Actual Equipment Cost definition

Actual Equipment Cost for equipment in use means the daily rate for Contractor - owned equipment measured by Ownership Cost and Operating Cost divided by the Useful Life of the equipment, and for equipment on standby means only Ownership Cost divided by the Useful Life of the equipment. For purpose of this definition: (a) Operating Cost means fuel, filters, oil, grease, tire wear, minor repair (belts, filters, hydraulic lines and other minor components) and that specific allocable part of any actually incurred cost of major overhaul (rebuilding or replacing larger components, such as the engine and transmission) that was necessitated solely by the equipment’s use on this Project and (b) Ownership Cost means costs for depreciation (the distribution of the acquisition cost of a piece of equipment over its useful economic life), financing (the interest expense on the amount of money borrowed to purchase the equipment) and the following indirect costs (equipment licenses, property taxes, storage, insurance, inspections, mechanic training, record keeping and highway permits). The following items are excluded from Actual Equipment Cost: replacement cost, escalation contingency reserves, general and administrative expense, and profit. The term “Useful Life” as used herein means the greater of the number of years a prudent and reasonable contractor would keep the equipment in use or the number of years, that the equipment is expected to be in use as established or recognized by the Internal Revenue Service.
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Actual Equipment Cost for equipment in use means the daily rate for Contractor
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Examples of Actual Equipment Cost in a sentence

  • The following items are excluded from Actual Equipment Cost: replacement cost, escalation contingency reserves, general and administrative expense, and profit.

  • Financing Costs, for the purpose of determining the Actual Equipment Cost, shall be evidenced by (1) providing a statement from the Approved Lender of all incurred or accrued interest charges and related financing costs or charges owing by TBITEC in connection with the Financing Arrangement or (2) if TBITEC uses its own funds, a calculation of accrued interest certified by an officer of TBITEC.

  • Manager is a duly organized and validly existing corporation in the State of Delaware.

  • Contractor Equipment in use shall be paid on the basis of Actual Equipment Cost.

  • Contractor Equipment on standby will be paid at 25% of Actual Equipment Cost.

  • Equipment in use rented from any affiliate or subsidiary substantially owned or controlled by Contractor or Subcontractor shall be paid at Actual Equipment Cost.

  • Failure of Contractor or Subcontractor to maintain, keep and/or present cost records required by Section 3.10 or Section 3.11 sufficient to accurately establish Actual Equipment Cost shall operate to bar any right or remedy of Contractor for payment of additional compensation for any Contractor Equipment, whether in use or standby.

  • Failure of Contractor or Subcontractor to maintain, keep and/or present cost records required by Section 3.10 or Section3.11 sufficient to accurately establish Actual Equipment Cost shall operate to bar any right or remedy of Contractor for payment of additional compensation for any Contractor Equipment, whether in use or standby.

Related to Actual Equipment Cost

  • Equipment Cost means, for each Unit, the purchase price therefor -------------- paid by the Owner Trustee to the Lessee pursuant to Section 2 of the Participation Agreement and as set forth in Schedule 1 to the Participation Agreement with respect to such Unit. Notwithstanding anything to the contrary contained in the Operative Agreements, the Equipment Cost for any Replacement Unit shall be deemed to be the Equipment Cost or deemed Equipment Cost of the Unit replaced by such Replacement Unit.

  • Replacement Cost means the cost to repair or rebuild the improvements owned by Lessor at the time of the occurrence to their condition existing immediately prior thereto, including demolition, debris removal and upgrading required by the operation of Applicable Requirements, and without deduction for depreciation.

  • Rental Equipment means the equipment identified on the Service Agreement and Order Schedule or otherwise notified to you in writing that we will rent to you as part of our provision of the Services and which you will return to us after expiry or termination of the Agreement, subject to the provisions of this Agreement.

  • Direct Cost means a cost not to exceed the cost of labor, material, travel and other expenditures to the extent the costs are directly incurred to provide the relevant assistance or service. “Direct Cost” to the Acquirer for its use of any of a Respondent’s employees’ labor shall not exceed the average hourly wage rate for such employee;

  • Project Cost means the price payable to Service Provider over the entire period of Agreement (i.e. Rs. <in words>) for the full and proper performance of its contractual obligations.

  • Contract Cost means the Contract Sum plus Price Variation. This cost shall be included in the letter of acceptance.

