Contract Time for Verified Savings definition

Contract Time for Verified Savings means the period of time beginning on the later of (i) Acceptance of the Work or (ii) the date Owner provides a Notice of Commencement of Contract Time for Verified Savings (if any), and shall end at the end of the fiscal year that is   years thereafter.
Contract Time for Verified Savings means the period of time beginning on the latter of (1) acceptance of the Work or (2) the date Owner (as hereinafter defined) provides a notice of commencement of Contract Time for Verified Savings, and shall end at the end of the fiscal year that is (contract term number of years) years thereafter.1
Contract Time for Verified Savings shall have the meaning set forth in the GESPC.

Examples of Contract Time for Verified Savings in a sentence

  • As Verified Savings are realized each fiscal year during the Contract Time for Verified Savings, and only if such Verified Savings exceed Guaranteed Savings for such fiscal year, the value of the energy savings guarantee bond, bank letter of credit, or other surety instrument may decrease proportionately in a reasonable amount determined by Owner.

  • During the Contract Time for Verified Savings, and in the absence of any reported Material Change, if Verified Savings deviate more than INSERT PERCENT during any fiscal year from Guaranteed Savings for such fiscal year, after adjustment for variables that are not, in whole or in part, within ESP’s control, then ESP shall timely ascertain the cause of such deviation.

  • All savings or other benefits of ECMs that accrue before the Contract Time for Verified Savings shall inure to the benefit of Owner and ESP shall receive no compensation therefor.

  • The measurement and verification plan shall identify how ESP proposes to convert units of Verified Savings into dollar values for each fiscal year of the Contract Time for Verified Savings, including but not limited to utility cost and inflation indices.

  • If, at any time during the Contract Time for Verified Savings, Owner terminates this Agreement under Section 10.2.2, ESP shall be paid, on a pro rata basis, the ECM Continuing Services Payments for such fiscal year up to and including the date such termination becomes effective.

  • ESP shall prepare an Audit Report with recommendations for ECMs based on Proposed Savings resulting solely from such ECMs. The Audit Report shall also contain detailed engineering and economic data and analysis over the life of the proposed Guaranteed Energy Savings Performance Contract, including the Contract Time for Verified Savings.

  • The surety instrument shall provide that Owner may commence legal actions on the surety instrument at any time during, and no less than two years after, the Contract Time for Verified Savings has ended.

  • ESP shall furnish to Owner an energy savings guarantee bond, a bank letter of credit, or other surety instrument acceptable to Owner, and under seal of the surety, in an amount equal to the dollar value of Guaranteed Savings for the Contract Time for Verified Savings.

  • Within INSERT DAYS business days following the close of each fiscal year during the Contract Time for Verified Savings, ESP shall (1) perform an Annual Review of the Verified Savings in accordance with the methods and procedures in Schedule M (Methods of Savings Measurement and Verification), and (2) provide a written report of the Annual Review to Owner.

Related to Contract Time for Verified Savings

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