Cost Increase Event definition

Cost Increase Event has the meaning ascribed thereto in Section 2.16(a).
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Examples of Cost Increase Event in a sentence

  • If any Cost Increase Event shall occur, Developer shall, promptly but in no event later than ten (10) days after Developer learns of the occurrence of such Cost Increase Event, notify the Public Entities thereof, which notice must be made in good faith and describe the Cost Increase Event, why such cost increase is occurring, the estimated expected amount of the cost increase, and the commercially reasonable efforts that the Developer is taking to minimize the cost increase.

  • The appropriate line item on the Budget will increase by the amount of incremental costs that Developer actually incurs in connection with the Work (including, without limitation, as a result of any Cost Increase Event (as defined below) (less the amount of insurance proceeds that Developer receives for such Cost Increase Event)), and such incremental costs shall be part of the Budget if and to the extent permitted by this Agreement.

  • Any approved Cost Increase Event for City Delay shall not include any additional overhead costs.

  • This Section 4.6(f) shall not limit Developer's right to seek an adjustment to the Budget for any cost or expense actually incurred by ▇▇▇▇▇▇▇▇▇ in performing the Work hereunder and that exceeds such 10% threshold, pursuant to Section 2.2(b) for a Cost Increase Event.

  • The Cost Increase Notice shall include: (a) the facts and circumstances related to the cost increase; (b) an itemized estimate of the cost increase; (c) a list of recommended changes to the Improvement or Project (e.g., deductive changes) which Developer believes could cause the cost to be at or below the current GMP, if any; (d) whether such increase constitutes a Cost Increase Event; and (e) a request that such additional costs be added to the applicable GMP.

  • If there is a Cost Increase Event and City approves the cost increase as provided in this Section 3.3, the applicable GMP amount(s) shall be increased accordingly.

  • Developer shall use reasonable efforts to prosecute each and every insurance claim with respect to any Cost Increase Event that is covered by the insurance policies procured in accordance with this Agreement.

  • During the Work, Developer shall promptly notify the Public Entities of any additional costs for the Work that are not included in the Budget, including, without limitation, as a result of any Cost Increase Event, and if applicable, request that such additional costs be included in the Budget.

Related to Cost Increase Event

  • Insurance Cost Increase shall not, however, include any premium increases resulting from the nature of the occupancy of any other lessee of the Building. If the parties insert a dollar amount in Paragraph 1.9, such amount shall be considered the "BASE PREMIUM." If a dollar amount has not been inserted in Paragraph 1.9 and if the Building has been previously occupied during the twelve (12) month period immediately preceding the Commencement Date, the "Base Premium" shall be the annual premium applicable to such twelve (12) month period. If the Building was not fully occupied during such twelve (12) month period, the "Base Premium" shall be the lowest annual premium reasonably obtainable for the Required Insurance as of the Commencement Date, assuming the most nominal use possible of the Building. In no event, however, shall Lessee be responsible for any portion of the premium cost attributable to liability insurance coverage in excess of $1,000,000 procured under Paragraph 8.2(b).

  • Merit Increase means an increase in the rate of pay of an employee within the employee’s pay range which may be granted in recognition of satisfactory service on the employee’s anniversary date.

  • CPI Increase means the percentage increase in CPI over the preceding Lease Year as calculated by the fraction whose numerator is (a) the most current CPI available on the date of calculation minus (b) the most current CPI available on the first day of the immediately preceding Lease Year in question (the “Base CPI”), and whose denominator is the Base CPI, but in no event shall the “CPI Increase” be less than zero.

  • Leverage Increase Period has the meaning specified in Section 8.11(a).

  • Incremental Revolving Increase has the meaning set forth in Section 2.16(a).