Reduction Milestones Sample Clauses
The Reduction Milestones clause establishes specific targets or deadlines by which certain reductions—such as in costs, emissions, or resource usage—must be achieved during the term of an agreement. Typically, it outlines measurable objectives and sets out the timeline and criteria for assessing whether these reductions have been met, sometimes including consequences for failure to achieve them. This clause ensures accountability and progress toward agreed-upon goals, providing a clear framework for monitoring and enforcing performance improvements.
Reduction Milestones. [Optional Section – discussion and negotiation point] Each GMP Amendment’s Construction Contingency funds shall not exceed the amounts set forth below upon the milestones set forth below, and the amount of reduction in such funds, if any, shall be credited to Owner by Change Order included with Construction Manager’s Application for Payment immediately following each such milestone; unless, however, Owner initiates an additive Change Order allocating any such reductions in Construction Contingency to that Change Order. Completion of [Foundations Subcontract Package] Construction Contingency funds, not including pending Claims and not including Net Savings remaining at the time of the milestone, shall not exceed [2.75%] of the applicable total Cost of the Work Completion of [Superstructure Subcontract Package] Construction Contingency funds, not including pending Claims and not including Net Savings remaining at the time of the milestone, shall not exceed [2.5%] of the applicable total Cost of the Work Completion of [Dry-in Subcontract Packages] Construction Contingency funds, not including pending Claims and not including Net Savings remaining at the time of the milestone, shall not exceed [2.25%] of the applicable total Cost of the Work Completion of [Mechanical, Electrical, and Plumbing Rough-in Subcontract Packages] Construction Contingency funds, not including pending Claims and not including Net Savings remaining at the time of the milestone, shall not exceed [2%] of the applicable total Cost of the Work [Five (5)] days after [Substantial Completion of the applicable Deliverable Portion of Work] Construction Contingency funds, not including pending Claims and not including Net Savings remaining at the time of the milestone, shall not exceed [1%] of the applicable total Cost of the Work [Five (5)] days after [Final Completion of the applicable Deliverable Portion of Work] Construction Contingency funds, not including pending Claims and not including Net Savings remaining at the time of the milestone, shall not exceed [0%] of the applicable total Cost of the Work SAMPLE
Reduction Milestones. [Optional Section – discussion and negotiation point] Each Pricing Amendment’s Construction Contingency funds shall not exceed the amounts set forth below upon the milestones set forth below, and the amount of reduction in such funds, if any, shall be credited to Owner by Change Order included with Design-Builder’s Application for Payment immediately following each such milestone; unless, however, Owner initiates an additive Change Order allocating any such reductions in Construction Contingency to that Change Order.