Contractor’s Contingency Sample Clauses

Contractor’s Contingency. 11.3.1 The Guaranteed Maximum Price Proposal shall include a Contractor’s Contingency amount to be used to fund increases in the Direct Construction Cost of the Project identified through the refinement, development and completion of the Construction Documents or procurement of the Work. 11.3.2 Any re-allocation of funds from Contractor’s Contingency to cover increases in the Direct Construction Cost must be approved by Owner in advance and in writing, such approval not to be unreasonably withheld. In written requests to use Contractor’s Contingency, Contractor shall provide detailed documentation of the scope of work affected and the bases for any increases in costs. 11.3.3 Contractor’s Contingency is specifically not to be used for Contractor rework, or cost increases caused by lack of coordination or communication with A/E or trade Subcontractors. 11.3.4 As the Construction Documents are finalized and the buyout of the Work progresses, Contractor’s Contingency amount shall be reduced by mutual agreement of Owner and Contractor. Any balance in Contractor’s Contingency fund remaining at the end of the Project shall be returned to Owner as savings.
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Contractor’s Contingency. 11.3.1 The Guaranteed Maximum Price Proposal shall include a Contractor’s Contingency amount to be used to fund increases in the Direct Construction Cost of the Project identified through the refinement, development and completion of the Construction Documents or procurement of the Work.
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Contractor’s Contingency. The TI Construction Contract shall be a Guaranteed Maximum Price contract and may upon Tenant’s approval, which shall not be unreasonably withheld, conditioned or delayed, include a contractor’s contingency for the Contractor’s use to cover increased costs resulting from further development of the plans and specifications and other items, which are properly reimbursable to Landlord as a cost of Landlord’s Work but are not the subject of a change order. The Contractor will be required to inform Landlord and Tenant of its use of said contingency. The status of said contingency and the record of use of said contingency shall be submitted monthly with each application for payment. The monthly requisition is to be fully substantiated and provided to Tenant for review and approval. Information required within each requisition must include: • An application for payment and sworn statement of Contractor substantially in the form of AIA Document G-702 covering all work for which disbursement is to be made to a date specified therein. • Included with each application for payment, Contractor will include a Work-in-Progress report (“WIP”) for the month being invoiced. The WIP report will show all individual cost items that make up the application for payment including a breakdown of Contractor’s own labor showing hours, rates, and phase code (general task) performed with that labor. • All subcontractor, material supplier and service provider invoices included in the requisition. Supporting documentation must reconcile with each line item amount invoiced for the period on the G-703 continuation sheet for requisitions to be approved and process. • Fully completed and notarized Contractor, subcontractor’s and material supplier’s waivers of lien. Together with such other items as may be reasonably requested by Tenant, Landlord or Landlord’s lender. There will be no shared savings clause incorporated into the TI Construction Contract Guaranteed Maximum Price and any unused portion of the contingency shall revert to Tenant.
Sample 1Sample 2
Contractor’s Contingency. The Contractor’s GMP Proposal contains, as part of the estimated Cost of the Project, the Contractor’s Contingency, a sum agreed upon to cover costs which are properly reimbursable as a Cost of the Project, whether or not such cost is the basis for a Change Order. The Contractor shall regularly (no less than on a monthly basis during the term of this Agreement) provide The City of Fishers with an accounting of all charges against the Contractor’s Contingency.
Sample 1
Contractor’s Contingency. 10.3.1 If the GMP is priced prior to completion of 100% Construction Documents, the Guaranteed Maximum Price Proposal may include Contractor’s Contingency amount to be used to fund increases in the Direct Construction Cost of the Project identified through the refinement, development and completion of the Construction Documents or procurement of the Work. 10.3.2 When the GMP is priced based upon 100% Construction Documents, the Contractor's Contingency shall be established at 5% of the GMP Direct Construction Cost. When buyout of the Project is at least 95% complete, the Owner may elect to recognize any savings achieved to that point in excess of 5% of the GMP value by issuing a deductive change order for the saved amount. 10.3.3 Any re-allocation of funds from Contractor’s Contingency to cover increases in the Direct Construction Cost must be approved by Owner in advance and in writing, such approval not to be unreasonably withheld. In written requests to use Contractor’s Contingency, Contractor shall provide detailed documentation of the scope of work affected and the bases for any increases in costs. 10.3.4 Contractor’s Contingency is specifically not to be used for Contractor rework, unforeseen conditions, cost increases caused by lack of coordination or communication with CM or trade Subcontractors, or to correct errors or omissions in the Construction Documents, general conditions costs, or costs otherwise recoverable by insurance, bonds, subcontractors or suppliers. At Final completion, the uses of contingency are restricted and may not be used. The Owner requires that 100% of the savings between the GMP and the actual Cost of the Work accrue to the Owner. 10.3.5 Owner shall compensate Contractor by Change Order for changes in the design and for unforeseen conditions not reasonably evident or known at the time of the Notice to Proceed through a contingency held and maintained by the Owner. 10.3.6 As the buyout of the Work progresses, Contractor’s Contingency amount shall be reduced by mutual agreement of Owner and Contractor. Any balance in Contractor’s Contingency fund remaining at the end of the buyout shall be returned to Owner as savings. 10.3.7 Any expenditure of the Contractor's Contingency must have approval of the Owner prior to payment.
Sample 1
Contractor’s Contingency. 1. The GMP Proposal may include an amount (the “Contractor’s Contingency”) to be used to fund increases in the Direct Construction Costs of the Project identified through the refinement, development and completion of the Construction Documents or procurement of the Work. The Contractor’s Contingency shall be negotiated between the Parties and it shall reflect the risk inherent in the state of completion of the Construction Documents at the time the GMP Proposal is submitted. 2. Any re-allocation of funds from the Contractor’s Contingency to cover increases in the Direct Construction Costs must be approved by the Town in advance and in writing, which approval shall not to be unreasonably withheld. In written requests to use the Contractor’s Contingency, the Contractor shall provide detailed documentation of the scope of work affected and the basis for any increases in costs resulting in the need to use Contractor’s Contingency funds. 3. As the Construction Documents are finalized and the buyout of the Work progresses the Contractor’s Contingency amount shall be reduced by mutual agreement of the Town and Contractor. The buyout shall occur within the first 20% of the construction duration for each Notice to Proceed issued for construction. Should savings occur after the buyout stage, such savings, and related reductions to the Contractor’s Contingency amount, will be retained by the Town.
Sample 1
Contractor’s Contingency. The Contractor’s GMP Proposal contains, as part of the estimated Cost of the Project, the Contractor’s Contingency, a sum agreed upon to cover costs which are properly reimbursable as a Cost of the Project, whether or not such cost is the basis for a Change Order. The Contractor shall regularly (no less than on a monthly basis during the term of this Agreement) provide The City of West Lafayette with an accounting of all charges against the Contractor’s Contingency.
Sample 1
Contractor’s Contingency. The Guaranteed Maximum Price includes Contractor’s Contingency. The Contractor’s Contingency is a sum of money unassociated with any specific work to allow the Contractor to accommodate market changes and/or estimating errors in order to complete the Project within the Guaranteed Maximum Price.
Sample 1
Contractor’s Contingency. Owner and Contractor have entered into that certain Ground Lease dated on or about the date hereof, for the lease of the Land to Contractor (the “ Ground Lease”). Notwithstanding anything to the contrary contained herein, in the event Contractor, as tenant under the Ground Lease, elects to terminate the Ground Lease pursuant to Section 6(a) thereof, then this Agreement shall automatically terminate upon such termination of the Ground Lease, and neither party shall have any further rights or obligations hereunder.
Sample 1

