Hard Cost Contingency definition

Hard Cost Contingency. As defined in Section 4.3(a).
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Hard Cost Contingency means the amount shown as such in the preliminary project budget to cover Hard Costs in excess of those shown in the Final Project Budget for the Work to be performed under the various GMP Contracts for the Project.
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Hard Cost Contingency means the line item established in the Budget to pay hard construction costs of the Project that are in excess of specific line items in the Budget, whether as a result of price increases, changes in the Plans, or otherwise.
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Examples of Hard Cost Contingency in a sentence

  • All contingencies identified in the Applicant project cost schedule will be added to Hard Cost Contingency with the total limited to the guidelines detailed in this paragraph.

  • Hard Cost Contingency is limited to a maximum of 5% of direct costs plus site work for new construction Developments and 10% of direct costs plus site work for rehabilitation Developments.

  • Hard Cost Contingency means funds budgeted for unforeseen hard costs, such as additional labor and materials.

  • Borrower shall be responsible for paying all cost overruns on the Project as they occur, which may be paid from documented line item cost savings in the Budget or from the Contractor Hard Cost Contingency, the Developer Hard Cost Contingency, or the Developer Soft Cost Contingency, but in each instance, only in accordance with the terms and provisions set forth in the subsection below captioned “Line Item Savings” and “Contingency”.

  • At any time and without the consent of Lender, the Contractor may reallocate amounts in the Contractor Hard Cost Contingency to any line item in the “Hard Costs” section of the Budget.

  • If the actual costs are more or less than the maximum amount hereunder, then such additional or excess amount may be reallocated from or to Paragraph C.2(k) Hard Cost Contingency Reserve, upon Lender's approval.

  • Subject to the foregoing, available funds in the Hard Cost Contingency line item may at Borrower’s request be reallocated to any line item for hard costs that are under-funded until the Hard Cost Contingency has been depleted.

  • Phase II (Selection): After MEMA has completed the evaluation of the qualifications, a summary report including all evaluations will be submitted to MEMA Executive Director.

  • Any funds reallocated to the Hard Cost Contingency may be reallocated only in proportion to the percentage of the completion of the Improvements (based upon the total costs set forth in the Project Budget).

  • Contingencies• Hard Cost Contingency: 5 to 10% for new construction; 12 to 15% for rehab• Soft Cost Contingency: 5 to 8% of soft costs section of the Form 202• Financing Cost Contingency: 5 to 8% of the financing cost section of the Form 202 Property Management Plan and Budget for Interim OperationsFor occupied buildings, the application must include a property management plan covering both the interim/construction period and post-completion.


More Definitions of Hard Cost Contingency

Hard Cost Contingency means Borrower’s contingency line item for Hard Costs as shown in the Development Budget.
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Hard Cost Contingency has the meaning ascribed to such term in Section 9.7.
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Related to Hard Cost Contingency

  • Hard Costs means all costs and expenses payable for supplies, materials, labor and profit with respect to the Improvements under any Construction Contract.

  • Contingency operation means a military operation that results in the call or order to, or retention on, active duty of members of the uniformed services during a war or during a national emergency declared by the President or Congress.

  • Standard Cost means any cost computed with the use of preestablished measures.

  • contingency fee means any payment or other compensation that is contingent upon or is calculated upon the basis of a degree of success in soliciting or obtaining a Government contract or negotiating the whole or any part of its terms;

  • Construction Budget means the fully-budgeted costs for the acquisition and construction of a given parcel of real property (including, without limitation, the cost of acquiring such parcel of real property, reserves for construction interest and operating deficits, tenant improvements, leasing commissions, and infrastructure costs) as reasonably determined by the Parent in good faith.

  • Project Costs means the costs of the construction, acquisition or equipping of the Project, as further described in the Project Budget, and such other costs as may be approved in writing by the Department, provided such costs are permitted by the Act.

  • Eligible Project Costs means such portion of the Project costs disbursed and loaned from the OPWC to the Recipient for the sole and express purpose of acquiring, constructing, reconstructing, expanding, improving, engineering and equipping the Project, other direct expenses, and related financing costs thereto.

  • Advance Reimbursement Amount has the meaning stated in Section 4.4(b) of the Servicing Supplement.

  • Soft Costs means the costs of professional work and fees, interim costs, financing fees and expenses, syndication costs, soft costs and Developer’s fees as shown in the Applicant’s properly completed UniApp, Section C - Uses of Funds. Soft Costs do not include operating or replacement reserves.

  • Disbursement Schedule means the disbursement schedule as set out in an FAA;

  • Contingency means the identified and possible or already occurred fault of an element, including not only the transmission system elements, but also significant grid users and distribution network elements if relevant for the transmission system operational security;

  • Overage means the oil or gas delivered to a carrier, transporter, or taker in excess of the allowable set by the Commission for any given period.

  • Total Contract Price/Project Cost/TCO means the price payable to Service Provider over the entire period of Contract for the full and proper performance of its contractual obligations.

  • Planned special exposure means an infrequent exposure to radiation, separate from and in addition to the annual occupational dose limits.

  • Construction Fee means a fee or other remuneration for acting as general contractor and/or construction manager to construct improvements, supervise and coordinate projects or provide major repairs or rehabilitations on a Property.

  • Direct Costs means the sum of the following:

  • Total Contract Price/Project Cost/TCO means the price payable to Service Provider over the entire period of Contract for the full and proper performance of its contractual obligations.

  • Line Item means a field of information (or a combination of fields of information) to be entered in a Settlement Schedule by any Participating Subscriber in relation to a Conveyancing Transaction.

  • Project Budget means the budget and project description included in the grant application. The Project Budget must succinctly describe all major elements of project work, the estimated cost of each, and clearly allocate requested grant funding and match contributions to each.

  • Project Cost means the price payable to Service Provider over the entire period of Agreement (i.e. Rs. <in words>) for the full and proper performance of its contractual obligations.

  • Direct Cost means a cost not to exceed the cost of labor, material, travel and other expenditures to the extent the costs are directly incurred to provide the relevant assistance or service. “Direct Cost” to the Acquirer for its use of any of a Respondent’s employees’ labor shall not exceed the average hourly wage rate for such employee;

  • Emergency Expenditure means any of the Eligible Expenditures set forth in the CERC Operations Manual in accordance with the provisions of Section I.G of Schedule 2 to this Agreement and required for the activities included in the CERC Part of the Project.

  • Cost Overrun means an obligation exceeding the maxi- mum capital expenditure authorized by an approval.

  • Special Reimbursement Date means, the special payment date established in connection with a Reimbursement under Special Circumstances as described hereunder “Extraordinary Events and Special Circumstances – Reimbursement Under Special Circumstances and Payment”.

  • Approved costs means the eligible costs or expenditures2 as approved by the Provider, and as defined in the Agreement or Decision on Grant Funding to carry out the Grant Project.

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