Cost Substantiation definition
Cost Substantiation means documentation reasonably acceptable to Purchaser provided by Seller to support any third party cost or expense incurred or to be incurred by Seller resulting from any costs identified under this Agreement for which Cost Substantiation must be supplied. Such documentation shall describe the direct costs (without margin, fee, or mark-up of any kind by Seller), and shall include a statement identifying in reasonable detail the reason for incurring such direct costs, the amount of such direct costs, the act, event or condition or Section giving rise to Seller’s right to incur direct costs and that such direct cost is a fair market value price for the service provided or materials supplied (it being understood that such services or materials may be provided or supplied by an Affiliate). Purchaser reserves the right to audit such documentation when submitted or to have a third party audit such documentation, in either case, at Purchaser’s sole cost and expense. If Purchaser does not object, in writing, to any such documentation provided by Seller within forty-five (45) Days after its receipt of such documentation, such direct costs shall be deemed accepted by Purchaser and shall be payable in accordance with the terms of this Agreement. Any documentation provided by Seller shall include copies of all invoices and charges, together with any additional documentation of such costs and expenses incurred which Purchaser deems necessary to enable it to verify the amount of such costs and expenses and to verify the basis for the amount claimed. All costs to be substantiated shall be subject to the review and approval of Purchaser as to their reasonableness; provided that if Seller disagrees with Purchaser’s determination, Seller may refer the matter to dispute resolution pursuant to Section 14.5.
Cost Substantiation means, with respect to any cost or expense incurred by any Party, a certificate signed by the Party with respect to the Party’s asserted increase and incremental Direct Costs incurred by the Party, stating (a) the reason for incurring such Direct Cost, (b) the amount of such Direct Cost, (c) the act, event, condition or Section under this Agreement giving rise to the Party’s right to incur such Direct Cost, and (d) that such Direct Cost is at a fair market value price for the service provided or materials supplied (it being understood that such services or materials may be provided or supplied by an Affiliate). Any certification provided by any Party to the other Parties shall include copies of all invoices or charges, together with any additional reasonable documentation of such costs or expenses incurred which the other Party deems reasonably necessary to verify the amount of such costs and expenses and to demonstrate the basis for the amount claimed.
Cost Substantiation means the process of providing evidence of actual costs in accordance with Section 17.7.
Examples of Cost Substantiation in a sentence
Purchaser may request that Seller perform more frequent testing, however any such testing in excess of the annual tests shall be at Purchaser’s expense, subject to Cost Substantiation, if such tests indicate that the Meter is within plus or minus two percent (2%).
Purchaser shall reimburse Seller for its actual costs, subject to Cost Substantiation, incurred by Seller in removing, reinstalling and recommissioning the System, as applicable, at the Project Site.
If the Parties reach agreement on the relocation of the System, Purchaser shall be obligated to pay for the reasonable costs incurred by Seller, subject to Cost Substantiation, in relocating the System and installation and testing of the System at such new project site, and Purchaser shall not be liable for any other damage, penalty or payment hereunder.
If any of the Permits, agreements or authorizations are required to be in Purchaser’s name, Purchaser shall take such actions as Seller may reasonably request to apply for and obtain them, and Seller shall reimburse Purchaser for its actual third party costs incurred, subject to Cost Substantiation.
These financial records shall be in form and substance sufficient to support all financial reporting, including Cost Substantiation, required hereunder.
More Definitions of Cost Substantiation
Cost Substantiation or “Cost Substantiated” means, with respect to any cost reasonably incurred or to be incurred by the Company which is directly or indirectly chargeable in whole or in part to the Borough hereunder, delivery to the Borough of a certificate signed by an authorized representative of the Company, setting forth the amount of such cost and the provisions of this Agreement under which such cost is properly chargeable to the Borough, stating that such cost is a fair market price for the service or materials supplied or to be supplied and that such services and materials are reasonably required pursuant to this Agreement, and accompanied by copies of such documentation as shall be necessary to reasonably demonstrate that the cost as to which Cost Substantiation is required has been or will be paid or incurred. Such documentation shall include reasonably detailed information concerning (1) all Subcontracts, (2) the amount and character of materials furnished, the persons from whom purchased, the amounts payable therefor and related delivery and transportation costs and any sales or personal property taxes, (3) a statement of the equipment used and any rental payable therefor, (4) Company and Subcontractor worker hours, name of salaried worker of the Company or a Subcontractor of the first tier, job title, chargeout rates (which shall be the same as those included in Appendix 11 hereto), which rates shall include the general and administrative expenses set forth in Appendix 11, the work performed, and ratesheets for Subcontractors of the first tier for materials, labor and equipment, and (5) Company markup not to exceed the applicable levels set forth in Appendix 11 hereto. Any Cost Substantiation required with respect to costs reasonably incurred by the Borough which are directly or indirectly chargeable in whole or in part to the Company hereunder shall include similarly detailed information, and shall be certified by an authorized representative of the Borough.
Cost Substantiation means the process of providing evidence of actual costs in accordance with Section 15.7 (Cost Substantiation).
Cost Substantiation means the process of providing evidence of costs incurred or to be incurred in accordance with Section 11.9 (Cost Substantiation of Work Already Performed).
Cost Substantiation means, with respect to any cost incurred or to be incurred by BVA LFG hereunder, delivery to the County of a certificate signed by the BVA LFG Representative, setting forth the amount of such cost, stating that such cost is not greater than the fair market price for the service or materials supplied or to be supplied and that such services and materials are required pursuant to this Agreement, and accompanied by copies of such documentation as shall be necessary to reasonably demonstrate that the cost as to which Cost Substantiation is required has been or will be paid or incurred. Such documentation shall include reasonably detailed information concerning (to the extent applicable) (1) all Subcontracts, (2) the amount and character of materials hrnished, the persons from whom purchased, the amounts payable therefore and related delivery and transportation costs and any sales or personal property taxes, and (3) a statement of the equipment used and any rental payable therefore.
Cost Substantiation means a detailed itemization and substantiation of any costs including supporting documentation, charts, graphs, photographs, reports, invoices and receipts.
Cost Substantiation means, with respect to any cost or expense incurred by the Company and reimbursable by the County pursuant to the terms of this Agreement, a certificate signed by the Company’s Facility asset manager or a Company employee with an equivalent title with respect to Direct Costs incurred by the Company, stating the reason for incurring such Direct Cost, the amount of such Direct Cost, and the event or Section under this Agreement giving rise to the Company’s right to incur such Direct Cost and that such Direct Cost is a reasonable cost for the service provided or materials supplied (it being understood that such services or materials may be provided or supplied by an Affiliate). With respect to Direct Costs incurred by the Company, the amount shall be increased to provide for the payment of a mark-up or fee to compensate the Company for its administration of such items only when expressly authorized pursuant to the terms of this Agreement, which mark-up or fee, when applicable, shall be ten percent (10%) of clause (a) only of the definition of Direct Costs. Any certification provided by the Company’s Facility asset manager or other Company employee with an equivalent title shall include copies of all invoices or charges, together with any additional documentation of such costs or expenses incurred which are necessary, in accordance with generally accepted accounting principles, to verify the amount of such costs and expenses and to demonstrate the basis for the amount claimed.
Cost Substantiation means documentation reasonably acceptable to the County provided by the Manager to support any costs resulting from (a) an Uncontrollable Circumstance, (b) additional Work to be performed by or on behalf of the Manager, (c) costs resulting from County Fault, Contingency Change Order or Material Change Order or (d) any other costs identified under this Agreement for which Cost Substantiation must be supplied.