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Effect of Industry-Wide Disruption on Contract Price Sample Clauses

Effect of Industry-Wide Disruption on Contract Price. In the event of an Industry-Wide Disruption, the Contract Price shall be adjusted to allocate the risk of such market conditions between the Owner and Design-Builder through the following equitable escalation in the Contract Price: 12.5.1 If during the course of the Project the CCI increases over the Baseline Index established in Section 9.2.1, Design-Builder shall notify Owner in writing that it is adjusting the Contract Price. 12.5.2 In the event that the CCI increases over the Baseline Index, the Contract Price shall be adjusted to reflect such increase, but only with respect to those Applications for Payment submitted after the date on which written notice of the adjustment in Contract Price is given. 12.5.3 Payment for any adjustment in the Contract Price as a result of this Article 12 shall be made in accordance with the terms of this Agreement.
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Effect of Industry-Wide Disruption on Contract Price. In the event that significant industry-wide economic fluctuation or disruption beyond the control of and without the fault of the Design-Builder or its Subcontractors is experienced or expected to be experienced by certain markets providing essential materials and equipment to the Project during the performance of the Work and such economic fluctuation or disruption adversely impacts the price, availability, and delivery timeframes of essential materials and equipment (such event an “Industry-Wide Disruption”), the Contract Price shall be adjusted to allocate the risk of such market conditions between the Owner and Design-Builder through the following equitable escalation in the Contract Price: 12.4.1. If during the course of the Project the Construction Cost Index published by Engineering News-Record Magazine (“CCI”) increases over the CCI published by Engineering News-Record Magazine in the issue released during the first week of the month in which the Effective Date takes place (the “Baseline Index”), Design-Builder shall notify Owner in writing that it is adjusting the Contract Price. 12.4.2. In the event that the CCI increases over the Baseline Index, the Contract Price shall be adjusted to reflect such increase, but only with respect to those Applications for Payment submitted after the date on which written notice of the adjustment in Contract Price is given. 12.4.3. Payment for any adjustment in the Contract Price as a result of this Article 12 shall be made in accordance with the terms of this Agreement.
Sample 1
Effect of Industry-Wide Disruption on Contract Price. In the event of an Industry-Wide Disruption, the Contract Price shall be adjusted to allocate the risk of such market conditions equally between the Owner and Design-Builder through the following commercially reasonable and equitable escalation in the Contract Price: 12.5.1 If during the course of the Project the CCI increases over the Baseline Index established in Section 9.2.1, Design-Builder shall notify Owner in writing that it is adjusting the Contract Price pursuant to Section 12.5.2. 12.5.2 In the event that the CCI increases over the Baseline Index, the Contract Price shall be adjusted to reflect one-half of such increase, but only with respect to those Applications for Payment submitted after the date on which written notice of the adjustment in Contract Price is given, and only with respect to CCI increases over the Baseline Index for which the Contract Price has not been adjusted pursuant to Section 9.2. 12.5.3 Payment for any adjustment in the Contract Price as a result of this Article 12 shall be made in accordance with the terms of this Agreement.
Sample 1

Related to Effect of Industry-Wide Disruption on Contract Price

  • Sector Sub-Sector Industry Classification Level of Government Type of Obligation Description of Measure Source of Measure All sectors : : - : Central : National Treatment Senior Management and Board of Directors : National Treatment and the Senior Management and Board of Directors obligations shall not apply to any measure relating to small and medium sized domestic market enterprise2. Foreign equity is restricted to a maximum of 40% for domestic market enterprises with paid-in equity capital of less than the equivalent of USD 200,000 Note: Members of the Board of Directors or governing body of corporation or associations shall be allowed in proportion to their allowable participation or share in the capital of such enterprises. : -1987 Constitution of the Republic of the Philippines. - Foreign Investments Act of 1991 (R.A. No. 7042, as amended by R.A. No. 8179). -Presidential and Administrative Issuances. ∞ 2 The concept of a small and medium sized domestic market enterprise is an enterprise with paid in equity capital of less than the equivalent of USD 200,000.00.

  • Penalties for Non-compliance to Service Level Agreement Where the Supplier/Service Provider fails to deliver the Goods/Services within the agreed and accepted milestone timelines and provided that the cause of the delay was not due to a fault of Transnet, penalties shall be imposed at …………………………………………………… .

