Contract Problem definition

Contract Problem means a fact or circumstance of which the Seller is aware that does, will or reasonably is anticipated to (1) have a significant or substantial impact on the delivery schedule or completion of the Contract or the cost of the Contract (increase or decrease) or (2) requires modification to the Contract or Specification(s). The terms “significant” and “substantial” shall be interpreted in the same manner as they would be interpreted by a reasonably prudent business person under the relevant circumstances.
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Related to Contract Problem

  • State Contract Project means any erection or construction of, or any addition to, alteration of or other improvement to any building or structure, including, but not limited to, roads or highways, or the installation of any heating or cooling or ventilating plants or other equipment, or the supply of and materials for such projects, pursuant to a contract with the State of West Virginia for which bids were solicited on or after June 6, 2001.

  • Contract Provider means any Person or any employee, agent or subcontractor of such Person who provides professional health care services under or pursuant to any contract with any Consolidated Party.

  • Contract Item or “Contract Items” means the list of items identified in Section

  • Problem means an unknown underlying cause of one or more Incidents. It becomes a Known Error when the root cause is known and a temporary workaround or permanent alternative has been identified.

  • The Contract Price means the price payable to the Supplier under the Contract for the full and proper performance of its contractual obligations.