Buyout Savings Sample Clauses

Buyout Savings. (i) If Construction Manager receives bids for portions of the Work which are less than the amounts budgeted in the GMP proposal approved by Owner for such portions of the Work, such buyout savings shall first be utilized to offset shortfalls on other bid packages. (ii) If, after offsetting any shortfalls, buyout savings remain, at the time provided on Exhibit D for the award of subcontracts, all buyout savings shall be returned to the Owner via “no cost” change order.
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Buyout Savings. (i) If Construction Manager receives bids for portions of the Work which are less than the amounts budgeted in the GMP proposal approved by Owner for such portions of the Work, such buyout savings shall first be utilized to offset shortfalls on other bid packages. (ii) If, after offsetting any shortfalls, buyout savings remain, at the time provided herein for the award of subcontracts, a deductive Change Order shall be issued reducing the GMP by the sum of all such buyout savings. (iii) Savings will be computed as of the date of Final Completion of the Work and shall consist of the difference between (a) the GMP (as it may be adjusted in accordance with the terms of the Contract for Construction) and (b) the total aggregate sum of the Cost of the Work, plus the Staffing Costs, plus the General Conditions Costs, plus Overhead and Fee paid by Owner (such difference equals the “Savings”) shall be to Owner’s benefit.
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Buyout Savings. (i) If Construction Manager receives bids for portions of the Work which are less than the amounts budgeted in the GMP proposal approved by Owner for such portions of the Work (hereinafter “Buyout Savings”), such Buyout Savings shall first be utilized to offset shortfalls on other bid packages, upon Owner approval of a Buyout Savings transfer. (ii) If, after offsetting any shortfalls, Buyout Savings remain, a deductive Change Order shall be issued within 120 days of the GMP, reducing the GMP by the sum of all such Buyout Savings.
Sample 1Sample 2
Buyout Savings. Notwithstanding any other provision in the Contract Documents to the contrary, if the Maximum Cost of the Work in the GMP is greater than the actual Cost of the Work following the bidding of subcontracts on the Project, such "Buyout Savings" shall be retained 100% by the Owner.
Sample 1
Buyout Savings. Buyout Savings is defined as the difference between the Cost of the Work, including Construction Manager’s Fee and the GMP when the total Cost of the Work, including the Construction Manager’s Fee, is less than the GMP after giving effect to adjustments for changes in the Work. The tracking and reporting of Buyout Savings to the Owner’s Project Representative is the responsibility of the Construction Manager and is subject to audit by the Owner. The Owner’s Project Representative shall provide the Buyout Transfer Authorization Form to the Construction Manager.
Sample 1
Buyout Savings. In the event that the total of Cost of the Work, including the Construction Manager’s Fee, is less than the GMP after giving effect to adjustments for changes in the Work, then the difference between the Cost of the Work, including Construction Manager’s Fee and the GMP is defined herein as “Buyout Savings”. The tracking and reporting of Buyout Savings to the Owner’s Project Representative is the responsibility of the Construction Manager. After the GMP has been “bought out”, the Construction Manager is required to provide in writing, and in a format deemed suitable by the Owner’s Project Representative, a reconciliation of the referenced savings by individual trade or subcontractor contract. The Owner’s Project Representative shall review and approve the Buyout Savings reported, and the Construction Manager shall be required to modify the Schedule of Values to include a “Buyout Savings” line item. Prior to the use of Buyout Savings, the Construction Manager must submit a request, signed by the Architect, to the Owner’s Project Representative for approval. All remaining Buyout Savings (excluding the Construction Manager’s Fee applied at time of GMP) shall be returned to the Owner as Project Savings.
Sample 1
Buyout Savings 
Sample 1
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Related to Buyout Savings

  • Cost Savings Developer shall work cooperatively with Architect, Construction Manager, subcontractors and District, in good faith, to identify appropriate opportunities to reduce the Project costs and promote cost savings. Any identified cost savings from the Guaranteed Maximum Price shall be identified by Developer, and approved in writing by the District. In the event Developer realizes a savings on any aspect of the Project, such savings shall be added to the Contingency and expended consistent with the Contingency. In addition, any portion of Allowance remaining after completion of the Project shall be added to the Contingency. If any cost savings require revisions to the Construction Documents, Developer shall work with the District and Architect with respect to revising the Construction Documents and, if necessary, obtaining the approval of DSA with respect to those revisions. Developer shall be entitled to an adjustment of Contract Time for delay in completion caused by any cost savings adopted by District pursuant to Exhibit D, if requested in writing before the approval of the cost savings.

  • Retirement Savings Plan Within fifteen (15) days after the date of Termination of Employment, the Company shall pay to Employee a cash payment in an amount, if any, necessary to compensate Employee for the Employee’s unvested interests under the Company’s retirement savings plan which are forfeited by Employee in connection with the Termination of Employment.

  • Profit Sharing Plan Under the Northrim BanCorp, Inc. Profit Sharing Plan (the “Plan”), Executive shall be eligible to receive an annual profit share based on performance as defined by the Board of Directors. Executive will be classified in the Executive tier under the Plan’s Responsibility Factors. If Employer is required to prepare an accounting restatement due to “material noncompliance of the Employer,” the Employer will recover from the Executive any incentive compensation during the three (3) years prior to the date of the restatement, in excess of what would have been paid under the restatement. Executive’s signature on this Agreement authorizes Employer to offset or deduct from any compensation Employer may owe Executive, any excess payments (in whole or in part) that Executive may owe Employer due to such restatement(s).

  • Buyout If the remaining Partners choose to purchase the withdrawing, retiring or deceased Partner’s interest under the preceding paragraphs, that interest will be purchased in: (Check one)

  • Health Care Savings Plan As provided in this Agreement, eligible ASF Members will participate in the health care savings plan (HCSP) established under Minnesota Statute 352.98, and as administered by the Plan Administrator. The Employer is responsible only for transferring funds, as specified in this agreement, to the Plan Administrator. Subd. 1. All ASF Members who receive severance pay as defined in Section A of this article must participate in the health care savings plan. Subd. 2. All severance pay as defined in Section B of this article shall be transferred to the severed employee's health care savings plan account. At the time of separation, if an ASF Member has an approved exception to participation in the health care savings plan account from the plan administrator, then the ASF Member shall receive this payment in one lump sum payment of cash.

  • Savings Plan Executive will be eligible to enroll and participate, and be immediately vested in, all Company savings and retirement plans, including any 401(k) plans, as are available from time to time to other key executive employees.

  • Defined Contribution Plan The Employer will establish the following Employer contribution programs in the existing salary deferral plans: » Beginning in 2006 and continuing throughout the term of the Agreement, a performance-based contribution

  • Cost Sharing a) With respect to the funding in C6.1a), should there be an amount of employee co-pay, the Trust shall advise boards what that amount shall be. Unless advised otherwise, there will be no deductions upon the Participation Date. b) Any further cost sharing or funding arrangements as per previous local collective agreements in effect as of August 31, 2014 remain status quo.

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

  • Profit Sharing Profit sharing, bonuses, or other similar compensation of any kind paid by CM/GC to its employees.

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