Common use of Adjustments to Agreement Clause in Contracts

Adjustments to Agreement. Should: (1) a Owner or GEC Change under Section 6.2 or 6.3 cause an increase or decrease in GEC’s cost of or time required for performance of this Agreement, or otherwise affect any provision of this Agreement or (2) an impact to the Work as provided in the Agreement, or increase GEC’s cost or time required for performance of this Agreement or otherwise adversely affect any provision of the Agreement, GEC shall be entitled to an adjustment to the Contract Price, Project Schedule, Performance Guarantees, Guaranteed Completion Date, Milestone Payment Schedule or any other provisions of this Agreement which are affected by such Change. In connection with an Owner or GEC Change under Sections 6.2 or 6.3, when GEC is notified of or proposes such a Change, Contractor shall promptly prepare and submit to GEC an estimate of the increase or decrease, if any, in the cost and time required to complete the Work, together with an explanation of the basis for such estimate, and shall inform Owner whether, in GEC’s opinion, such Change should result in an adjustment of any other provision of the Agreement, specifying the relevant provision. The price of any Work required or deleted by a Change shall be a lump sum fixed price mutually agreed to by the parties, unless the parties agree otherwise. The explanation of the basis for a cost Change shall include, as appropriate, relevant cost information regarding the portion of the original cost estimate that is affected by the Change, vendor pricing for the cost of Equipment added by the Change, and estimated quantities of Equipment, other materials and labor added by the Change. If GEC and Owner fail to agree on Contractor’s entitlement to an adjustment or the nature of such adjustment, then the provisions of Article XIX shall be invoked to resolve the dispute. Pending the resolution of such dispute, GEC shall be reimbursed for such Change on a good faith negotiated basis and when the dispute is resolved said reimbursed amount shall be credited against said resolved amount. If Owner fails to agree to a GEC request for an extension of a Guaranteed Completion Date to which GEC is ultimately determined to be entitled, then GEC is entitled to a Change for any increased cost plus its markups resulting from efforts to meet the Guaranteed Completion Date during resolution of the dispute, if any. In connection with other Changes having an impact on the Work, GEC shall promptly prepare and submit to Owner an estimate of the increase, if any, in the cost and time required to complete the Work, together with an explanation of the basis for such estimate, and shall inform Owner whether, in GEC’s opinion, such Change should result in an adjustment of any other provision of this Agreement, LIMA/GEC/EPC 26 Confidential Business Information specifying the relevant provision. The price of any Work required or deleted by a Change shall be a lump-sum fixed price mutually agreed by the Parties, unless the Parties agree otherwise. The explanation of the basis for a cost Change shall include, as appropriate, relevant cost information regarding the portion of the original cost estimate that is affected by the Change, vendor pricing for the cost of Equipment added by the Change, and estimated quantities of Equipment, other materials and labor added by the Change. If GEC and Owner fail to agree on GEC’s entitlement to an adjustment or the nature of such adjustment, then the provisions of Article XIX shall be invoked to resolve the dispute. Pending the resolution of such dispute, GEC shall be reimbursed for such Change on a good faith negotiated basis, and when the dispute is resolved said reimbursed amount shall be credited against said resolved amount. If Owner fails to agree to a GEC request for an extension of a Guaranteed Completion Date to which GEC is ultimately determined to be entitled, then GEC is entitled to a Change for any increased cost plus its markups resulting from its efforts to meet the Guaranteed Completion Date during resolution of the dispute, if any.

Adjustments to Agreement. Should: (1) a Owner or GEC Should any Change under Section 6.2 or 6.3 cause an increase or decrease in GEC’s the cost of or time required for performance of this Agreement, Agreement by Contractor or otherwise affect any provision of this Agreement or (2) an impact to the Work as provided in the Agreement, or increase GEC’s cost or time required for performance of this Agreement or otherwise adversely affect any provision of the Agreement, GEC Contractor shall be entitled to an adjustment to the Contract Price, Project Schedule, Performance Guarantees, Guaranteed Completion DateDates, Milestone Payment Schedule or any other provisions of this Agreement which are affected by such Change. In connection with an Owner or GEC Change under Sections 6.2 or 6.3, when GEC When Contractor is notified of or proposes such becomes aware of a Change, Contractor shall promptly prepare and submit to GEC Owner an estimate of the increase or decrease, if any, in the cost and time required to complete the Work, together with an explanation of the basis for such estimate, and shall inform Owner whether, in GECContractor’s opinion, such Change should result in an adjustment of any other provision of the pursuant to this Agreement, specifying the relevant provisionprovision of this Agreement. The price of any Work required or deleted by a Change shall be either a lump lump-sum fixed price mutually agreed to by the partiesparties or a cost plus price calculated on the basis of Exhibit F, unless the parties agree otherwise. The explanation of the basis for a cost Change shall include, as appropriate, relevant cost information regarding the portion of the original cost estimate that is affected by the Change, vendor pricing for the cost of Equipment added by the Change, and estimated quantities of Equipment, other materials and labor added by the Change. If GEC Contractor and Owner fail to agree on Contractor’s entitlement to an adjustment or the nature of such adjustment, then the provisions of Article XIX shall be invoked to resolve the dispute. Pending the resolution of such dispute, GEC Contractor shall be reimbursed for such Change on a good faith negotiated the basis of Exhibit F and when the dispute is resolved said reimbursed amount shall be credited against said resolved amount. If Owner fails to agree to a GEC Contractor request for an extension of a Guaranteed Completion Date to which GEC Contractor is ultimately determined to be entitled, then GEC Contractor is entitled to a Change for any increased cost plus its markups resulting from extraordinary efforts to meet the Guaranteed Completion Date during resolution of the dispute, if any. In connection with other Changes having an impact on the Work, GEC shall promptly prepare and submit to Owner an estimate of the increase, if any, in the cost and time required to complete the Work, together with an explanation of the basis for such estimate, and shall inform Owner whether, in GEC’s opinion, such Change should result in an adjustment of any other provision of this Agreement, LIMA/GEC/EPC 26 Confidential Business Information specifying the relevant provision. The price of any Work required or deleted by a Change shall be a lump-sum fixed price mutually agreed by the Parties, unless the Parties agree otherwise. The explanation of the basis for a cost Change shall include, as appropriate, relevant cost information regarding the portion of the original cost estimate that is affected by the Change, vendor pricing for the cost of Equipment added by the Change, and estimated quantities of Equipment, other materials and labor added by the Change. If GEC and Owner fail to agree on GEC’s entitlement to an adjustment or the nature of such adjustment, then the provisions of Article XIX shall be invoked to resolve the dispute. Pending the resolution of such dispute, GEC shall be reimbursed for such Change on a good faith negotiated basis, and when the dispute is resolved said reimbursed amount shall be credited against said resolved amount. If Owner fails to agree to a GEC request for an extension of a Guaranteed Completion Date to which GEC is ultimately determined to be entitled, then GEC is entitled to a Change for any increased cost plus its markups resulting from its efforts to meet the Guaranteed Completion Date during resolution of the dispute, if any.

