Construction Cost Overrun definition

Construction Cost Overrun means, at any particular time, the amount by which Total Project Category Costs exceed Budgeted Category Costs.
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Construction Cost Overrun means with respect to each Phase, the amount by which the actual costs incurred for the Hard Cost Budget Items exceed the amount allocated for the Hard Cost Budget Items in the final Development Budget to be approved pursuant to the terms of Section 4.1(e) (after allocation to such line item of any available hard cost contingency (which shall in no event exceed 3%) or Cost Savings).
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Construction Cost Overrun means the amount by which the aggregate costs incurred for the completion of the Project exceed the aggregate amount allocated for the completion of the Project in the Development Budget. Construction Cost Overrun shall also include, but shall not be limited to, certain payments made by a guarantor with respect to the Construction Loan for guaranty obligations which survive the Completion of the Project, as set forth in Section 6.3(c).
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Examples of Construction Cost Overrun in a sentence

  • The Additional Capital Contribution obligations of SIP Member shall be separate and distinct from Construction Cost Overruns (for which SIP Member is required to make Construction Cost Overrun Contributions under Section 6.3).

  • For instance, in Table 1, the risk variable (Construction Cost Overrun) had a Mean Score of 3.98, which indicated that the weighted average of the responses received was close to the response option coded as ‘4’ on the Likert scale, which represents ‘Often’.

  • Journal of Construction Engineering and Management, 139:321-330 Lundman P (2011) “Cost Management for Underground Infrastructure Projects:A Case Study on Cost Increase and its Causes.” Luleå University of Technology Memon A H, Rahman I A & Azis A .(2011), Preliminary Study on Causative Factors Leading to Construction Cost Overrun.

  • St. Xxxx will also provide a US$3.6 million letter of credit for the benefit of the Banks in satisfaction of the Bank's requirement that LVM maintain a US$3.6 million Project Construction Cost Overrun Reserve account through completion of the Project.

  • Except as expressly provided herein, no Member shall be entitled to (a) the return of any part of its Capital Contributions (or Construction Cost Overrun Contribution), (b) any interest in respect of any Capital Contribution (or Construction Cost Overrun Contribution), or (c) the fair market value of its Membership Interest in connection with a withdrawal from the Company or otherwise.

  • Laws outlawing abortion were criminal laws, but the central problem women in Texas were facing was not the threat of prosecution—Texas did not prosecute women who obtained abortions any more than Connecticut had prosecuted women who used birth control—but rather the lack of an infrastructure of abortion provision.

  • The Board of Directors shall be the sole judge as to the appropriate maintenance, repair and replacement of all Common Elements, roofs and Perimeter Building Walls, but all Common Elements, roofs and Perimeter Building Walls shall be maintained in good condition and repair at all times.

  • Subject to Section 4.3(d), if, at any time, there is a Controllable Construction Cost Overrun, TNHC shall immediately reimburse the Partnership in the amount of such Controllable Construction Cost Overruns, provided that no such amount shall be treated as made in TNHC’s capacity as a Partner or as a Capital Contribution.

  • The risk factors requiring close scrutiny are (i) Construction Cost Overrun, (ii) Construction Time Delay, (iii) Interest Rate Fluctuation,(iv) Availability of Finance, and (v) Excessive variation in project Specification.

Related to Construction Cost Overrun

  • Construction Costs means land costs, all costs paid to construct and complete the Improvements, as specified on Exhibit "B" attached hereto and made a part hereof.

  • Construction Cost means and includes the cost of the entire construction of the Project, including all supervision, materials, supplies, labor, tools, equipment, transportation and/or other facilities furnished, used or consumed, without deduction on account of penalties, liquidated damages or other amounts withheld from payment to the contractor or contractors, but such cost shall not include the Consulting Engineer/Architect's fee, or other payments to the Consulting Engineer/Architect and shall not include cost of land or Rights-of-Way and Easement acquisition.

  • Cost Overrun means an obligation exceeding the maxi- mum capital expenditure authorized by an approval.

  • Construction project means the same as that term is defined in Section 38-1a-102.

  • Construction Budget means the fully-budgeted costs for the acquisition and construction of a given parcel of real property (including, without limitation, the cost of acquiring such parcel of real property, reserves for construction interest and operating deficits, tenant improvements, leasing commissions, and infrastructure costs) as reasonably determined by the Parent in good faith.

  • Project Costs means the costs of the construction, acquisition or equipping of the Project, as further described in the Project Budget, and such other costs as may be approved in writing by the Department, provided such costs are permitted by the Act.

  • Direct Construction Cost means the sum of the amounts that the Construction Manager actually and necessarily incurs for General Conditions Costs, Cost of the Work and Construction Manager’s Contingency during the Construction Phase as allowed by this Agreement. Direct Construction Cost does not include Pre-Construction Phase Fees or Construction Phase Fees.

  • Construction Work means any work in connection with⎯

  • Construction Phase means that Phase of the Project which shall commence after the Authority provides the Trade Contractor with written Notice to Proceed with the Construction Phase.

  • Construction Debt means debt incurred to fund (a) all or a portion of a Capital Improvement, (b) interest payments (including periodic net payments under related interest rate swap agreements) and related fees on other Construction Debt or (c) distributions (including incremental Incentive Distributions) on Construction Equity.

  • 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.

  • 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.

  • Construction Plant means appliances, machinery with necessary supply to up keep and maintenance of the works or temporary works but dose not include materials or other things intended to form part of the permanent work.

