Reduction Milestones Sample Clauses

Reduction Milestones. [Optional Section – discussion and negotiation point] Each GMP Amendment’s Construction Contingency funds shall not exceed the amounts set forth below upon the milestones set forth below, and the amount of reduction in such funds, if any, shall be credited to Owner by Change Order included with Construction Manager’s Application for Payment immediately following each such milestone; unless, however, Owner initiates an additive Change Order allocating any such reductions in Construction Contingency to that Change Order. Reduction Milestone Reduction Amount Completion of [Foundations Subcontract Package] Construction Contingency funds, not including pending Claims and not including Net Savings remaining at the time of the milestone, shall not exceed [2.75%] of the applicable total Cost of the Work Completion of [Superstructure Subcontract Package] Construction Contingency funds, not including pending Claims and not including Net Savings remaining at the time of the milestone, shall not exceed [2.5%] of the applicable total Cost of the Work Completion of [Dry-in Subcontract Packages] Construction Contingency funds, not including pending Claims and not including Net Savings remaining at the time of the milestone, shall not exceed [2.25%] of the applicable total Cost of the Work Completion of [Mechanical, Electrical, and Plumbing Rough-in Subcontract Packages] Construction Contingency funds, not including pending Claims and not including Net Savings remaining at the time of the milestone, shall not exceed [2%] of the applicable total Cost of the Work [Five (5)] days after [Substantial Completion of the applicable Deliverable Portion of Work] Construction Contingency funds, not including pending Claims and not including Net Savings remaining at the time of the milestone, shall not exceed [1%] of the applicable total Cost of the Work [Five (5)] days after [Final Completion of the applicable Deliverable Portion of Work] Construction Contingency funds, not including pending Claims and not including Net Savings remaining at the time of the milestone, shall not exceed [0%] of the applicable total Cost of the Work SAMPLE
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Reduction Milestones. [Optional Section – discussion and negotiation point] Each Pricing Amendment’s Construction Contingency funds shall not exceed the amounts set forth below upon the milestones set forth below, and the amount of reduction in such funds, if any, shall be credited to Owner by Change Order included with Design-Builder’s Application for Payment immediately following each such milestone; unless, however, Owner initiates an additive Change Order allocating any such reductions in Construction Contingency to that Change Order.
Sample 1

Related to Reduction Milestones

  • Project/Milestones Taxpayer is a designer, developer and manufacturer of advanced military flight, armament, and space systems. Taxpayer has certified in its application that absent award of the California Competes Tax Credit, its project may occur in another state; and, it may terminate all or a portion of its employees in California or relocate all or a portion of its employees in California to another state. In consideration for the Credit, Xxxxxxxx agrees to hire full-time employees and invest in manufacturing, laboratory, and computer equipment and tenant improvements as part of its expansion in Northridge, El Segundo, and San Diego, California (collectively, the “Project”). Further, Taxpayer agrees to satisfy the milestones as described in Exhibit A (“Milestones”). In addition, Taxpayer must maintain the three (3) employee based Milestones (“Total California Full-Time Employees,” “Minimum Annual Wage of California Full-Time Employees Hired,” and “Cumulative Average Annual Wage of California Full-Time Employees Hired”) for a minimum of three (3) taxable years thereafter. In the event Taxpayer employs more than the number of full-time employees, determined on an annual full-time equivalent basis, than required in Exhibit A, for purposes of satisfying the “Minimum Annual Wage of California Full-time Employees Hired” and the “Cumulative Average Annual Wage of California Full-time Employees Hired,” Taxpayer may use the wages of any of the full-time employees hired within the required time period. For purposes of calculating the “Minimum Annual Wage of California Full-time Employees Hired” and the “Cumulative Average Annual Wage of California Full-time Employees Hired,” the wage of any full-time employee that is not employed by Taxpayer for the entire taxable year shall be annualized. In addition, the wage of any full-time employee hired to fill a vacated position in which a full-time employee was employed during Taxpayer’s Base Year shall be disregarded. 0000 X Xxxxxx, 00xx XXXXX, XXXXXXXXXX, XXXXXXXXXX 00000

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