Risk contingency definition

Risk contingency means a contingency for use as defined in the contract and established as part of the maximum allowable construction cost for unexpected cost of work items that have not otherwise been included or addressed in the maximum allowable construction cost.
Sample 1Sample 2Sample 3
Risk contingency means a contingency for use as
Sample 1Sample 2Sample 3
Risk contingency means a contingency for use as defined in the contract and established as part of the maxi- mum allowable construction cost for unexpected cost of work
Sample 1

Examples of Risk contingency in a sentence

  • Risk contingency funding was released at quarter 1 (£0.308m) which has partially reduced the impact of the increased numbers of children.

  • Risk contingency amounts will typically be generated using the Risk Register/Risk Management Tool which used Program Evaluation and Review Technique (PERT) and may incorporate a Monte Carlo method using @Risk software for complex projects.

  • Risk contingency was originally identified in the early stages of the programme, but, as the scheme has progressed through the various design stages, it has now been incorporated into the risk assessment.

  • H.2 Risk contingency element H.2.1 For the purpose of this guidance, ‘risk contingency element’ refers to the aggregate of costs which are affected by risk or uncertainty that: a.

  • In such cases, the commenter will add the short name of the organisation at the end of the name (i.e.: EYES_O1.2 Risk contingency Plan and quality control scheme _V0.1_ECO_ANEA).Changes must be included with track changes so that versions can be compared.

  • Risk contingency is the provision of an estimated amount of budgetary value and extended duration in days that are included in a project budget and schedule to cover uncertainties or unpredictable events.

  • We need first to understand some related terminologies: Risk contingency is an extra cost that adds to the project’s estimated budget to cover future cost overruns.

  • Development and Risk contingency - there are significant legal and consultancy costs arising from the Triscott House dispute, however this is covered by a provision of £729k, which was included in the accounts for costs relating to specialist consultants and legal fees.

  • COVID-19 Waste costs which have been identified, are not reflected in the Risk contingency, but are instead reported under exceptional items.

  • The unused portion of the Risk contingency will be released for the Owner’s use as the contract risks are dissipated.

Related to Risk contingency

  • National Contingency Plan or “NCP” shall mean the National Oil and Hazardous Substances Pollution Contingency Plan promulgated pursuant to Section 105 of CERCLA, 42 U.S.C. § 9605, codified at 40 C.F.R. Part 300, and any amendments thereto.

  • Operational Control means Security monitoring, adjustment of generation and transmission resources, coordinating and approval of changes in transmission status for maintenance, determination of changes in transmission status for reliability, coordination with other Balancing Authority Areas and Reliability Coordinators, voltage reductions and load shedding, except that each legal owner of generation and transmission resources continues to physically operate and maintain its own facilities.

  • Construction management at-risk means a project delivery method in which the District awards separate contracts, one for architectural and engineering services to design an infrastructure facility and the second to a construction manager at-risk for both construction of the infrastructure facility according to the design and construction management services.

  • Management Plan means a plan to manage the activities and protect the special value or values in an Antarctic Specially Protected Area or an Antarctic Specially Managed Area.

  • Utilization management section means “you or your authorized representative.” Your representative will also receive all notices and benefit determinations.

  • Critical Path means those Trade Contractor Work activities identified on the Construction Schedule which, if delayed, will cause a corresponding Delay in the Substantial Completion Date.

  • Commercial Operation means the condition of operation in which the complete equipment covered under the Contract is officially declared by the Owner to be available for continuous operation at different loads up to and including rated capacity. Such declaration by the Owner, however, shall not relieve or prejudice the Contractor of any of his obligations under the Contract.

  • Pest Management Plan and “PMP” means the Recipient’s plan dated December 13, 2010, which: (i) addresses the concerns relating to the Project risks associated with potential increases in the use of pesticides for agricultural production, intensification and diversification and controlling disease vector populations arising from irrigation schemes; (ii) sets forth mitigation and monitoring measures to be taken during Project implementation and operation to eliminate adverse environmental and social impacts, offset them, or reduce them to acceptable levels; (iii) recommends institutional measures to strengthen national capacities to implement the mitigation and monitoring measures; and (iv) as part of the implementation arrangements, identifies national agencies and other partners that could play a vital role in the success of the Project.

  • Special Condition means a condition of a Transporter's Licence or Shipper's Licence other than a Standard Condition;

  • Risk assessment means a programme to determine any risk associated with any hazard at a construction site, in order to identify the steps needed to be taken to remove, reduce or control such hazard;

  • Functional behavioral assessment means an individualized assessment of the student that results in a team hypothesis about the function of a student’s behavior and, as appropriate, recommendations for a behavior intervention plan.

  • Project Management Report means each report prepared in accordance with Section 4.02 of this Agreement;

  • the Macfarlane (Special Payments) (No. 2) Trust means the trust of that name, established on 3rd May 1991 partly out of funds provided by the Secretary of State, for the benefit of certain persons suffering from haemophilia and other beneficiaries;

  • Initial Operation means the first integral operation of the complete equipment covered under the Contract with the sub-system and supporting equipment in service or available for service.

  • Presidential Primary Election means the election established in Chapter 9, Part

  • risk management plan ’ means a risk management plan submitted to the Ad- ministrator by an owner or operator of a stationary source under subparagraph (B)(iii).

  • Professional Fee Escrow Account means an interest-bearing account funded by the Debtors with Cash on the Effective Date in an amount equal to the Professional Fee Amount.

  • Management means an activity inclusive of control and performed on a daily basis, by any person who is a principal executive officer of the company, by whatever name that person may be designated, and whether or not that person is a director.

  • Commence commercial operation means, with regard to a unit that serves a generator, to have begun to produce steam, gas, or other heated medium used to generate electricity for sale or use, including test generation subject to the following:

  • Special Conditions means Special Conditions of Contract, which override the General Conditions, also referred to as SCC.

  • Graduate medical education and disproportionate share fund or “GME/DSH fund” means a reimbursement fund developed as an adjunct reimbursement methodology to directly reimburse qualifying hospitals for the direct and indirect costs associated with the operation of graduate medical education programs and the costs associated with the treatment of a disproportionate share of poor, indigent, nonreimbursed or nominally reimbursed patients for inpatient services.