Owner Contingency Sample Clauses

Owner Contingency. 3.1.7.1 The Original Project Guaranteed Maximum Price includes an Owner contingency in the amount of Three Million Twelve Thousand Eight Hundred Twenty-One United States Dollars (US$3,012,821) (“Original Project Owner Contingency”). 3.1.7.2 The Expansion Project Guaranteed Maximum Price includes an Owner contingency in the amount of ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ Dollars (US$2,500,000) (“Expansion Project Owner Contingency”). To allocate a portion of the Original Project Owner Contingency or the Expansion Project Owner Contingency (as applicable) to a portion of the Original Project Work or Expansion Project Work, respectively, for any purpose, Owner shall submit a Construction Change Directive to Contractor with respect to such allocation. Contractor and Owner will then follow the procedure described in Article 18 of this Agreement. Each allocation of either the Original Project Owner Contingency or the Expansion Project Owner Contingency shall be reflected on the respective Application for Progress Payment for the period during which Owner makes such approved allocation. Any portion of either of the Original Project Owner Contingency or the Expansion Project Owner Contingency remaining unallocated at Original Project Final Completion and Expansion Project Final Completion, respectively, shall revert to the Owner as provided for in Section 3.2. Contractor shall have the right to propose to Owner at any time an allocation of either of the Original Project Owner Contingency or the Expansion Project Owner Contingency (as applicable), setting forth in reasonable detail why Contractor considers such an allocation to be appropriate, but Owner may in its sole discretion agree or disagree to such use or allocation of the Original Project Owner Contingency or the Expansion Project Owner Contingency (as applicable),.

Owner Contingency. The Guaranteed Maximum Price includes an Owner contingency in the amount of $7,565,200.00 ("Owner Contingency"). To allocate a portion of the Owner Contingency to a portion of the Work for any purpose, Contractor shall submit a Change Proposal (as defined in Section 18.3.1 of this Agreement) to Owner setting forth in reasonable detail why the allocation is required. Contractor and Owner will then follow the procedure described in Article 18 of this Agreement. Each allocation of the Owner Contingency by Contractor and approved by Owner shall be reflected on the respective Application for Progress Payment for the period during which Contractor makes such approved allocation. Any portion of the Owner Contingency remaining unallocated at Final Completion shall be a credit against and reduce the Guaranteed Maximum Price.

Owner Contingency. Seller’s obligation to sell the Property to Buyer is contingent on Seller obtaining fee simple title from all of the Owners on or before the Closing Date (the “Owner Contingency”). If the Owner Contingency is not satisfied on or before the Closing Date, then: (i) this Agreement shall terminate and, upon request, each party shall promptly sign a cancellation of purchase agreement evidencing the cancellation of this Agreement; and (ii) except as expressly set forth in this Agreement, the parties shall have no further obligations to one another pursuant to this Agreement. Neither Buyer nor Seller may waive the Owner Contingency.

Owner Contingency. An amount determined by the CITY, which is available to the Project during construction, only upon prior written approval of the CITY, to address Cost of the Work that were unforeseeable by the ▇▇▇▇ and CITY at the time of execution of the Guaranteed Maximum Price Agreement, notwithstanding the ▇▇▇▇’▇ exercise of due diligence in connection therewith. The CMAR may not access or utilize any portion of the Owner Contingency without the prior written approval of the CITY, which approval shall be in the sole discretion of the CITY, in the form of a Change Order approved by the CITY. To the extent that any portion of the Contingency remains unallocated on the date of Final Completion of the Project and after the issuance of Final Payment for the Project, the remaining, unused portion of the Contingency shall be the CITY’s.

Owner Contingency. (i.) Use of Owner contingency must be approved by the Owner in writing. Reference Change Order section in this Contract and in the CM/GC General Conditions.

Owner Contingency. PART 1 -

Owner Contingency. The Contract Sum includes Owner Contingency, which shall be controlled by the Owner and available to defray expenses attributable to unforeseen circumstances relating to the construction and for added scope by the Owner. The Design-Builder will be required to obtain the Owner’s approval and to furnish documentation evidencing expenditures charged to the Owner’s Contingency prior to seeking the release of contingency funds from the Owner. Documentation for use of the Owner’s Contingency shall be determined by the Project Team, included in the Project Manual and reported monthly by the Design- Builder. Any funds which remain in the Owner’s Contingency at the conclusion of the Project shall belong to the Owner.

Owner Contingency. The Schedules of Values for Construction Phase shall include a separate line item for an Owner Controlled Contingency in the amount of $75,000. The Owner shall have complete control over the use of the contingency. Design-Builder’s fee, costs and other mark ups for insurance and bonds as contained in the Schedule of Values will not be computed based on the use of the contingency. Any use of the contingency shall be computed, valued and issued as a Change Order. Any unused contingency at the end of the Project shall be fully returned to the Owner.

Owner Contingency. The Contract Price includes a Construction Contingency in the amount of Fifty Thousand dollars ($50,000). The Construction Contingency is Owner-controlled. Use of the Construction Contingency requires Owner’s prior written approval. All unspent funds in the Contingency at Final Completion shall accrue to Owner. Subject to Owner’s prior written approval for use thereof, the Construction Contingency is available for Design-Build Entity to cover cost of the Work unanticipated by Design-Build Entity on the effective date of the Design-Build Agreement, such as unanticipated field conditions or differing site condition, re-sequencing the Work for the good of the Project, acceleration in the Schedule for improvement in the overall Contract Time, and Owner requested changes.