Subcontract NTE definition
Examples of Subcontract NTE in a sentence
The Subcontract NTE for this Subcontract is stated on the first page of this Subcontract.
The Subcontract NTE does not represent a guaranteed payment amount to Subcontractor.
No modifications, amendments, or extensions to the terms and conditions of this Subcontract or to any attachments including the Scope of Work will be effective unless reduced to writing and signed by a duly authorized representative of VEIC and Subcontractor, except as provided herein with respect to VEIC’s ability to reduce the Scope of Work, Subcontract NTE, CREF Incentive NTE, or certain other changes to the Subcontract without Subcontractor’s consent.
In such an event, VEIC will provide notice of such decrease to Subcontractor in accordance with the provisions of Section 25 and 29.a., and such decrease in the Subcontract NTE and Subcontractor’s Portfolio of CREF(s) (Attachment C) shall be binding upon delivery.
The sum of Subcontractor’s invoices under this Subcontract shall not exceed the Subcontract NTE or the applicable CREF Incentive NTE except when overages have been approved by VEIC in a written amendment to this Subcontract in accordance with the provisions of Section 29.a. prior to Subcontractor exceeding the Subcontract NTE or CREF Incentive NTE.
The Subcontract Not-to-Exceed Amount or Subcontract NTE is the maximum amount to be paid to Subcontractor hereunder for all Services performed under this Subcontract, which will be authorized by VEIC on a per CREF basis in Attachment C.
If the proposal is not acceptable to VEIC, VEIC reserves the exclusive right, in its sole discretion, to temporarily or permanently decrease Subcontractor’s Subcontract NTE and Subcontractor’s Portfolio of CREFs (Attachment C) to remove the CREF(s) that will no longer be feasible for development under this Subcontract.
The CREF Capacity NTE and CREF Incentive NTE (“CREF NTEs”) for each CREF will be set forth in Attachment C based on the preliminary design drawings provided by Subcontractor to the DCSEU and shall be subject to the Subcontract NTE and Portfolio Capacity NTE.
VEIC reserves its right in its sole discretion to (i) authorize any level of Services under this Subcontract subject to the Subcontract NTE, and (ii) to decrease the Subcontract NTE at any point during the term of this Subcontract if a CREF and/or Project is changed as set forth in Section 2.h. of this Subcontract.
Changes to the Subcontract Scope of Work may be made only by written amendment in accordance with the provisions of Sections 25 and 29.a. Subcontractor bears all risks for cost incurred by exceeding the Subcontract NTE or any CREF Incentive NTE if Subcontractor fails to negotiate and execute an amendment to the existing Subcontract or any CREF Incentive NTE before the cost overrun occurs.