ECONOMIC CONTINGENCY Sample Clauses

An Economic Contingency clause allows parties to adjust or terminate their contractual obligations if significant economic changes occur that impact the feasibility or cost of performance. Typically, this clause outlines specific economic triggers—such as drastic increases in material costs, inflation rates, or market disruptions—that would permit renegotiation or cancellation of the agreement. Its core function is to allocate risk and provide flexibility, ensuring that neither party is unfairly burdened by unforeseen economic shifts beyond their control.
ECONOMIC CONTINGENCY. In the event of a legislative, regulatory or economic change to the following, the District will have the right to demand that the Oak Park and River Forest High School Faculty Senate (Faculty Senate) bargain the impact of such a change with the District. In order for such bargaining to occur, the District must notify the Faculty Senate within 45 days of a change triggering this clause of its desire to bargain. The parties will bargain for no fewer than five sessions consisting of no fewer than three hours each. If no modifications to the contract have been agreed upon during the bargaining period, the District will have the right to cancel the remaining year(s) of the contract and bargaining over a successor agreement will begin within fifteen (15) days of the District’s notifying the Faculty Senate of the cancellation of the contract. If the District chooses to exercise the right to cancel the contract, it must do so no later than June 1, of the year in which the parties were bargaining over the legislative, regulatory or economic change. 1. The State of Illinois shifts the portion of TRS pension costs it pays to local school districts and the result is a substantial increase in District expenditures. 2. The State of Illinois imposes changes on the District’s property tax extension authority and the result is a substantial decrease in the District’s collection of local revenue. 3. The District voters successfully pass a referendum proposition pursuant to State of Illinois statute reducing the amount extended by the school district for educational purposes for the levy year.
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ECONOMIC CONTINGENCY. If during any year of the Term CRI anticipates that its yearly purchases of online marketing research data and services will fall below $[****], then it shall so notify GFOL. [****].
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ECONOMIC CONTINGENCY. Beginning with the 2019-20 school year and thereafter, in the event of a legislative, regulatory or economic change to the following, the District will have the right to demand that the Oak Park and River Forest High School Faculty Senate (Faculty Senate) bargain the impact of such a change with the District. In order for such bargaining to occur, the District must notify the Faculty Senate within 45 days of a change triggering this clause of its desire to bargain. The parties will bargain for no fewer than five sessions consisting of no fewer than three hours each. If no modifications to the contract have been agreed upon during the bargaining period, the District will have the right to cancel the remaining year(s) of the contract and bargaining over a successor agreement will begin within fifteen (15) days of the District’s notifying the Faculty Senate of the cancellation of the contract. If the District chooses to exercise the right to cancel the contract, it must do so no later than June 1, of the year in which the parties were bargaining over the legislative, regulatory or economic change. 1. The State of Illinois shifts the portion of TRS pension costs it pays to local school districts and the result is a substantial increase in District expenditures. 2. The State of Illinois imposes changes on the District’s property tax extension authority and the result is a substantial decrease in the District’s collection of local revenue. 3. The District voters successfully pass a referendum proposition pursuant to State of Illinois statute reducing the amount extended by the school district for educational purposes for the levy year.
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ECONOMIC CONTINGENCY. In the event of a legislative, regulatory, or economic change resulting in one or more of the following events, either party may demand that the contract be reopened for the limited purpose of bargaining the change or demand that the term of the contract accelerate to expire on the June 30th following the date of the event. A. The State of Illinois shifts the portion of TRS pension costs it pays to local school districts and the result is a substantial increase in District expenditures. B. External changes to the District’s property tax extension authority and/or other external changes that result in a substantial negative impact on the District’s ability to collect property taxes.
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Related to ECONOMIC CONTINGENCY

  • BUDGET CONTINGENCY If the Budget Act of the current year covered under this Grant Agreement does not appropriate sufficient funds for this program, this Grant Agreement shall be of no force and effect. This provision shall be construed as a condition precedent to the obligation of the State to make any payments under this Grant Agreement. In this event, the State shall have no liability to pay any funds whatsoever to the Grantee or to furnish any other considerations under this Grant Agreement and the Grantee shall not be obligated to perform any provisions of this Grant Agreement. Nothing in this Grant Agreement shall be construed to provide the Grantee with a right of priority for payment over any other Grantee. If funding for any fiscal year after the current year covered by this Grant Agreement is reduced or deleted by the Budget Act, by Executive Order, or by order of the Department of Finance, the State shall have the option to either cancel this Grant Agreement with no liability occurring to the State, or offer a Grant Agreement amendment to the Grantee to reflect the reduced amount.

  • FUNDING CONTINGENCY a. In the event funding from state, federal, or other sources is withdrawn, reduced, or limited in any way after the effective date of this Contract and prior to completion of the work in this Contract, DCYF may: (1) Terminate this Contract with ten (10) days advance notice. If this Contract is terminated, the parties shall be liable only for performance rendered or costs incurred in accordance with the terms of this Contract prior to the effective date of termination; (2) Renegotiate the terms of the Contract under the new funding limitations and conditions; (3) After a review of project expenditures and deliverable status, extend the end date of this Contract and postpone deliverables or portions of deliverables; or (4) Pursue such other alternatives as the parties mutually agree to in writing. b. Any termination under this Section (FUNDING CONTINGENCY) shall be considered a Termination for Convenience.

  • Construction Contingency The proposed GMP Change Order shall include, as a separately identified item, a Construction Contingency sum in an initial amount (subject to increase or decrease) against which Design-Builder can draw at its election for the purposes set forth in Section 4 Part 4. The initial Construction Contingency sum shall include the contingency amounts stated in all accepted Component Change Orders.

  • MORTGAGE CONTINGENCY A. This agreement is contingent upon Purchaser obtaining approval of a Conventional, FHA or VA (if FHA or VA, see attached required addendum) or mortgage loan of $ for a term of no more than years at an initial fixed or adjustable nominal interest rate not to exceed % (percent). Purchaser agrees to use diligent efforts to obtain said approval and shall apply for the mortgage loan within business days after the Seller has accepted this contract. Purchaser agrees to apply for such mortgage loan to at least one lending institution or licensed mortgage broker. Upon receipt of a written mortgage commitment or in the event Purchaser chooses to waive this mortgage contingency, Purchaser shall provide notice in writing to of Purchaser’s receipt of the mortgage commitment or of Purchaser’s waiving of this contingency. Upon receipt of such notice this contingency shall be deemed waived or satisfied as the case may be. In the event notice as called for in the preceding sentence has not been received on or before , , then either Purchaser or Seller may within five business days of such date terminate, or the parties may mutually agree to extend, this contract by written notice to . Upon receipt of termination notice from either party, and in the case of notice by the Purchaser, proof of Purchaser’s inability to obtain said mortgage approval, this agreement shall be cancelled, null and void, and all deposits made hereunder shall be returned to the Purchaser.

  • Contingency If Buyer does not reveal a fact of contingency to the lender and this purchase does not record because of such nondisclosure after initial application, the Buyer shall be in default;