Contingency definition

Contingency means the identified and possible or already occurred fault of an element, including not only the transmission system elements, but also significant grid users and distribution network elements if relevant for the transmission system operational security;

Contingency as used in this subpart, means a possible future event or condition arising from presently known or unknown causes, the outcome of which is indeterminable at the present time.

Contingency means an event or circumstance that gives rise to an increase in a contract price and which could not have been reasonably anticipated at the time of contract award;

Examples of Contingency in a sentence

• Calculation of Savings shall be determined by adding all expenses for the Project (excluding Change Orders and Owner and Construction Contingency Expenses), separating out overhead costs and either using the actual overhead costs, or the percentage set for overhead in the Article 5.3, whichever is higher an applying the percentage for profit against the GMP (less Change orders, Owner and Construction Contingency).

• The Contractor shall obtain written approval from the District prior to using the Construction Contingency.

• This District Contingency is outside of the GMP, is not part of the original bond, except to the extent that District contingency is utilized as a Change to the Contract under Article 17, and may be used for Owner requested additions, revisions to the Project, moving furniture or equipment, and other District unforeseen items.

• The Contractor shall not use the Construction Contingency to pay for costs related to the following: (a) errors or omissions in the Construction Documents; (b) discrepancies with the Construction Documents pertaining to applicable building code requirements; and/or (c) enhancements or additions to the Scope of Work desired by the District.

• Based on review of the scope of work submitted from each Subcontractor, Contractor’s Due Diligence and review shall be utilized to determine the size of the Construction Contingency to cover unforeseen conditions (other than noted in Article 5.1), cover trade scope gaps, missed work, areas of damage that may occur between trades during construction, Subcontractor coordination problems, Contractor coordination errors, and miscellaneous work items.

More Definitions of Contingency

Contingency means a fund to cover non-general conditions cost growth during the Project used by CM@Risk with City approval, for charges in material costs or availability, resource availability, production capacity or unforeseen Project circumstances. The amount of CM@Risk’s Contingency will be negotiated as a separate line item in each GMP Proposal.

Contingency. The estimated Cost of the Project shall include a contingency, an amount mutually agreeable between the Construction Manager and Owner, to cover costs approved by the Owner arising from minor design omissions, unforeseen conditions, and other costs which are properly reimbursable as costs to complete the original scope of Work, but not the basis for adjusting the Guaranteed Maximum Price by Change Order. The project contingency shall only be adjusted by means of issuing a written Constructive Change Directive, approved by the Owner, and it shall be clearly noted on the document that costs are allocated against the project contingency. When costs arise on the Project which the Construction Manager believes should be paid for from the Project contingency established in the GMP proposal, the Construction Manager shall promptly advise the Owner in writing of such costs consistent with the requirements of the Construction Documents. If the Owner concurs that such costs are properly payable from the Project contingency funds, then the Project contingency shall be reduced in the amount of such costs. The Construction Manager shall not be entitled to an additional fee or mark-up for any costs funded by the Project contingency. The contingency shall not be used to fund the cost to correct, replace or repair defective or noncompliant work or materials.

Contingency means a condition or situation that is likely to endanger the individuals within the territorial jurisdiction of the State of Uttar Pradesh;

Contingency means an event or circumstance stated in an account agreement that is not certain to occur but must occur before the bank is obligated to pay a beneficiary.

Contingency means the amount budgeted for unforeseen costs.

Contingency means an unforeseeable event, which could neither have been prevented nor hindered by the director; contingencies are considered to be: modification of Romanian legal, regulatory or fiscal framework effective at the execution date of this Director Agreement and which encumbers the Company in excess;

Contingency means the Dollar amount identified as “Contingency” in the Construction Budget and Schedule to be used to fund payment of Project Costs reasonably and necessarily incurred by the Borrower that are not line items, or are in excess of the line item amounts (except as contingency line items), in the Construction Budget and Schedule.