Escalation in Construction Costs definition

Escalation in Construction Costs means escalation in the construction cost resulting from increase in the cost of construction inputs like steel, cement, fuel and other building materials and labour shall be borne by the Allottee. 60% of sale price shall be treated as construction cost for the purpose of computation of escalation which shall be payable by the Allottee at the time of offer of possession of the said Apartment. Escalation shall commence from the date of issuance of letter of allotment by the Developer and closing date thereof shall be the date of offer of possession by the Developer to the Allottee. The respective RBI indices for steel, cement and POL (petrol, oil & lubricants) shall be considered for the purpose. For other materials, the Wholesale Price Index(WPI) of All commodities shall be applied. For labour, Consumer Price Index for industrial workers of Delhi published by RBI shall be applied. Components of steel, cement, other construction materials, POL and labour in the construction cost shall be 15%, 10%, 40%, 5% and 30% respectively. Escalation shall be computed on monthly basis on prorata construction cost and shall be recovered by the Developer from the Allottee at the time of offer of possession of the Apartment. It is further agreed by the Allottee that if at any point during the period of construction, RBI stops publishing the WPI due to any reason(s), the Base WPI as well as the Escalated WPI shall be derived from alternative indexed rates published by the Government of India or any national institute of repute.
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Escalation in Construction Costs means escalation in the construction cost resulting from increase in the cost of construction inputs like steel, cement, fuel and other building materials and labour shall be borne by the Allottee. 60%
Sample 1Sample 2

Related to Escalation in Construction Costs

  • Estimated Construction Cost or “ECC” means the amount calculated by Contractor for the total cost of all elements of the Work based on this Agreement available at the time(s) that the ECC is prepared. The ECC shall be based on current market rates with reasonable allowance for overhead, profit and price escalation and shall include and consider, without limitation, all alternates and contingencies, designed and specified by A/E and the cost of labor and materials necessary for installation of Owner furnished equipment. The ECC shall include all the cost elements included in the AACC, as defined above, and shall represent Contractor’s best current estimate of the Guaranteed Maximum Price it will propose for the Project based on the information then available. The ECC shall not include Contractor’s Pre-Construction Phase Fee, A/E’s Fees, the cost of the land and rights-of-way, or any other costs that are the direct responsibility of Owner.

  • Construction Costs means land costs, all costs paid to construct and complete the Improvements, as specified on Exhibit "B" attached hereto and made a part hereof.

  • Building construction means any physical activity on the site involved in the erection of a structure, cladding, external finish, formwork, fixture, fitting of service installation and the unloading of plant, machinery, materials or the like.

  • Construction Cost means and includes the cost of the entire construction of the Project, including all supervision, materials, supplies, labor, tools, equipment, transportation and/or other facilities furnished, used or consumed, without deduction on account of penalties, liquidated damages or other amounts withheld from payment to the contractor or contractors, but such cost shall not include the Consulting Engineer/Architect's fee, or other payments to the Consulting Engineer/Architect and shall not include cost of land or Rights-of-Way and Easement acquisition.

  • Original construction ’ shall mean the first or initial construction

  • New construction means, for the purposes of determining insurance rates, structures for which the "start of construction" commenced on or after the effective date of an initial FIRM or after December 31, 1974, whichever is later, and includes any subsequent improvements to such structures. For floodplain management purposes, "new construction" means structures for which the "start of construction" commenced on or after the effective date of the floodplain management regulations adopted by a community and includes any subsequent improvements to such structures.

  • Construction and demolition debris means and includes:

  • Contribution in aid of construction, as used in this subrule, means a nonrefundable cash payment grossed-up for the income tax effect of such revenue covering the costs of a distribution main extension or service line that are in excess of costs paid by the utility. The amount of tax shall be reduced by the present value of the tax benefits to be obtained by depreciating the property in determining the tax liability.

  • Existing construction means any structure for which the "start of construction" commenced before the effective date of the initial floodplain management code or ordinance adopted by the community as a basis for that community's participation in the NFIP.

  • Operation and Maintenance Costs means the costs of:

  • Project Expenses means usual and customary operating and financial costs. The term does not include extraordinary capital expenses, development fees and other non-operating expenses.

  • Operation and Maintenance Expenses or ‘O&M expenses' means the expenditure incurred on operation and maintenance of the project, or part thereof, and includes the expenditure on manpower, repairs, spares, consumables, insurance and overheads;

  • Completion of Construction means the date, as determined by the Division after consultation with the Recipient, that the work of building and erection of the Project is substantially complete.

  • Improvement Costs means any additional expenditure on a fixed asset that materially increases the capacity of the asset or materially improves its functioning or represents more than 10% of the initial depreciation base of the asset;