Common use of Increased cost Clause in Contracts

Increased cost. 1. If the cost of the implementation of the Project should exceed the estimated eligible project cost or the estimated total project cost referred to in Grant Offer Letter (Annex I), the Focal Point shall ensure that any such additional funds are made available so as to ensure the full implementation of the Project. If the Focal Point deems that additional funds cannot be made available or additional investments in the project are not advisable, it can instead, after consultation with the NMFA, decide to cancel the Project and refund the amount already disbursed. 2. The Focal Point shall ensure that the Project Promoter, independently from the responsibility of the Focal Point under paragraph 1, takes on an obligation to provide additional funds if necessary.

Increased cost. 1. If the cost of the implementation of the Project should exceed the estimated eligible project cost or the estimated total project cost referred to in Grant Offer Letter (Annex I), the Focal Point shall ensure that any such additional funds are made available so as to ensure the full implementation of the Project. If the Focal Point deems that additional funds cannot be made available or additional investments in the project are not advisable, it can instead, after consultation with the NMFAFinancial Mechanism Committee, decide to cancel the Project and refund the amount already disbursed. 2. The Focal Point shall ensure that the Project Promoter, independently from the responsibility of the Focal Point under paragraph 1, takes on an obligation to provide additional funds if necessary.