Change Cost definition

Change Cost means any increase in the Cost of the Work attributable to any change in the Plans and Specifications.

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Change Cost means all costs and expenses attributable to any Change Order requested by Tenant, including but not limited to, (i) the cost of any materials or labor, (ii) any cost caused by the direction to Tenant to omit any item of Leasehold Improvements, (iii) any additional architectural or engineering services, (iv) any changes to materials in the process of fabrication, (v) the cancellation or modification of supply or fabricating contracts, (vi) the removal or alteration of any of Leasehold Improvements or plans completed or in the process, (vii) delays affecting the schedule of the Leasehold Improvements or the Commencement Date and (viii) a construction management fee equal to five percent (5%) of all Change Costs. Prior to the Commencement Date (or if not determinable at that time, then, as soon thereafter as possible) the Landlord and Tenant shall have a final accounting of all Change Costs. If, as a result of such accounting, there exists a net sum due by Tenant to Landlord, then that amount (together with interest thereon, at the rate of Chase Manhattan Bank prime plus 2%, accruing from the date Landlord notifies Tenant of the sum due through and until the date of the payment thereof to Landlord) shall be paid by Tenant to Landlord within thirty (30) days following the date such final accounting occurs. Alternatively, and at Tenant's election to be made, if at all, within thirty (30) days following the date Landlord notifies Tenant determination of the sums due to Landlord by Tenant, any sums owing by Tenant to Landlord as a result of Change Costs may be paid by a reduction in the rental abatement provided in Section 4.1 of this Lease, with the balance to be paid by Tenant in cash; provided, however, in the event Tenant makes such election, the amount of such reduction shall be in no less increments than one (1) full month of Rent. For each such month that Tenant elects to reduce the abatement of Rent, the Expiration Date shall be adjusted to be one (1) month earlier. In case of any disagreement between Landlord and Tenant with respect to any alleged Tenant Delay, Excused Delay, Change Cost or the scope of the Leasehold Improvements that cannot be resolved by the parties, the issue shall be resolved by binding arbitration undertaken on an expedited basis pursuant to the applicable procedures of the American Arbitration Association.

Change Cost. As defined in Section 6.2 of the Workletter.

Examples of Change Cost in a sentence

• The procedure for addressing disputes related to an ISO Change Cost determination is set forth in Section 11.03 below.

• The Parties shall negotiate in good faith to resolve any dispute regarding a claim for the ISO Change Cost Payment and shall, as part of such good faith negotiations, promptly provide information or data relevant to the dispute as they each may possess which is requested by the other Party.

• All changes and modifications in the Work from that contemplated in the Plans and Specifications, whether or not such change or modification gives rise to a Change Cost, must be evidenced by a written Change Order executed by both Landlord and Tenant.

• If the Parties are unable to resolve a dispute regarding a claim for the ISO Change Cost Payment within forty five (45) days of the sending of Notice by the disputing Party pursuant to this Section 11.03, either Party may submit the dispute to mediation and arbitration as provided in Article Twelve.

• Any Notice of SCE’s exercise of the SCE Mitigation Rights shall set forth the basis for SCE’s determination that one or more of the circumstances set forth in Section 11.04(a)(ii) has occurred, including SCE’s calculation of any actual or forecast ISO Change Cost Payment, along with annotated workpapers and source data supporting SCE’s calculation.

• Such a Notice must include the Party’s explanation for its claim that a Change in ISO Tariff has occurred, the Party’s calculation supporting its ISO Change Cost Payment claim in accordance with Exhibit P, and annotated workpapers and source data supporting the Party’s calculation.

• The procedure for calculating the total net incremental change in ISO charges to Seller or Seller’s Actual Revenue during any Facility Term Year associated with an ISO Change Cost and for calculating any payment owed to a Party in respect of an ISO Change Cost is described in Exhibit P.

• If either Party reasonably believes that the annual ISO Change Cost Payment owed to such Party will be more than $1,000,000, it may provide a Notice to the other Party under this Section 11.03, in which case payments shall be made quarterly based upon estimated values, to be trued up at the end of the Facility Term Year.

• If either Party believes that it is owed an ISO Change Cost Payment for any Facility Term Year, it shall, on or before the sixtieth (60th) day after the end of the Facility Term Year, provide Notice to the other Party of its claim for the ISO Change Cost Payment.

• The ISO Change Cost Threshold Amount for each Facility Term Year shall be the value calculated in accordance with the following formula: Where A = Estimated Annual Production in kWh (i.e., MWh/1000).

More Definitions of Change Cost

Change Cost means (a) the actual net increase in the construction costs resulting from the Change, including a five percent (5%) development administration fee, plus (b) if the Change Order results in an extension of the Delivery Date, a sum equal to the per diem Base Rent that would have otherwise been paid by Tenant for the period by which the Commencement Date will be delayed due to such Change Order, as agreed by Landlord and Tenant in such Change Order.