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

  • 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).

  • 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.

  • 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”.

  • 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.

  • 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.

  • No reallocation of line items in the Project Budget may be made without Administrative Agent’s prior written consent (other than with respect to Borrower’s rights to reallocate demonstrable cost savings to the Hard Cost Contingency and Soft Cost Contingency, and amounts from the Hard Cost Contingency and Soft Cost Contingency to other line items of the Project Budget as provided above).

  • Any amount in the Hard Cost Contingency Reserve reallocated to such other specific category set forth in this Disbursement Schedule, as Borrower shall request in writing and Lender shall approve, will be disbursed in accordance with the paragraph governing such specific purpose.

  • If there is a savings in Hard Costs upon completion of the construction work contemplated by the General Contract, as determined by Lender in its reasonable discretion, savings may be reallocated to Owner’s Hard Cost Contingency (except to the extent a portion of such savings are paid to the General Contractor pursuant to the terms of the General Contract).

  • At Closing, the funds in the (i) Owner’s Hard Cost Contingency Budget Line Item must be in an amount equal to $8,000,000, and at no time shall the Owner’s Hard Cost Contingency be reduced below $8,000,000 to pay for an increase in the initial contractual amount of such General Contract, and (b) the Soft Cost Contingency Budget Line Item must be in an amount equal to $750,000.

  • Development Manager shall not be permitted to effect a transfer or allocation of any Building One Hard Cost Contingency to a line item in the Development Budget representing Hard Costs for Building Two or Building Three, unless and until the Building Two and Three Hard Cost Contingency has been depleted.


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 and includes building Acquisition costs, Site Work costs and Construction and Rehab costs, as shown in the Applicant’s properly completed UniApp, Section C, Uses of Funds.

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

  • 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.