Project Contingency definition

Project Contingency means the dollar amount(s) set forth in the applicable Cost Budget, over and above the estimated Project Costs, as of the Effective Date, whether allocated to specific aspects of the Rail Projects or unallocated, which have been or may be used for Project Costs as permitted by this Governance Agreement.

Project Contingency means an amount set by Judicial Council that is part of the GMP, and that Design Build Entity may only use, subject to Design Build Entity’s compliance with requirements for the use of Contingency in these General Conditions, and only after Judicial Council’s prior written authorization.

Project Contingency means the contingency by that name set forth in the Project

Examples of Project Contingency in a sentence

• The Project Contingency, or a portion thereof, actually applied by the Authority to the Project as set forth in a Contingency Work Order.

• Upon request, the Authority will provide Customer with periodic reports that establish an accounting of how the Project Contingency is being utilized.

• For Capital Projects, the Authority Program Fee is calculated as a percentage of the cumulative sum of all costs related to a Project, including, but not limited to all Material Costs; Labor Costs; Service Provider Fees; the amount of the Project Contingency applied as a Project cost; and other Project-related costs and expenses.

• Failure to comply with this notice requirement by the Customer will be deemed a waiver of any claim that (i) the Project Contingency was used improperly; or (ii) that payment on account of such Contingency Work Order is disputed.

• Any objections to the manner in which the Authority is utilizing the Project Contingency must be raised by the Customer in writing to the Authority within seven (7) days of the Authority’s issuance of any such Contingency Work Order, or such other period of time identified in the Contingency Work Order.

More Definitions of Project Contingency

Project Contingency means a fund to cover non-general condition and other cost growth during the Project used by the City or approved by the City for CMAR use, at City’s sole discretion. The City will permit use of the Project Contingency, as the need may arise, and such Project Contingency monies may be utilized and are generally available for increased charges due to material costs and availability, production capacity, unforeseen Project circumstances or site conditions, City directed changes to the Work to be performed under the Contract including design revisions or additional scope requests made by the City or the Design Professional, or may be utilized to cover costs that have not been completely identified as trade specific scope on the GMP setting documents such as scope gap, coordination issues between trades, and missed scope during the bidding process, and may require further clarification or coordination. The amount of Project Contingency will be set solely by City and will not be included in the GMP or GMP Proposal.

Project Contingency means the amounts allocated in the Budgeted Costs as a contingency allowance for use to meet costs that may be incurred by the Borrower in connection with the Development and that do not form part of the Construction Costs or the Soft Costs as set out in the Budgeted Costs.

Project Contingency means the project funds that have been set aside or reserved to cover bidding overruns. Construction contingencies are used to cover unforeseen conditions and omissions and miscellaneous project expenditures not part of the initial project budget but necessary to complete the project;

Project Contingency means a defined budget to be utilized at the Authority’s discretion in accordance with Section 2.3 hereof for, among other things, unexpected costs and expenses that may arise during the performance of a Project (usually calculated as a percentage of Material Cost and Labor Cost).

Project Contingency. £100k has been included in the 2018 budget to cover any unforeseen costs which may arise during 2018.

Project Contingency means the contingency by that name set forth in the Project Budget. The amounts of the various line items of the Project Budget are estimates only of the Project Costs to be incurred. To the extent the actual Project Costs in any line item of the Project Budget exceed the amount shown for such line item, Developer shall first allocate amounts in other line items, in which the actual known Project Costs will be less than the amount of the Project Budget, to the line item in which the excess Project Cost has been incurred. Following the allocation by Developer as set forth in the preceding sentence with respect to all line items, Developer is entitled to draw upon the Project Contingency for such excess Project Costs.

Project Contingency means an amount 16 equal to approximately twenty percent (20%) of the hard costs of construction; provided, 17 however, that at Closing the Project Contingency shall be no less than $5,000,000.00. The 18 Project Contingency shall be used in accordance with Section 11.10.2.