Target Contract Sample Clauses

Target Contract. Target Contract" shall mean any Contract: (a) to which any Target Company is a party; (b) by which any Target Company or any of their respective assets is or may become bound or under which any Target Company has, or may become subject to, any obligation; or (c) under which any Target Company has or may acquire any right or interest.
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Target Contract. The contractor is paid a fixed fee on a prime cost basis for the work performed under the contract and in addition he receives a percentage on the savings effected against either a prior agreed estimated total cost or a target value arrived without changing the specification. • It was presumed that by proper management of the work, the contractor can reduce the cost of work. But due to tremendous increase in the cost of materials it never materialise and hence this system is not getting popularity. Advantages: • Low risk on the owner, and to the contractor. • Cost can be reduced relatively. • Contractor selection is easy. Disadvantages: • Tremendous increase in the cost of materials. • High quality can’t be achieved.
Sample 1
Target Contract. In this system the contractor is paid on a cost plus percentage basis for work performed under this contract and in addition he receives a percentage plus or minus on saving or excess effected against either a prior agreed estimate of total cost or a target value arrived at by measuring the work on completion and valuing at prior agreed rates. The advantage of this contract is that contractor is encouraged to use his skill and experience in keeping the cost as low as possible. This type of contract is thus profitable to both the contractor as well as to the owner. The only disadvantage may be that the contractor may show higher cost of construction and thus may gain more amounts even covering the penalty for excess expenditure.
Sample 1
Target Contract. The contractor is paid on cost plus percentage basis of work and in addition he receives a percentage plus or minus on savings or excesses effected against a prior agreed estimated by measuring the work on completion and valuing at prior agreed rates
Sample 1
Target Contract. The contractor is paid on a cost-plus percent basis of work performed under this contract. • A target cost contract is an agreement between the contractor and a client wherein they negotiate a target cost based before signing the contract on an estimate of the expenses which will be incurred for the project. BOT CONTRACT • A build-operate-transfer (BOT) contract is a model used to finance large projects, typically infrastructure projects developed through public-private partnerships. • The contractor undertakes to design, finance and operate and maintain the works for a concession period in consideration. DOCUMENTS FOR AN ENGINEERING CONTRACT • Invitation of tender/bid • Enquiry documents • Eligibility requirements to bid • Technical requirements for preparation and submission of the bid • Performance of the work under the contract • Preparation and submission of tenders • Tender documents – To be prepared by the tenderer and submitted • Evaluation, acceptance of the tender and award of contract TENDER • A Tender is a written document in which work details are mentioned. • It is a document which is publicly released or sent to eligible suppliers or contractor who are willing to fill it and take the work. • A tender document helps in a tendering process that helps a buyer select qualified and interested suppliers based on certain contract criteria. • Broadly this is pricing documentation and quality criteria. TENDER DOCUMENTS • Invitation of bid • Instruction to bidders • Information to bidders & bid data • Biding forms • General conditions of contract • Specific condition of contract • Specification • BOQ • Drawings • Contract forms TENDERING PROCESS • Tendering is the process of inviting bids for large projects, it is usually practiced by government institutions. • The main objective of the Tendering Process in Construction is to eliminate favoritism and corruption in awarding works to construction companies. Xxxxxxx Xxxxx X. INVITATION OF BID Dept. of Civil Engineering, BMSCE BID DETAILS Xxxxxxx Xxxxx X. Xxxx. of Civil Engineering, BMSCE Source: xxxxx://xxxxx.xxxxxxxxx.xxx.xx/ CONDITIONS OF ELIGIBLITY Dept. of Civil Engineering, BMSCE Xxxxxxx Xxxxx N. Source: xxxxx://xxxxx.xxxxxxxxx.xxx.xx/ CONDITIONS OF ELIGIBLITY ESTIMATE DETAILS BREACH OF CONTRACT • It is said to have occurred when one of the parties in the contract fails to fulfil his part of responsibilities under the contract due to which the complete performance of the contract becomes impossible ...
Sample 1

Related to Target Contract

  • Project Contracts Authority shall upon its election, succeed, without the necessity of any further action by the Concessionaire, to the interests of the Concessionaire under such of the Project Contracts as the Authority may in its discretion deem appropriate, and shall upon such election be liable to the Contractors only for compensation accruing and becoming due and payable to them under the terms of their respective Project Contracts from and after the date the Authority elects to succeed to the interests of the Concessionaire. For the avoidance of doubt, it is hereby agreed, and the Concessionaire hereby acknowledges, that all sums claimed by such Contractors as being due and owing for works and services performed or accruing on account of any act, omission or event prior to such date shall constitute debt between the Concessionaire and such Contractors, and the Authority shall not in any manner be liable for such sums. It is further agreed that in the event the Authority elects to cure any outstanding defaults under such Project Contracts, the amount expended by the Authority for this purpose shall be deducted from the Termination Payment.

  • Customer Contracts 6.2.1 The Redistributor should ensure that its contracts with its Customers give it all necessary rights to control and monitor Data use.

  • Government Contract Government Contract" shall mean any prime contract, subcontract, letter contract, purchase order or delivery order executed or submitted to or on behalf of any Governmental Body or any prime contractor or higher-tier subcontractor, or under which any Governmental Body or any such prime contractor or subcontractor otherwise has or may acquire any right or interest.

  • Seller Contracts All contracts and agreements, other than ---------------- Governmental Permits and those relating to Real Property, pertaining to the ownership, operation and maintenance of the Assets or the Business or used or held for use in the Business, as described on SCHEDULE 5.6 or, in the case of contracts and agreements relating to Real Property, on SCHEDULE 5.7.

  • Material Contracts and Transactions Other than as expressly contemplated by this Agreement, there are no material contracts, agreements, licenses, permits, arrangements, commitments, instruments, understandings or contracts, whether written or oral, express or implied, contingent, fixed or otherwise, to which Pubco is a party except as disclosed in writing to Priveco or as disclosed in the Pubco SEC Documents.

  • New Contracts During the pendency of this Agreement, Seller will not enter into any contract, or modify, amend, renew or extend any existing contract, that will be an obligation affecting the Property or any part thereof subsequent to the Closing without Purchaser’s prior written consent in each instance (which Purchaser agrees not to withhold or delay unreasonably), except contracts entered into in the ordinary course of business that are terminable without cause (and without penalty or premium) on 30 days (or less) notice.

  • Government Contracts Except as set forth in Disclosure Schedule (3.20), as of the Closing Date, no Credit Party is a party to any contract or agreement with any Governmental Authority and no Credit Party’s Accounts are subject to the Federal Assignment of Claims Act (31 U.S.C. Section 3727) or any similar state or local law.

  • Business Contracts All Contracts (other than the Real Property Leases, the Personal Property Leases and the Accounts Receivable) to which Seller is a party, which are utilized in the conduct of the Business, including Contracts relating to suppliers, sales representatives, distributors, purchase orders, marketing arrangements and manufacturing arrangements and which are listed in SECTION 1.01(a)(vi) OF THE DISCLOSURE SCHEDULE (the "Business Contracts");

  • Customer Agreement In the event of a conflict between this Agreement and any other agreement between the Bank and the Customer relating to the Account, the terms of this Agreement will prevail, and in all other respects the terms of the other agreement relating to the Account shall apply with respect to any matters not covered by this Agreement. Regardless of any provision in any such agreement, the State of New York shall be deemed to be the Bank’s location for the purposes of this Agreement and the perfection and priority of the Secured Party’s security interest in the Account.

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