Bidding Contingency definition

Bidding Contingency means the funding amount identified by the Owner and design professionals within the Anticipated Hard Bid to accommodate market variances or estimating errors.
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Bidding Contingency. , or “CMAR Contingency” means that part of the Guaranteed Maximum Price (GMP) the CMAR may use during the Bidding or Construction Phase as provided in these General Conditions at 7.11, to cover any excess of the amount bid by a subcontractor over the amount for that Work in the GMP, or to cover legitimate unforeseen construction expenses once construction begins. Contingency may not be used to cover the cost of any Work on the Project after issuance of the Certificate of Final Completion.
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Examples of Bidding Contingency in a sentence

  • The Bidding Contingency, upon approval of the Owner, shall be for the CM@Risk’s use and shall be increased by amounts not expended on other line item bid packages and shall decrease by additional amounts required to be expended on other line item bid packages.

  • Bidding Contingency Apply bidding contingency to accommodate variations in contractor bids.

  • If the award cost exceeds the CM@Risk’s estimated cost in the GMP, any necessary portion of the Bidding Contingency shall be applied, subject to Owner’s approval, to cover any overrun and any underrun amount shall be used to increase the Bidding Contingency.

  • The Bidding Contingency, upon approval of the Owner, shall be for Design-Builder’s use and shall be increased by amounts not expended on other line item bid packages and shall decrease by additional amounts required to be expended on other line item bid packages.

  • If the award cost exceeds Design-Builder’s estimated cost in the GMP, any necessary portion of the Bidding Contingency shall be applied, subject to Owner’s approval, to cover any overrun and any underrun amount shall be used to increase the Bidding Contingency.

  • If the award cost exceeds the CM@Risk’s estimated cost in the GMP, any necessary portion of the Bidding Contingency identified in Section 7.11.2 above shall be applied, subject to Owner’s approval, to cover any overrun and any underrun amount shall be used to increase the Bidding Contingency.

  • Notwithstanding anything in Section 7.1.7 of the General Conditions or other Contract Documents to the contrary, an Allowance shall not include any cost included in Contractor’s Construction Phase Services Fee, Contractor’s Fixed Construction Supervision Compensation, Contractor’s Fixed General Condition’s Compensation, Contractor’s Bidding Contingency and/or Contractor’s Construction Contingency.

  • The Bidding Contingency for all phases of Work shall not exceed the agreed percentage as stated in Section 7.11.2 of the “Exhibit A – CM@Risk General Conditions”.

  • A Budget shall not include any cost included in Contractor’s Construction Phase Services Fee, Contractor’s Fixed Construction Supervision Compensation, Contractor’s Fixed General Condition’s Compensation, Contractor’s Bidding Contingency and/or Contractor’s Construction Contingency.

  • The Contractor’s Bidding Contingency is: Percentage in text form percent (Numerical percentage%) of the Adjusted Fixed Contract Price Limit, which equals Dollars and cents in text form ($Numerical dollar value).

Related to Bidding Contingency

  • Lead Member of the Bidding Consortium or “Lead Member” shall mean a company who commits at least twenty six percent (26%) equity stake in the Project, meets the technical requirement as per Clause 2.1.2 and so designated by other Member(s) in Bidding Consortium;

  • Bidder/Bidding Company means Bidding Company submitting the Bid. Any reference to the Bidder includes Bidding Company/ including its successors, executors and permitted assigns as the context may require”.

  • Bidding Company shall refer to such single company that has made a Response to RFP for the Project;

  • Qualified Financial Contract means a qualified financial contract as defined in 12 U.S.C. Section 1821(e)(8)(D).

  • Independent Engineer means XxXxxxxx and XxxXxxxxxxx or any other third party engineering firm acceptable to the Administrative Agent in its sole discretion.

  • Increased Facility Activation Notice means a notice substantially in the form of Exhibit B-1.

  • Probable Mineral Reserve means the economically mineable part of an indicated and, in some circumstances, a measured mineral resource demonstrated by at least a preliminary feasibility study. This study must include adequate information on mining, processing, metallurgical, economic and other relevant factors that demonstrate, at the time of reporting, that economic extraction can be justified;

  • Independent expenditure means an expenditure by a person:

  • Cashless facility means a facility extended by the insurer to the insured where the payments, of the costs of treatment undergone by the insured in accordance with the policy terms and conditions, are directly made to the network provider by the insurer to the extent pre-authorization approved.

  • Financial Impairment means that a carrier is not insolvent and is:

  • Sustainability Structuring Agent means PNC Capital Markets LLC.

  • Administrative merits determination means certain notices or findings of labor law violations issued by an enforcement agency following an investigation. An administrative merits determination may be final or be subject to appeal or further review. To determine whether a particular notice or finding is covered by this definition, it is necessary to consult section II.B. in the DOL Guidance.