Related to Contractor’s Contingency

  • Contractor’s Contract Manager The Contractor’s Contract Manager, who is primarily responsible for the Contractor’s oversight of the Contract performance, will be identified in a separate writing to the Department upon Contract signing in the following format: Contractor’s Contract Manager Name Contractor’s Name Contractor’s Physical Address Contractor’s Telephone # Contractor’s Email Address If the Contractor changes its Contract Manager, the Contractor will notify the Department. Such a change does not require an amendment to the Contract.

  • Contractor’s Expense The Contractor will be responsible for all costs related to photo copying, telephone communications and fax communications while on County sites during the performance of work and services under this Contract.

  • Contractor's care of the Works The Contractor shall bear full risk in, and take full responsibility for, the care of the Works, and of the Materials, goods and equipment for incorporation therein, from the Appointed Date until the date of Completion Certificate, save and except to the extent that any such loss or damage shall have arisen from any wilful default or gross neglect of the Authority.

  • Contractor’s Services shall be performed in accordance with generally accepted professional practices and principles and in a manner consistent with the level of care and skill ordinarily exercised by members of Contractor’s profession currently practicing under similar conditions. Contractor shall comply with the profession’s standard of performance, applicable laws, regulations, and industry standards. By delivery of completed work, Contractor certifies that the work conforms to the requirements of this Agreement and all applicable federal, state and local laws. If Contractor is retained to perform services requiring a license, certification, registration or other similar requirement under California law, Contractor shall maintain that license, certification, registration or other similar requirement throughout the term of this Agreement.

