costs or the Soft Costs as set out in the Budgeted Costs.
Project Contingency means the contingency by that name set forth in the Project Budget and further defined in the Development Agreement.
Project Contingency means the project funds that have been set aside or reserved to cover bidding overruns. Construction contingencies are used to cover unforeseen conditions and omissions and miscellaneous project expenditures not part of the initial project budget but necessary to complete the project;
Project Contingency. Line Item in the Project Budget hereunder, and (2) the “Flex Contingency” Line Item in the Project Budget hereunder, may be used (x) to pay for Building Loan Costs under the Building Loan Disbursement Agreement pursuant to a Disbursement Request hereunder that identifies such Building Loan Costs, and (y) for deposit into the Building Loan Interest Reserve Account (as defined in the Building Loan Disbursement Agreement) on account of an extension of the Scheduled Casino Opening Date and/or the Casino Opening Deadline pursuant to Section 6.15 of the Building Loan Disbursement Agreement (each, a “Contingency Transfer”); provided, however, that (i) the “Project Contingency” Line Item may not be reduced below the Required Contingency; (ii) Interest Reserve Contingency Transfers shall not exceed the Interest Reserve Contingency Transfer Limit (each as defined in the Building Loan Disbursement Agreement); (iii) the Borrower shall have complied with any other applicable requirements of this Agreement and the Building Loan Disbursement Agreement in connection therewith; and (iv) the Project shall remain In Balance.
Project Contingency means, as referenced on Exhibit 3 attached hereto, 15% of the $140.2 million allocated for construction of the criminal courthouse; 15% of the $23.3 million allocated for renovation of the Old Federal Courthouse; 15% of the $4.8 million allocated for renovation of the Ed Ball Building; and 15% of the $4.1 million allocated for renovation of the Bay Street courthouse.
Project Contingency means an amount 16 equal to approximately twenty percent (20%) of the hard costs of construction; provided, 17 however, that at Closing the Project Contingency shall be no less than $5,000,000.00. The 18 Project Contingency shall be used in accordance with Section 11.10.2.