  • Financial exigency means a condition that requires the bona fide discontinuance or reduction in size of an administrative unit, project, program or curriculum due to the lack of funds available and sufficient to meet current or projected expenditures.

  • Accelerated Borrowing Base Delivery Event means either (i) the occurrence and continuance of any Event of Default, or (ii) the failure of the Borrowers to maintain Availability at least equal to the greater of (x) $22,500,000 and (y) fifteen percent (15%) of the Loan Cap. For purposes of this Agreement, the occurrence of an Accelerated Borrowing Base Delivery Event shall be deemed continuing (i) so long as such Event of Default has not been waived, and/or (ii) if the Accelerated Borrowing Base Delivery Event arises as a result of the Borrowers’ failure to achieve Availability as required hereunder, until Availability has exceeded the greater of (x) $22,500,000 and (y) fifteen percent (15%) of the Loan Cap for thirty (30) consecutive calendar days, in which case an Accelerated Borrowing Base Delivery Event shall no longer be deemed to be continuing. The termination of an Accelerated Borrowing Base Delivery Event as provided herein shall in no way limit, waive or delay the occurrence of a subsequent Accelerated Borrowing Base Delivery Event in the event that the conditions set forth in this definition again arise.

  • Acceptable Insurance Default shall have the meaning assigned to such term or analogous term in the Servicing Agreement.

  • Financial Bid means the Initial Offer and Final Offer, containing the Bidder’s Quoted Transmission Charges, as per the format at Annexure – 21 of this RFP;

  • NAIC Approved Bank means a bank that is a bank listed on the most current “List of Qualified U.S. Financial Institutions” approved by the NAIC (the “NAIC Approved Bank List”) (or any branch or related entity of such bank that qualifies as a Qualified U.S. Financial Institution in accordance with the Purposes and Procedures Manual of the NAIC Investment Analysis Office).

  • Financial Proposal means the Contractor’s Financial Proposal dated (Financial Proposal date).

  • Audit Committee Financial Expert means a person who has the following attributes:

  • Regulated Rate Tariff means a regulated rate tariff for the provision of Electricity Services to eligible customers prepared by EDTI, or a person with whom EDTI makes arrangements to do so, pursuant to section 102 of the Act;

  • Open session means a meeting which is held in a place reasonably accessible to members of the public and open to all cit- izens at all times. In the case of a state governmental body, it means a meeting which is held in a building and room thereof which enables access by persons with functional limitations, as defined in s. 101.13 (1).

  • Required Special Servicer Rating means with respect to a special servicer (i) in the case of Fitch, a rating of “CSS3”, (ii) in the case of S&P, such special servicer is on S&P’s Select Servicer List as a U.S. Commercial Mortgage Special Servicer, (iii) in the case of Xxxxx’x, such special servicer is acting as special servicer for one or more loans included in a commercial mortgage loan securitization that was rated by Xxxxx’x within the twelve (12) month period prior to the date of determination, and Xxxxx’x has not downgraded or withdrawn the then-current rating on any class of commercial mortgage securities or placed any class of commercial mortgage securities on watch citing the continuation of such special servicer as special servicer of such commercial mortgage loans, (iv) in the case of Morningstar, such special servicer has a ranking by Morningstar equal to or higher than “MOR CS3” as a special servicer, provided that if Morningstar has not issued a ranking with respect to such special servicer, such special servicer is acting as special servicer in a commercial mortgage loan securitization that was rated by a Rating Agency within the twelve (12) month period prior to the date of determination, and Morningstar has not downgraded or withdrawn the then-current rating on any class of commercial mortgage securities or placed any class of commercial mortgage securities on watch citing the continuation of such special servicer as special servicer of such commercial mortgage securities, (v) in the case of KBRA, KBRA has not cited servicing concerns of such special servicer as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in a transaction serviced by such special servicer prior to the time of determination, and (vi) in the case of DBRS, such special servicer is acting as special servicer in a commercial mortgage loan securitization that was rated by DBRS within the twelve (12) month period prior to the date of determination and DBRS has not downgraded or withdrawn the then-current rating on any class of commercial mortgage securities or placed any class of commercial mortgage securities on watch citing the continuation of such special servicer as special servicer of such commercial mortgage securities as a material reason for such downgrade or withdrawal.

  • Appraisal management services means one or more of the following:

  • Financial Commitment means the legally binding undertaking of the Operator to mobilize the financial requirements of the project, for ensuring the completion of the project;

  • New Borrowing Base Notice has the meaning assigned such term in Section 2.07(d).

  • Financial Contract of a Person means (i) any exchange-traded or over-the-counter futures, forward, swap or option contract or other financial instrument with similar characteristics or (ii) any Rate Management Transaction.