  • Contractor’s Status At all times during the Contract Period the Contractor shall be an independent contractor and nothing in the Contract shall create a contract of employment, a relationship of agency or partnership or a joint venture between the Parties and accordingly neither Party shall be authorised to act in the name of, or on behalf of, or otherwise bind the other Party save as expressly permitted by the terms of the Contract.

  • Vendor’s Conditions The Vendor shall not be obligated to complete the Transaction unless, at or before the Closing Time, each of the conditions listed below in this section has been satisfied, it being understood that the said conditions are included for the exclusive benefit of the Vendor: (a) The representations and warranties of YC in this Agreement shall be true and correct on the Closing Date. (b) YC shall have performed and complied with all of the terms and conditions in this Agreement and the Payment Undertaking on its part to be performed or complied with on or before the Closing Date. (c) As evidence of the satisfaction of the conditions in sections 7.1 (a) and (b), YC shall deliver to the Vendor at the Closing Time a certificate of YC confirming the matters in sections 7.1 (a) and (b) and to the effect that as of the Closing Time all other conditions set forth in this section have been satisfied. The certificate shall be signed by two senior executive officers of YC acceptable to the Vendor, acting reasonably. Notwithstanding the foregoing, the receipt of such certificate and the completion of the Transaction shall not constitute a waiver (in whole or in part) of, or have the effect of modifying or qualifying in any way, any of the representations and warranties of YC made in or pursuant to this Agreement, each of which shall survive the Closing and remain in full force and effect for the benefit of the Vendor as provided in Article 9. (d) YC and the Buyer shall have delivered to the Vendor a legal opinion from counsel acceptable to the Vendor, acting reasonably, and in form and content satisfactory to the Vendor subject to reasonable qualifications, as to the due incorporation and organization of YC and the Buyer, the corporate power and authority of YC and the Buyer, the receipt of all necessary approvals by YC and the Buyer and the enforceability of this Agreement, the Payment Undertaking and the Covenant Escrow Agreement as against YC and the Buyer and the non-conflict of this Agreement, the Payment Undertaking and the Covenant Escrow Agreement with respect to the constating documents of YC and the Buyer and any Applicable Laws. (e) The Vendor Regulatory Approval shall have been granted, obtained and received unconditionally or on terms satisfactory to the Vendor, acting reasonably. (f) No Order shall have been made and no Legal Proceeding shall have been commenced or shall be pending or threatened against the other Party or its affiliates or which enjoins, restricts or prohibits, or which asserts a claim or seeks a remedy that would have the effect of enjoining, restricting or prohibiting the completion of the Transaction. If any condition in this section has not been fulfilled on or before the Closing Date or if any such condition is or becomes impossible to satisfy, other than as a result of the failure of the Vendor to comply with its obligations under this Agreement, then the Vendor in its sole discretion may, without limiting any rights or remedies available to the Vendor at law or in equity, either terminate this Agreement by written notice to YC, in which case the provisions of sections 2.5(c)(iii), (iv) or (v) shall be applicable, or waive compliance with any such condition without prejudice to its right of termination in the event of non-fulfilment of any other condition.

  • Contractor’s Staff 1. The Contractor shall maintain adequate staff to meet the Contractor’s obligations under this Agreement. 2. This staff shall be available to the State for training and meetings which the State may find necessary from time to time.

  • A3 Contractor’s Status At all times during the Contract Period the Contractor shall be an independent contractor and nothing in the Contract shall create a contract of employment, a relationship of agency or partnership or a joint venture between the Parties and accordingly neither Party shall be authorised to act in the name of, or on behalf of, or otherwise bind the other Party save as expressly permitted by the Terms of the Contract.

  • EMPLOYEES, SUBCONTRACTORS & AGENTS All employees, Subcontractors or agents performing work under the Contract must be trained staff or technicians who meet or exceed the professional, technical and training qualifications set forth in the Bid Specifications or the Bid Documents, whichever is more restrictive, and must comply with all security and administrative requirements of the Authorized User. The Commissioner reserves the right to conduct a security background check or otherwise approve any employee, Subcontractor or agent furnished by Contractor and to refuse access to or require replacement of any personnel for cause based on, including but not limited to, professional, technical or training qualifications, quality of work or change in security status or non- compliance with Authorized User’s security or other requirements. Such approval shall not relieve the Contractor of the obligation to perform all work in compliance with the Contract terms. The Commissioner reserves the right to reject and/or bar from the facility for cause any employee, Subcontractor, or agents of the Contractor.

  • B5 Contractor’s Staff The Authority may, by written notice to the Contractor, refuse to admit onto, or withdraw permission to remain on, the Authority’s Premises: