COST OVERRUN. In the event Artist incurs costs in excess of the maximum compensation set forth in EXHIBIT C, Artist shall pay such excess from Artist’s own funds. City shall not be required to pay any part of such excess and Artist shall not have any claim against City on account of any cost overruns.
COST OVERRUN. 8.2.1 In the event that at any time a Cost Overrun exists that is greater than [***], Owner shall be permitted by written notice to Contractor to reduce the Contractor’s Margin for all purposes hereunder as follows:
(a) if the Cost Overrun is greater than [***], but less than or equal to [***], the Contractor’s Margin shall be reduced by applying a Margin Percentage of [***];
(b) if the Cost Overrun is greater than [***], but less than or equal to [***], the Contractor’s Margin shall be reduced by applying a Margin Percentage of [***]; or
(c) if the Cost Overrun is greater than [***], the Contractor’s Margin shall be reduced by applying a Margin Percentage of [***].
8.2.2 Owner shall be permitted to reduce the Contractor’s Margin pursuant to Section 8.2.1 more than once if following Owner’s first delivery of a notice pursuant to Section 8.2.1 a Cost Overrun increases to exceed the next then applicable threshold set forth therein. Each reduction of Contractor’s Margin effected pursuant to Section 8.2.1 shall be applied both retroactively and prospectively, and all payments by Owner of Contractor’s Margin made prior to such reduction shall be retroactively adjusted to be equal to an amount calculated using the reduced Contractor’s Margin. In such event, without prejudice to Section 41.7, Owner may deduct from any amounts owed to Contractor hereunder an amount equal to the positive difference between the amount of the Contractor’s Margin previously paid to Contractor pursuant to Section 6.2 calculated using the previously applicable Contractor’s Margin and the amount of the Contractor’s Margin previously paid to Contractor as recalculated using the reduced Contractor’s Margin. Each notice delivered by Owner pursuant to Section 8.2.1 shall include Owner’s supporting calculations of the amount of the relevant Cost Overrun and, if applicable, the amount of such positive difference to be deducted from amounts owed to Contractor.
8.2.3 Within [***] days following the Final Completion Date, Owner shall calculate and deliver to Contractor written notice of the amount by which the Total Costs exceed the Target Price, if any, as of the Final Completion Date, such notice to include Owner’s supporting calculations of the amount of such excess.
8.2.4 The Parties acknowledge and agree that the remedies set forth in this Section 8.2 (a) are reasonable and appropriate measures of the damages for the circumstances described herein and do not represent a penalty, and (b) cons...
COST OVERRUN. In cases where all of the following are true: (i) the lowest responsive bid for or proposed total cost of construction of a Covered Project is at least 25% greater than the Public Owner’s pre-bid estimate of construction cost; (ii) the Public Owner’s construction management team receives reasonably reliable indication that application of the Agreement will increase project construction costs beyond the Public Owner’s pre-solicitation estimate by at least 10%; and (iii) the cost increase jeopardizes the ability of the project to move forward within the Public Owner’s established budget parameters or confirmed funding sources; then the Public Owner may reject such bid or proposal and re-solicit the project with revised project terms, including discretion to re-solicit without application of this Agreement, or with revised terms agreed among the Parties.
COST OVERRUN. The Government is under no obligation to share any cost overruns (i.e., costs incurred during the Project that are more than those estimated at the date of award). DOE does not plan to set-aside funds for overruns. If appropriated funds are available in the future for supporting overruns, the Government’s share of overruns will not exceed the Government’s percentage cost share for the overall Project as specified in Article 5.
COST OVERRUN. In the event ARTIST incurs costs over the TOTAL PRICE, ARTIST shall pay such excess at ARTIST’s sole cost. CITY is not responsible for any part of such excess.
7.1.1 In the event that work for which the CITY has been invoiced does not meet the specifications required by this Agreement, CITY in its sole discretion shall have the right to withhold such payment until such deficiency is corrected. In such event, CITY shall provide detailed written notice to ARTIST within 10 days of receipt of such invoice, specifying the failure of performance for which CITY intends to withhold payment. ARTIST shall work to cure such failure in order to meet the Agreement standards to the reasonable satisfaction of CITY.
COST OVERRUN. The Sponsor shall have financed/funded the Cost Overrun if any, in the form and manner as provided in the Sponsor Support Agreement.
COST OVERRUN. “Cost Overrun” means all costs of construction and renovation of the Property (including all “hard” and “soft” costs) in excess of the aggregate Project Costs.
COST OVERRUN. In the event Artist incurs costs in excess of the Total Price, Artist shall pay such excess at Artist’s sole cost. City is not responsible for any part of such excess.
COST OVERRUN. Should the Authorized Improvements Cost exceed the maximum PID Bond Proceeds deposited in the IAPF (“Cost Overrun”), Developer shall be solely responsible to fund such part of the Cost Overrun, subject to the cost-underrun in subsection (d) below. An individual line item exceeding its estimated cost shall not be construed as a Cost Overrun; rather, the Authorized Improvements Cost for each phase shall be viewed in its entirety.
