Contingency definition

Contingency means the identified and possible or already occurred fault of an element, including not only the transmission system elements, but also significant grid users and distribution network elements if relevant for the transmission system operational security;

Contingency as used in this subpart, means a possible future event or condition arising from presently known or unknown causes, the outcome of which is indeterminable at the present time.

Contingency means a fund to cover non-general conditions cost growth during the Project used by CM@Risk with City approval, for charges in material costs or availability, resource availability, production capacity or unforeseen Project circumstances. The amount of CM@Risk’s Contingency will be negotiated as a separate line item in each GMP Proposal.

Examples of Contingency in a sentence

• Without limiting the foregoing, Purchaser will provide written notice to Lender Agent no later than one (1) Business Day after the satisfaction or failure to satisfy the Council Approval Contingency.

• Contingency funds may be included in the Contract Price to pay for Work not defined specifically by the Contract Documents that is essential to the completion of the Project.

• The GMP Proposal may include within the estimated Cost of the Work a CM’s Contingency amount, reflective of the risk inherent in the state of completion of the Construction Documents at the time of proposal submission.

• The Owner Contingency shall be the sole property of the Owner established by multiplying the Cost of the Work, as first established within this Agreement, including General Conditions, XXXX contractor fee and XXXX contractor Site Office and Staffing costs by four percent (4.0%) or the sum of TBD Dollars ($ TBD .00).

• Provide an Estimated Construction Cost breakdown on the standard Schedule of Values Format for Cost of the Work based on anticipated subcontracts organized by the same approved CSI division format that was used to develop the previous cost estimates, General Conditions per exhibit, CM’s Contingency, Construction Phase Fee, any Owner’s Special Cash Allowance and/or Owner’s Construction Contingency as identified by the Owner.

More Definitions of Contingency

Contingency means an event or circumstance that gives rise to an increase in a contract price and which could not have been reasonably anticipated at the time of contract award;

Contingency. The estimated Cost of the Project shall include a contingency, an amount mutually agreeable between the Construction Manager and Owner, to cover costs approved by the Owner arising from minor design omissions, unforeseen conditions, and other costs which are properly reimbursable as costs to complete the original scope of Work, but not the basis for adjusting the Guaranteed Maximum Price by Change Order. The project contingency shall only be adjusted by means of issuing a written Constructive Change Directive, approved by the Owner, and it shall be clearly noted on the document that costs are allocated against the project contingency. When costs arise on the Project which the Construction Manager believes should be paid for from the Project contingency established in the GMP proposal, the Construction Manager shall promptly advise the Owner in writing of such costs consistent with the requirements of the Construction Documents. If the Owner concurs that such costs are properly payable from the Project contingency funds, then the Project contingency shall be reduced in the amount of such costs. The Construction Manager shall not be entitled to an additional fee or mark-up for any costs funded by the Project contingency. The contingency shall not be used to fund the cost to correct, replace or repair defective or noncompliant work or materials.

Contingency means a condition or situation that is likely to endanger the individuals within the territorial jurisdiction of the State of Uttar Pradesh;

Contingency means the amount budgeted for unforeseen costs.

Contingency means an unforeseeable event, which could neither have been prevented nor hindered by the director; contingencies are considered to be: modification of Romanian legal, regulatory or fiscal framework effective at the execution date of this Director Agreement and which encumbers the Company in excess;

Contingency means the Dollar amount identified as “Contingency” in the Construction Budget and Schedule to be used to fund payment of Project Costs reasonably and necessarily incurred by the Borrower that are not line items, or are in excess of the line item amounts (except as contingency line items), in the Construction Budget and Schedule.

Contingency means the unexpected failure or outage of a system component, such as a generator, transmission line, circuit breaker, switch, or other electrical element. A contingency may also include multiple components, which are related by situations leading to simultaneous component outages.