  • Improvement Costs means any additional expenditure on a fixed asset that materially increases the capacity of the asset or materially improves its functioning or represents more than 10% of the initial depreciation base of the asset;

  • Development Cost means the total of all costs incurred in the completion of a Development excluding Developer Fee, operating deficit reserves, and total land cost as typically shown in the Development Cost line item on the development cost pro forma.

  • Patient cost means the cost of a medically necessary health care service that is incurred as a result

  • Electrical equipment means underground equipment that contains dielectric fluid that is necessary for the operation of equipment such as transformers and buried electrical cable.

  • Full Replacement Cost as used herein shall mean the actual replacement cost of the Leased Property requiring replacement from time to time including an increased cost of construction endorsement, if available, and the cost of debris removal. In the event either party believes that full replacement cost (the then-replacement cost less such exclusions) has increased or decreased at any time during the Lease Term, it shall have the right to have such full replacement cost re-determined.

  • Net cost means the Contractor’s actual cost after deducting all permitted cash and trade discounts, rebates, allowances, credits, sales taxes, commissions, and refunds (whether or not any or all of the same shall have been taken by the Contractor) of all parts and materials purchased by the Contractor solely for the use in performing its obligation hereunder provided, where such purchase has received the prior written approval of the Manager as required herein. The Contractor shall promptly furnish to the Manager such bills of sale and other instruments as the Manger may require, executed, acknowledged and delivered, assuring to the Manager title to such materials, supplies, equipment, parts, and tools free of encumbrances.

  • Terminal Equipment means all telephone instruments, including pay telephone equipment, the common equipment of large and small key and PBX systems and other devices and apparatus, and associated wirings, which are intended to be connected electrically, acoustically or inductively to the telecommunication system of the telephone utility.

  • Original Project Cost means the capital expenditure incurred by the Generating Company or the Transmission Licensee, as the case may be, within the original scope of the project up to the cut-off date as admitted by the Commission;

  • Replacement Costs means the expenditures for obtaining and installing equipment, accessories or appurtenances which are necessary during the useful life of the treatment works to maintain the capacity and performance for which such works were designed and constructed.

  • Additional Equipment means equipment that is not factory fitted in the Vehicle, including but not limited to navigation equipment (GPS), baby seat, bicycle rack etcetera;

  • Operating Cost means the costs associated with operating a multifamily development once the project is placed in service.

  • Public improvement costs means the costs of:

  • The Contract Price/Project Cost means the price payable to the Vendor under the Contract for the full and proper performance of its contractual obligations.

  • Estimated Cost , for the purposes of rule 22, means the estimated cost to maintain, repair or replace a major capital item;

  • Estimated Project Cost means Benchmark cost of MNRE which is Rs 8.00 Crore/MWp as per MNRE letter no. 03/20/2014-15/GCRT/11.12.14 at the time of Bid Due date.

  • Estimated Construction Cost or “ECC” means the amount calculated by Contractor for the total cost of all elements of the Work based on this Agreement available at the time(s) that the ECC is prepared. The ECC shall be based on current market rates with reasonable allowance for overhead, profit and price escalation and shall include and consider, without limitation, all alternates and contingencies, designed and specified by A/E and the cost of labor and materials necessary for installation of Owner furnished equipment. The ECC shall include all the cost elements included in the AACC, as defined above, and shall represent Contractor’s best current estimate of the Guaranteed Maximum Price it will propose for the Project based on the information then available. The ECC shall not include Contractor’s Pre-Construction Phase Fee, A/E’s Fees, the cost of the land and rights-of-way, or any other costs that are the direct responsibility of Owner.

  • Medical equipment means equipment used in a patient care environment to support patient treatment and diagnosis.

  • Target cost, as used in this contract, means the estimated cost of this contract as initially negotiated, adjusted in accordance with paragraph (d) of this clause.

  • Total Contract Price/Project Cost/TCO means the price payable to Service Provider over the entire period of Contract for the full and proper performance of its contractual obligations.

  • Material Equipment means such equipment, which, acting in accordance with a Reasonable and Prudent Standard, the Generator could reasonably be expected to have ordered and/or concluded a supply agreement in respect of in accordance with the Target Commissioning Date, and in any event, such equipment shall include wind turbines.