Construction Cost Overrun definition

Construction Cost Overrun means, at any particular time, the amount by which Total Project Category Costs exceed Budgeted Category Costs.
Sample 1Sample 2Sample 3
Construction Cost Overrun means 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 Cost Savings, hard cost contingency or soft cost contingency, as applicable).
Sample 1
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).
Sample 1

Examples of Construction Cost Overrun in a sentence

  • 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.

  • 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.

  • 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.

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 all allowable costs, as set forth in the applicable Federal cost principles, incurred by a recipient and the value of the contribu- tions made by third parties in accom- plishing the objectives of the award during the project period.

  • 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.

  • Construction Completion Date means the date by which the overall development of the Project is completed in accordance with the provisions of this Agreement and when the Construction Completion Certificate is issued by the Independent Engineer as per Article 14.1.

  • 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 shall have the meaning given to it in the Regulatory Agreement.

  • 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.