  • Suspension of unsafe Construction Works (i) Upon recommendation of the Authority’s Engineer to this effect, the Authority may by notice require the Contractor to suspend forthwith the whole or any part of the Works if, in the reasonable opinion of the Authority’s Engineer, such work threatens the safety of the Users and pedestrians. (ii) The Contractor shall, pursuant to the notice under Clause 11.17 (i), suspend the Works or any part thereof for such time and in such manner as may be specified by the Authority and thereupon carry out remedial measures to secure the safety of suspended works, the Users and pedestrians. The Contractor may by notice require the Authority’s Engineer to inspect such remedial measures forthwith and make a report to the Authority recommending whether or not the suspension hereunder may be revoked. Upon receiving the recommendations of the Authority’s Engineer, the Authority shall either revoke such suspension or instruct the Contractor to carry out such other and further remedial measures as may be necessary in the reasonable opinion of the Authority, and the procedure set forth in this Clause 11.17 shall be repeated until the suspension hereunder is revoked. (iii) Subject to the provisions of Clause 21.6, all reasonable costs incurred for maintaining and protecting the Works or part thereof during the period of suspension (the “Preservation Costs”), shall be borne by the Contractor; provided that if the suspension has occurred as a result of any breach of this Agreement by the Authority, the Preservation Costs shall be borne by the Authority. (iv) If suspension of Works is for reasons not attributable to the Contractor, the Authority’s Engineer shall determine any Time Extension to which the Contractor is reasonably entitled.

  • Human and Financial Resources to Implement Safeguards Requirements The Borrower shall make available necessary budgetary and human resources to fully implement the EMP and the RP.

  • Other Methods of Procurement of Goods and Works The following table specifies the methods of procurement, other than International Competitive Bidding, which may be used for goods and works. The Procurement Plan shall specify the circumstances under which such methods may be used: (a) National Competitive Bidding (b) Shopping (c) Direct Contracting

  • Other Methods of Procurement of Goods and Works. The following table specifies the methods of procurement, other than International Competitive Bidding, which may be used for goods and works. The Procurement Plan shall specify the circumstances under which such methods may be used: (a) National Competitive Bidding (b) Shopping (c) Direct Contracting

  • Particular Methods of Procurement of Goods and Works International Competitive Bidding. Goods and works shall be procured under contracts awarded on the basis of International Competitive Bidding.

  • PREVAILING WAGE RATES - PUBLIC WORKS AND BUILDING SERVICES CONTRACTS If any portion of work being Bid is subject to the prevailing wage rate provisions of the Labor Law, the following shall apply:

  • Reporting on Utilization of Subject Inventions 1. The Performer agrees to submit, during the term of the Agreement, an annual report on the utilization of a subject invention or on efforts at obtaining such utilization that are being made by the Performer or its licensees or assignees. Such reports shall include information regarding the status of development, date of first commercial sale or use, gross royalties received by the Performer, and such other data and information as the agency may reasonably specify. The Performer also agrees to provide additional reports as may be requested by DARPA in connection with any march-in proceedings undertaken by DARPA in accordance with Paragraph I of this Article. DARPA agrees it shall not disclose such information to persons outside the Government without permission of the Performer, unless required by law. 2. All required reporting shall be accomplished, to the extent possible, using the i-Edison reporting website: xxxxx://x-xxxxxx.xxxx.xxx.xxx/iEdison/. To the extent any such reporting cannot be carried out by use of i-Edison, reports and communications shall be submitted to the Agreements Officer and Administrative Agreements Officer.

  • Reporting of Non-Force Majeure Events Each Party (the “Notifying Party”) shall notify the other Parties when the Notifying Party becomes aware of its inability to comply with the provisions of this Agreement for a reason other than a Force Majeure event. The Parties agree to cooperate with each other and provide necessary information regarding such inability to comply, including the date, duration, reason for the inability to comply, and corrective actions taken or planned to be taken with respect to such inability to comply. Notwithstanding the foregoing, notification, cooperation or information provided under this Article shall not entitle the Party receiving such notification to allege a cause for anticipatory breach of this Agreement.

Most Referenced Clauses

Most Referenced Definitions