Specified Item definition
Examples of Specified Item in a sentence
No substitution accepted by the District shall increase the Contract Price or the Contract Time; provided, however, if the cost to furnish/install an approved substitution of is less than the Specified Item, the Contract Price shall be reduced by such cost difference.
The Issuer shall, as soon as practicable after the Prime Minister of Japan has confirmed that Specified Item 2 Measures (tokutei dai nigo sochi) should be applied to the Issuer or a Japanese court has publicly announced that it has granted permission to a transfer of the Issuer’s assets (including shares of the Issuer’s subsidiaries) or liabilities, or any portions thereof, in accordance with Article 126-13 of the Deposit Insurance Act, deliver a written notice of such event to the Holders and the Trustee.
The Owner may condition its approval of the substitution upon the delivery to Owner of an extended warranty or other assurances of adequate performance of the substitution as well as an equitable deduction in the Contract price should the substituted item cost less than the Specified Item.
An increase in the cost of a Specified Item shall not be deemed or construed to have made the Specified Item commercially unavailable.
Notwithstanding the foregoing, the Contractor may submit a request for substitution after such deadline in the event a Specified Item has become commercially unavailable, i.e., is no longer manufactured or is available only for a manifestly unreasonable price.
The District, in its sole discretion, may, but is not required to, consider a request for substitution of a Specified Item that is still commercially available.
If the District disapproves a request for substitution of a Specified Item that is no longer commercially available, then, within such time as will avoid or prevent any delay in the Work or any Work by Others, the Contractor must submit an alternate proposal for substitution of the Specified Item in accordance with this Part 12.
The District, in its sole discretion, may, but is not required to, approve a request for substitution of a Specified Item despite the proposed substitute item not fully satisfying all of the foregoing conditions.
The District, in its sole discretion and after consultation with the Architect, shall determine whether a proposed substitute item: (i) is equal or better in all material respects to the Specified Item; (ii) will adequately and fully accomplish the intended aesthetics, purposes and/or functions of the Specified Item; and (iii) otherwise satisfies all requirements of this Part 12.
In no event shall the Contractor substitute any item in place of a Specified Item unless and until the Contractor obtains written approval in accordance with this Part 12.