  • 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;

  • Eligible Project Costs means such portion of the Project costs disbursed and loaned from the OPWC to the Recipient for the sole and express purpose of acquiring, constructing, reconstructing, expanding, improving, engineering and equipping the Project, other direct expenses, and related financing costs thereto.

  • Capital Improvement Project means the acquisition, construction, reconstruction, improvement, planning and equipping of roads and bridges, appurtenances to roads and bridges to enhance the safety of animal-drawn vehicles, pedestrians, and bicycles, wastewater treatment facilities, water supply systems, solid waste disposal facilities, and storm water and sanitary collection, storage and treatment facilities including real property, interests in real property, facilities, and equipment related or incidental to those facilities.

  • 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;

  • Construction Completion Date means the Completion Date of the Construction as specified in the Statutory Declaration of Completion for the Project;

  • Construction Contractor means a person who undertakes to or offers to undertake to, or purports to have the capacity to undertake to, or submits a bid to, or does himself or by or through others, construct, alter, repair, add to, subtract from, improve, move, wreck, or demolish any building, highway, road, railroad, excavation, or other structure, project, development, or improvement to real property, or to do any part thereof. "Construction contractor" includes subcontractors, specialty contractors, prime contractors, and any person receiving consideration for the general supervision and/or coordination of such a construction project except for remediation contracting. This definition shall govern without regard to whether or not the construction contractor is acting in fulfillment of a contract.

  • Construction Fee means a fee or other remuneration for acting as general contractor and/or construction manager to construct improvements, supervise and coordinate projects or provide major repairs or rehabilitations on a Property.

  • Construction Completion means physical construction of a cleanup action component is complete.

  • Tenant Improvement Allowance in the maximum amount of $200.00 per rentable square foot in the Premises, which is included in the Base Rent set forth in the Lease; and

  • Production Costs means those costs and expenditures incurred in carrying out Production Operations as classified and defined in Section 2 of the Accounting Procedure and allowed to be recovered in terms of Section 3 thereof.

  • Qualified Project Costs means costs paid with respect to the Project that meet each of the following requirements: (i) the costs are properly chargeable to capital account (or would be a so chargeable with a proper election by the Borrower or but for a proper election by the Borrower to deduct such costs) in accordance with general federal income tax principles and in accordance with Section 1.103-8(a)(1) of the Regulations, provided, however, that only such portion of the interest accrued during rehabilitation or construction of the Project (in the case of rehabilitation, with respect to vacated units only) shall be eligible to be a Qualified Project Cost as bears the same ratio to all such interest as the Qualified Project Costs bear to all costs of the acquisition and construction or rehabilitation of the Project; and provided further that interest accruing after the Completion Date (as defined in the Regulatory Agreement) shall not be a Qualified Project Cost; and provided still further that if any portion of the Project is being constructed or rehabilitated by an Affiliate (whether as general contractor or a subcontractor), Qualified Project Costs shall include only (A) the actual out of pocket costs incurred by such affiliate in constructing or rehabilitating the Project (or any portion thereof) and (B) any overhead expenses incurred by such affiliate which are directly attributable to the work performed on the Project, and shall not include, for example, intercompany profits resulting from members of an “affiliated group” (within the meaning of Section 1504 of the Code) participating in the rehabilitation or construction of the Project or payments received by such affiliate due to early completion of the Project (or any portion thereof); (ii) the costs are paid with respect to a qualified residential rental project or projects within the meaning of Section 142(d) of the Code, (iii) the costs are paid after the earlier of 60 days prior to May 20, 2021, being the date on which the Governmental Lender first declared its “official intent” to reimburse costs paid with respect to the Project (within the meaning of Section 1.150-2 of the Regulations) or the date of issue of the Funding Loan, and (iv) if the costs of the acquisition and construction or rehabilitation of the Project were previously paid and are to be reimbursed with proceeds of the Funding Loan such costs were (A) “preliminary expenditures” (within the meaning of Section 1.150-2(f)(2) of the Regulations) with respect to the Project (such as architectural, engineering and soil testing services) incurred before commencement of acquisition and construction or rehabilitation of the Project that do not exceed 20% of the issue price of the Funding Loan (as defined in Section 1.148-1 of the Regulations), or (B) were capital expenditures with respect to the Project that are reimbursed no later than 18 months after the later of the date the expenditure was paid or the date the Project is placed in service (but no later than three years after the expenditures is paid); provided, however, that (w) Costs of Funding shall not be deemed to be Qualified Project Costs;(x) fees, charges or profits (including, without limitation, any Developer Fee) payable to the Borrower or a “related person” (within the meaning of Section 144(a)(3) of the Code) shall not be deemed to be Qualified Project Costs; (y) letter of credit fees and municipal bond insurance premiums which represent a transfer of credit risk shall be allocated between Qualified Project Costs and other costs and expenses to be paid from the proceeds of the Funding Loan; and (z) letter of credit fees and municipal bond insurance premiums which do not represent a transfer of credit risk (including, without limitation, letter of credit fees payable to a “related person” to the Borrower) shall not constitute Qualified Project Costs.

  • Construction Loan means the loan to finance construction of the Apartment Housing, made to Owner by the Construction Lender.

  • Soft Costs means the costs of professional work and fees, interim costs, financing fees and expenses, syndication costs, soft costs and Developer’s fees as shown in the Applicant’s properly completed UniApp, Section C - Uses of Funds. Soft Costs do not include operating or replacement reserves.