Cost Overruns. The Borrower shall ensure that all cost-overruns over the estimated construction costs of the Project as certified by a quantity surveyor or the Architect or as ascertained by the Lender as and when they occur shall be funded by the Borrower’s own equity;
Cost Overruns. In the event that the costs and expenses incurred by Borrower in completing any work which is the subject of this Agreement exceed the respective amounts allocated by Lender for such items of expense, Borrower shall be responsible for the payment (from sources other than the Property Reserves) of such excess costs and expenses.
Cost Overruns. A. Program component overruns of thirty percent (30%) or less will be considered as eligible costs provided:
(I) The total scope of services dollar amount is not increased or;
(II) If the total scope of services dollar amount is increased, an amended scope of services is executed between the Commission and the Grantee.
B. Program component overruns in excess of thirty percent (30%) will require a written request for approval and include the anticipated amount of overruns on other program components.
C. Requests for overruns in program components shall be in writing and include the anticipated amount of overruns on other program components.
Cost Overruns. (a) In any Calendar Year, each Party shall promptly inform the other Party upon such Party determining that it is likely to overspend or underspend by more than ten percent (10%) its respective total Collaboration Costs set forth in the Commercialization Budget for that Calendar Year.
(b) If in any such Calendar Year a Party exceeds its budgeted costs and expenses by more than ten percent (10%), the Party that has so exceeded its budget shall provide to the JCC and to the JEC (if the matter is escalated to the JEC because it cannot be resolved by the JCC) a full explanation for exceeding the Commercialization Budget. If and to the extent that any such overspend (i) was outside the reasonable control of the applicable Party, or (ii) resulted from a reasonable or necessary acceleration of Joint Commercialization Activities within a particular Calendar Year, some or all of which activities had been expected to occur in a subsequent Calendar Year; then (in each case (i) and (ii)), provided the applicable Party has promptly notified the other Party of such overspend and, in the case of overspends covered by clause (i) of this Section 3.10.2(b), used reasonable efforts to mitigate the size of such overspend, such overspend shall be included in Collaboration Costs and shared by the Parties pursuant to Section 6.1.1.
(c) To the extent that any overspend is not included in Collaboration Costs as provided in this Section 3.10.2, the Party that has exceeded its budget by more than ten percent (10%) for a Calendar Year shall be solely responsible for the overspend.
Cost Overruns. If Borrower becomes aware of any change in actual or projected Project Loan Costs which will increase any one or more category or line item of costs reflected in the Project Loan Budget, Borrower shall immediately notify Lender in writing and promptly submit to Lender for its approval a revised Project Loan Budget. Any reallocation of any category or line items in the Project Loan Budget in connection with cost overruns shall be subject to Lender’s approval in Lender’s sole discretion except as set forth in Sections 2.1.7 hereof and 5.1.33 of the Building Loan Agreement, provided, however, under no circumstances shall Borrower be permitted, or Lender obligated to approve, the reallocation of line items from the Building Loan Budget to the Project Loan Budget. Lender shall have no obligation to make any further Advances unless and until the revised Project Loan Budget so submitted by Borrower is approved by Lender and Borrower has satisfied its obligations with respect to any resulting Shortfall under Section 2.1.10. Lender reserves the right to approve or disapprove any revised Project Loan Budget in its sole and absolute discretion (except with respect to reallocations in accordance with Sections 2.1.7 and 5.1.33).
Cost Overruns. Trade Contractor agrees and acknowledges that the Act requires the Authority to procure project construction in a manner that any cost overruns are the responsibility of the proposer and not the Authority or the State. Accordingly, Trade Contractor agrees and acknowledges that as the successful proposer, Trade Contractor is solely responsible for any cost overruns that may occur on the Project as may apply to the Trade Contractor Work in excess of the Trade Contract Amount as modified in accordance with and as allowed by the Trade Contract Documents, however caused, as the Authority has no authority to accept liability for cost overruns in contravention of the Act.
