Contingency Costs definition

Contingency Costs means those items of Cost of the Work attributable to a contingency for which the Owner is responsible and which are payable by the Owner to the Design/Builder pursuant to a Change Order as provided in Article 6.

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Contingency Costs means unforeseen costs or situations not included in the estimate of project costs.

Contingency Costs means those reasonable costs actually incurred incident to the performance of Work under this Agreement and prior to Project Completion of the Project, which are not reimbursable as a Cost of the Work, are not attributable to Willbros’ negligence, willful misconduct or breach of this Agreement, are not recoverable from Subcontractors, Vendors or insurers, and for which records required hereunder exist and are contemporaneously prepared and maintained (“Contingency Costs”).

Examples of Contingency Costs in a sentence

• Maintain cost accounting records on items of Actual Cost and Contingency Costs, including authorized Work performed under unit costs, Actual Costs and Contingency Costs for labor and materials, and other bases requiring accounting records.

• Estimated Costs and Contingency Costs components of the Change Order sums of Component Changes Orders shall be cumulative so that the aggregate of the Estimated Costs and Contingency Costs components of all Component Change Orders that are outstanding at any time shall be available for payment to Design-Builder for Actual Costs and Contingency Costs incurred by Design-Builder in the performance of any Work governed by the aggregate of such Component Change Orders outstanding.

• Design-Builder shall in good faith negotiate with Owner for the release of any surplus of Construction Contingency over such anticipated Construction Contingency Costs so as to permit Owner to enhance the Project.

• Additionally, the Design-Builder shall periodically review its accrued and anticipated Construction Contingency Costs and shall promptly inform Owner of Design-Builder's determination of the extent to which the remaining Construction Contingency exceeds Design-Builder's reasonably anticipated Construction Contingency Costs expected to be incurred prior to the issuance of a Final Certificate.

• Estimated Costs and Contingency Costs components of the Change Order sums of Component Changes Orders shall be cumulative so that the aggregate of the Estimated Costs and Contingency Costs components of all Component Change Orders that are outstanding at any time shall be available for payment to CM/GC for Actual Costs and Contingency Costs incurred by CM/GC in the performance of any Work governed by the aggregate of such Component Change Orders outstanding.

• CM/GC shall in good faith negotiate with Owner for the release of any surplus of Construction Contingency over such anticipated Construction Contingency Costs so as to permit Owner to enhance the Project.

• Additionally, the CM/GC shall periodically review its accrued and anticipated Construction Contingency Costs and shall promptly inform Owner of CM/GC's determination of the extent to which the remaining Construction Contingency exceeds CM/GC's reasonably anticipated Construction Contingency Costs expected to be incurred prior to the issuance of a Final Certificate.

• The GMP Cost Category or CCO Cost Category that is associated with Contingency Costs.

• Contingency Costs are costs incurred by CM/GC that are payable from the Contingency Fund as provided in this Section, but payment of such costs shall not exceed the GMP Cost Category associated with the Contingency Fund.

• The CMR shall maintain cost accounting records on items of Actual Cost and Contingency Costs, including authorized Work performed under unit costs, Actual Costs and Contingency Costs for labor and materials, and other bases requiring accounting records.

More Definitions of Contingency Costs

Contingency Costs means unforeseen costs or situations which are not included in the estimate of project costs and shall not exceed 10 percent of the estimated eligible construction cost to the nearest dollar for which a grant is made under the act. Upon receipt of bids, the contingency costs shall be reduced to not more than five percent of the actual eligible construction costs as bid.

Contingency Costs means a general contingency on account of cost overruns over and above the Budgeted Costs [forecasted at a rate of 10% of the price (calculated before HST) set out in the accepted proposal(s) from the consultants engaged for the EA Process.]

Contingency Costs means, collectively, (i) for any item or category identified in the Construction Budget, an amount equal to the excess of (A) the actual cost of such item or category to the Borrower over (B) the cost of such item or category set forth in the Construction Budget and (ii) for any cost incurred by the Borrower prior to the Maturity Date to construct and finance the construction of the Project which is not accounted for in the Construction Budget, the actual amount of such cost incurred by the Borrower.

Contingency Costs means those items of Contract Price attributable to a contingency, if any.

Contingency Costs means any amount of money budgeted for any unforeseen activities; "debris" means any loose fragments or material;

Contingency Costs means those items of Cost of the Work attributable to a contingency for which CITY is responsible and which are payable by CITY to CONTRACTOR pursuant to a Change Order as provided in Article 6.