Adjustments to Agreement. Should: (1) a Owner GEC or GEC Contractor Change under Section 6.2 or 6.3 cause an increase or decrease in GECContractor’s cost of or time required for performance of this Agreement, or otherwise affect any provision of this Agreement or (2) an impact to the Work as provided in the Agreement, or increase GECContractor’s cost or time required for performance of this Agreement or otherwise adversely affect any provision of the GEC/ICC/EPC 25 Confidential Business Information Agreement, GEC Contractor shall be entitled to an adjustment to the Contract Price, Project Schedule, Performance Guarantees, Guaranteed Completion Date, Milestone Payment Schedule or any other provisions of this Agreement which are affected by such Change. In connection with an Owner GEC or GEC Contractor Change under Sections 6.2 or 6.3, when GEC Contractor is notified of or proposes such a Change, Contractor shall promptly prepare and submit to GEC an estimate of the increase or decrease, if any, in the cost and time required to complete the Work, together with an explanation of the basis for such estimate, and shall inform Owner GEC whether, in GECContractor’s opinion, such Change should result in an adjustment of any other provision of the Agreement, specifying the relevant provision. The price of any Work required or deleted by a Change shall be a lump sum fixed price mutually agreed to by the parties, unless the parties agree otherwise. The explanation of the basis for a cost Change shall include, as appropriate, relevant cost information regarding the portion of the original cost estimate that is affected by the Change, vendor pricing for the cost of Equipment added by the Change, and estimated quantities of Equipment, other materials and labor added by the Change. If Contractor and GEC and Owner fail to agree on Contractor’s entitlement to an adjustment or the nature of such adjustment, then the provisions of Article XIX shall be invoked to resolve the dispute. Pending the resolution of such dispute, GEC Contractor shall be reimbursed for such Change on a good faith negotiated the basis of Exhibit F and when the dispute is resolved said reimbursed amount shall be credited against said resolved amount. If Owner GEC fails to agree to a GEC Contractor request for an extension of a Guaranteed Completion Date to which GEC Contractor is ultimately determined to be entitled, then GEC Contractor is entitled to a Change for any increased cost plus its markups resulting from efforts to meet the Guaranteed Completion Date during resolution of the dispute, if any. In connection with other Changes having an impact on the Work, GEC Contractor shall promptly prepare and submit to Owner GEC an estimate of the increase, if any, in the cost and time required to complete the Work, together with an explanation of the basis for such estimate, and shall inform Owner GEC whether, in GECContractor’s opinion, such Change should result in an adjustment of any other provision of this Agreement, LIMA/GEC/EPC 26 Confidential Business Information specifying the relevant provision. The price of any Work required or deleted by a Change shall be a lump-sum fixed price mutually agreed by the Parties, unless the Parties agree otherwise. The explanation of the basis for a cost Change shall include, as appropriate, relevant cost information regarding the portion of the original cost estimate that is affected by the Change, vendor pricing for the cost of Equipment added by the Change, and estimated quantities of Equipment, other materials and labor added by the Change. If Contractor and GEC and Owner fail to agree on GECContractor’s entitlement to an adjustment or the nature of such adjustment, then the provisions of Article XIX shall be invoked to resolve the dispute. Pending the resolution of such dispute, GEC Contractor shall be reimbursed for such Change on a good faith negotiated basisthe basis of Exhibit F, and when the dispute is resolved said reimbursed amount shall be credited against said resolved amount. If Owner GEC fails to agree to a GEC Contractor request for an extension of a Guaranteed Completion Date to which GEC Contractor is ultimately determined to be entitled, then GEC Contractor is entitled to a Change for any increased cost plus its markups resulting from its efforts to meet the Guaranteed Completion Date during resolution of the dispute, if any.. GEC/ICC/EPC 26 Confidential Business Information