Overruns. The parties acknowledge that the Funding in clause 2.1 is the total amount available from the Ministry for the Project, and that the Recipient will be liable for all cost overruns in relation to the delivery of the Project. The Ministry will not be liable for any cost overruns. The Recipient will carefully monitor the likelihood of cost overruns through its budgeting and reporting process, and will notify the Ministry as soon as it is aware of that there is a high likelihood that Project costs will exceed the total Funding available under this Agreement. The parties will consult on a solution.
Appears in 4 contracts
Samples: Funding Agreement, Funding Agreement, Funding Agreement
Overruns. The parties acknowledge that the Funding in clause 2.1 is the total amount available from the Ministry for the Project, and that the Recipient will be liable for all cost overruns in relation to the delivery of the Project. The Ministry will not be liable for any cost overruns. The Recipient will carefully monitor the likelihood of cost overruns through its budgeting and reporting process, and will notify the Ministry as soon as it is aware of that there is a high likelihood that Project costs will exceed the total Funding available under this Agreement. The parties will consult on a solution.
Appears in 1 contract
Samples: Funding Agreement
