Contingency Sum definition

Contingency Sum means the sum as defined and referred to in sub-clause 27.1(b)(i);
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Contingency Sum means the sum provided for work or expenditure which cannot be foreseen at the time the tender documents are issued which sum may include provision for work to be executed or for materials or services to be supplied by a Nominated Sub-contractor.
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Contingency Sum means such sum, if any as may be provided in the Contract for expenditure for unforeseen purposes.
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Examples of Contingency Sum in a sentence

  • Insert the clause number of the Special Condition of Tender (SCT) dealing with reduction of Contingency Sum.

  • Reducing the amount of the Contingency Sum in accordance with GCT(33) to provide the Employer with the power to unilaterally reduce the amount of the Contingency Sum prior to the award of contract.

  • To: (Designation of the Engineer designate for the Contract or Consultant’s Project Officer as appropriate) Dear Sir, (Contract Title) Reduction of Contingency Sum We hereby acknowledge receipt of the notification letter dated (date) on reduction of the Contingency Sum as stated in the [Bills of Quantities]1 for the above Contract.

  • Under the GCC for Term Contracts (2002 Edition), Contingency Sum may also be specified in a works order in term contracts for work or services or expenditure which cannot be foreseen at the time such works order is issued.

  • Requests to use the Revenue Budget Contingency Sum should be made to the Finance Manager and if approved would need to be reported to and approved by the Policy and Resources Committee and subsequently ratified by the Council.

  • However, the assumptions made within the MTFP are considered to be prudent and the Revenue Budget Contingency Sum provides scope to meet any additional costs.

  • GRG’s recommendations have been incorporated into the FY2020 LTI plan, which is proposed for shareholder consideration at the company’s October 2020 Annual General Meeting.

  • The Revenue Budget Contingency Sum provides some scope to meet any additional pay and pension costs.

  • The Council is also responsible for approving requests to use the Revenue Budget Contingency Sum, requests to carry forward budget resources from one year to another, and requests to make adjustments or variations to the approved budgets following recommendation from the Policy and Resources Committee.

  • The information required includes the following: ▪ Who requested the variation▪ Why the variation is required▪ Why the variation was not allowed for in the contract documents▪ Full cost implications including main contractor’s costs (if any)▪ Recommendation on the value for money on offer in proceeding with the variation▪ Details of how the additional cost is to be funded (e.g. through savings, through the Contingency Sum, directly by the Client, etc.).


More Definitions of Contingency Sum

Contingency Sum means the sum provided for work or expenditure which cannot be foreseen at the time the tender documents are issued.
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Contingency Sum means the sum that will be retained by the Council during each year which is equivalent to 5% of the levy collected.
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Related to Contingency Sum

  • contingency fee means any payment or other compensation that is contingent upon or is calculated upon the basis of a degree of success in soliciting or obtaining a Government contract or negotiating the whole or any part of its terms;

  • Contingency Fund means a monetary amount that continues month to month, if approved by a case manager, that is set aside in the Independent Choices Program service budget to purchase identified items that substitute for personal assistance.

  • Contingency Reserve means the sum of all assets minus the sum of all liabilities of a health care corporation, as shown in the annual financial statement filed under section 602.

  • Contingency operation means a military operation that results in the call or order to, or retention on, active duty of members of the uniformed services during a war or during a national emergency declared by the President or Congress.

  • 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;

  • Emergency shelter means a facility that provides a

  • Emergency Situation means a situation in which an individual is experiencing a serious mental illness or a developmental disability, or a minor is experiencing a serious emotional disturbance, and 1 of the following applies:

  • Emergency Situations Fire, any other casualty, or any other events, circumstances or conditions which threaten the safety or physical well-being of the Facility's guests or employees or which involve the risk of material property damage or material loss to the Facility.

  • Requisite Reserve Amount As of any date with respect to any Series (or Class within such Series), the amount, if any, required to be maintained in the Reserve Account, if any, for such Series or Class as specified in or determined pursuant to the related Supplement.

  • Emergency Expenditure means any of the Eligible Expenditures set forth in the CERC Operations Manual in accordance with the provisions of Section I.G of Schedule 2 to this Agreement and required for the activities included in the CERC Part of the Project.

  • Construction Loan means the loan to finance construction of the Apartment Housing, made to Owner by the Construction Lender.

  • Contingency plan means a document setting out an organized, planned, and coordinated course of action to be followed in case of a fire, explosion, or release of hazardous waste or hazardous waste constituents which could threaten human health or the environment.

  • Project Funding means the funding for the Services;

  • Pre-Funded Warrants means, collectively, the Pre-Funded Common Stock purchase warrants delivered to the Purchasers at the Closing in accordance with Section 2.2(a) hereof, which Pre-Funded Warrants shall be exercisable immediately and shall expire when exercised in full, in the form of Exhibit A-2 attached hereto.

  • Required Repair Fund shall have the meaning set forth in Section 7.1.1 hereof.

  • Emergency Expenditures means any of the eligible expenditures set forth in the CERC Manual referred to in Section I.F of Schedule 2 to this Agreement and required for the Contingent Emergency Response Part.

  • Large project means, for purposes of the Soft Cost Ratio limitation in Section 3.F, a Project with more than 24 Housing Credit units.

  • Lead-based paint means paint or other surface coatings that contain lead equal to or in excess of 1.0 milligrams per square centimeter or more than 0.5 percent by weight.

  • Construction Funding Subsidy or “CFS” means the funding that the MOHLTC agreed to provide, or to ensure the provision of, to the HSP, in an agreement for the construction, development, redevelopment, retrofitting or upgrading of beds (a “Development Agreement”).

  • Report-based Disbursements means the Borrower’s option for withdrawal of funds from the Credit Account referred to in Part A.5 of Schedule 1 to this Agreement;

  • Emergency Repairs means repairs to a utility facility located in or adjacent to a primary city street that must be performed immediately when the necessity arises to safeguard life or property or maintain continued operation of the facility.

  • Emergency exit means an emergency door, emergency window or escape hatch.

  • Lead-based paint hazard means hazardous lead-based paint, a dust-lead hazard, or a soil-lead hazard.

  • Emergency work means any urgent measures which in the opinion of the Engineer-in-Charge become necessary during the progress of the work to obviate any risk of accident or failure or which become necessary for security.

  • Emergency Service means supplemental deliveries of natural gas that may be required to forestall irreparable injury to life or property including environmental emergencies.