Cost Overruns. (a) The Parties agree to apply good faith best efforts to complete the Project consistent with the Final Project Design. Funds required for any increases in the Preliminary Project Budget necessary to complete the Project substantially consistent with the Final Project Design (as potentially modified under this Agreement) shall be provided by PWRF from sources other than the City, except as specifically provided herein. PWRF’s responsibility for cost overruns includes responsibility for those due to unforeseen conditions that must be addressed for the Project to proceed, but only to the extent such conditions can be remedied with resources available within the Preliminary Project Budget. Upon discovery of an unforeseen condition that must be addressed for the Project to proceed, PWRF will notify the City Administrator. PWRF will evaluate ways to resolve any such conditions for the Project to proceed and determine the cost of doing so. In addressing such additional cost, PWRF may, among other measures, apply contingency funds within the Preliminary Project Budget, make modifications to the Final Project Design, and apply such additional funds that PWRF, in its sole discretion, determines to provide to increase the Preliminary Project Budget. PWRF will keep the City Administrator apprised of its work and advise them of its plans for addressing such conditions, specifically including any proposed changes in the Final Project Design requiring Design Review Board approval under Section 5.2.2. If PWRF concludes that it lacks the resources to address any such unforeseen conditions and that it cannot complete the Project, it will so notify the City Administrator. The Parties will cooperate in developing and implementing a plan to suspend or terminate the Project.
(b) PWRF’s responsibility for cost overruns notwithstanding, the City shall bear financial responsibility for any direct or indirect cost increases associated with changes to the Project that the City requests after the Mayor or designee approves the Final Project Design (excluding permitting or other regulatory requirements).
Cost Overruns. The term “Cost Overruns” as used in this Agreement shall mean the amount by which the total costs and expenses required to be paid under the Construction Agreements by StadCo for the Project Improvements Work exceeds the aggregate of the amounts on deposit in the Accounts (as defined in the Construction Funds Trust Agreement) plus the then-unused commitments in respect of each StadCo Source of Funds; provided that, Cost Overruns shall not include such excess to the extent such excess arises out of or is attributable to any Excluded Costs.
Cost Overruns. (A) The amount of annual amortized project costs to be added to the Total Landing Contribution in any year may not exceed the amount scheduled to be added in that Term Year in accordance with the proposal approved by an Airfield MII, unless an increase to such amount is subsequently approved by an Airfield MII (each Airline determining in its discretion whether to participate in such Airfield MII). The amount of annual amortized project costs to be added to the Total Domestic Terminal Contribution, Total International Terminal Contribution and Total Local Terminal Contribution, respectively, in any year may not exceed the amounts scheduled to be added in that Term Year in accordance with the proposal approved by a Terminal MII, unless an increase to such amount is subsequently approved by a Terminal MII (each Airline determining in its discretion whether to participate in such Terminal MII). The total amount of annual amortized project costs to be added to the Total Landing Contributions, Total Domestic Terminal Contributions, Total International Terminal Contributions and Total Local Terminal Contributions, in aggregate in all years, may not exceed the lesser of (A) the total annual amortized costs of the project approved by an Airfield MII and/or Terminal MII, as the case may be, or (B) the total annual amortized costs of the project actually incurred by the Lessee. Notwithstanding the foregoing limitations, with respect to any such excess costs attributable to Force Majeure Events that are not recouped by the Lessee through insurance proceeds or other compensation, the annual amortized amounts thereof may be added to the Landing Contribution, Total Domestic Terminal Contribution, Total International Terminal Contribution and/or Total Local Terminal Contribution consistent with the allocation and schedule of costs for that project previously identified in the project proposal.
(B) The Lessee shall provide notice to the Signatory Airlines (through the individual then serving on the Executive Committee on behalf of each Signatory Airline) of any anticipated cost overruns attributable to an approved Capital Project as soon as practicable after the Lessee becomes aware of such cost overruns. The Lessee shall consult the Signatory Airlines as to the best method for addressing additional costs before seeking approval of a cost increase by an Airfield MII and/or Terminal MII in accordance with Section 6.3(c)(v)(A).
Cost Overruns. If applicable, any cost overruns will not be paid by the Department and the Department is not committed to seeking additional appropriations or re-appropriation of funds and will not be responsible for the maintenance and operation of any facility which may be developed or equipment which may be purchased with the funds herein identified.
