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. 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.
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. 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. If total claims exceed the estimated expenditure by 15 percent or more, comply with Section 3.28.c. A copy of the required justification must be attached to Comptroller, Accounting and TMD final vouchers.
Cost Overrun. You acknowledge and agree that:
Cost Overrun. In no event shall either Party be obligated to incur Development Costs under the Development Plan that are in excess of its respective share of the Development Costs set forth in the then-current Development Budget, unless and until agreement is reached by the JSC with respect to the sharing of such excess Development Costs. Without limiting the foregoing, if either Party anticipates that its quarterly Development Costs that are subject to sharing hereunder may exceed the corresponding portion of the Development Budget for such calendar quarter (a “Cost Overrun”), then, together with its quarterly report set forth in paragraph 6 of the Financial Exhibit, such Party will promptly give written notice to the other Party of the anticipated Cost Overrun, including an explanation for such Cost Overrun. Subject to this Section 5.3, the Parties will share Cost Overruns in a given calendar quarter in accordance with clause (i) above and paragraph 6 of the Financial Exhibit to the extent such Cost Overruns do not exceed [*] of those set forth in the then-current Development Budget for such calendar quarter; provided that such Cost Overrun does not cause, and is not anticipated to cause, the Parties to exceed the Development Budget for such calendar year. If such Cost Overruns exceed the Development Budget for such calendar quarter by more than [*] or are anticipated to exceed the Development Budget for such calendar year, the Parties shall, through the JSC, meet promptly to discuss the reasons for such Cost Overruns and their impact on the annual Development Budget. The Cost Overrun mechanism is implemented as a tool to monitor and effectively manage quarterly variations in Development Costs for timing differences. It does not provide approval to increase the Development Budget.
