Project Savings definition

Project Savings means and refers to the amount by which the total costs and expenses required to be paid by StadCo under the Construction Agreements for the Stadium Project Improvements Work is less than the Project Budget. Subject to the terms of Section 12.3 below, any such Project Savings shall, within forty five (45) days after Final Completion of the Project Improvements Work, be retained by or paid to StadCo.
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Project Savings means and refers to the amount by which the total costs and expenses required to be paid by Bristol under the Construction Agreements for the Project Improvements Work is less than the Project Budget. Subject to the terms of Section 8(c) below, any such Project Savings shall, within forty five (45) days after Final Completion of the Project Improvements Work, be retained by or paid to Bristol. For avoidance of doubt, Bristol shall be entitled to recoup any remaining funds in the Project Accounts that result from Project Savings after the completion of the Project Improvements Work up to the amount of the Bristol Contribution. Any remaining funds above that amount will be retained by or paid to the Authority.
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Project Savings means the sum, if any, by which the total costs and expenses required to be paid to perform the Stadium Project Improvements is less than the Stadium Project Budget (as defined in the Construction Administration Agreement), after its establishment and subject to any revisions as provided in this Agreement, (i) by changes to the Final Plans that the parties agree to make and that are executed (ii) by cost efficiencies achieved during the design and/or construction of the Stadium Project Improvements or (iii) any other costs savings that result in unused project contingency set forth in the Stadium Project Budget upon Final Completion. Each Party shall notify the other Party if at any time it becomes aware the costs at any phase of the design, development or construction process is reasonably anticipated to exceed any budget category in the Stadium Project Budget. If any Project Savings are realized, all such Project Savings shall be paid to, or be for the account of, StadiumCo. Each Party shall have the right to pursue claims and receive recoveries, damages, and penalties from contractors and sureties in proportion to their respective losses attributable to the defaults of such contractors and sureties. The Parties shall cooperate with each other in pursuing joint recoveries. Each Party shall be responsible for selecting its own counsel and shall be responsible for its own litigation expenses.
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Examples of Project Savings in a sentence

  • Subject to the terms of Section 12.3 below, any such Project Savings shall, within forty five (45) days after Final Completion of the Project Improvements Work, be retained by or paid to StadCo.

  • If subsequent to payments of Cost Overruns by StadCo, Project Savings are realized, the same shall first be paid to StadCo until StadCo has recovered the amount paid by it for all prior Cost Overruns.

  • Project Savings shall be shared by the parties as follows: (i) thirty-three and 33/100 percent (33.33%) being retained by Contractor, pursuant to the terms of the GC Contract; (ii) thirty-three and 33/100 percent (33.33%) being retained by Developer; and (iii) thirty-three and 34/100 percent (33.34%) being retained by Owner.

  • If, upon Final Completion, the amounts payable to Contractor under the GC Contract is less than the guaranteed maximum price thereunder (as adjusted for Owner Change Orders), then the savings remaining shall be considered the “Project Savings.” Project Savings shall be calculated after Final Completion.

  • If subsequent to payments of Cost Overruns by Bristol, Project Savings are realized, the same shall first be paid to Bristol until Bristol has recovered the amount paid by it for all prior Cost Overruns.

  • For avoidance of doubt, Bristol shall be entitled to recoup any remaining funds in the Project Accounts that result from Project Savings after the completion of the Project Improvements Work up to the amount of the Bristol Contribution.

  • Subject to the terms of Section 8(c) below, any such Project Savings shall, within forty five (45) days after Final Completion of the Project Improvements Work, be retained by or paid to Bristol.

  • Environmental Incentives will not be included within any calculation of savings or otherwise reduce the ESCO's responsibility for achieving the Guaranteed Annual Savings Amount or Guaranteed Project Savings Amount.

  • New Construction At the time the LEA submits their final expenditure report (Form SAB 50-06) they will be required to report if the project had savings or was overspent by completing the "Schedule of School Facility Program – Determination of Project Savings.

  • Subject to the terms and conditions of this Agreement, Nexus guarantees that the Client will achieve $41,464,383 of Total Guaranteed Project Savings during the Term of the Agreement.


More Definitions of Project Savings

Project Savings shall have the meaning provided in Section 6.05.
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Project Savings has the meaning set forth in Section 5(k) below.
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Project Savings means the amount by which actual Total Project Costs are less than the Estimated Project Costs, as adjusted for Change Orders.
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Project Savings means the sum, if any, by which the total costs and expenses required to be paid to perform the Stadium Project Improvements is less than the Stadium Project Budget, after its establishment and subject to any revisions as provided in this Agreement, (i) by changes to the Final Plans that the parties agree to make and that are executed (ii) by cost efficiencies achieved during the design and/or construction of the Stadium Project Improvements or (iii) any other costs savings that result in unused project contingency set forth in the Stadium Project Budget upon Final Completion.. Each Party shall notify the other Party if at any time it becomes aware the costs at any phase of the design, development or construction process is reasonably anticipated to exceed any budget category in the Stadium Project Budget. If subsequent to payments of Cost Overruns by StadiumCo, Project Savings are realized, the same shall first be paid to StadiumCo until StadiumCo has recovered the amount paid by it for all Cost Overruns. Each Party shall have the right to pursue claims and receive recoveries, damages, and penalties from contractors and sureties in proportion to their respective losses attributable to the defaults of such contractors and sureties. The Parties shall cooperate with each other in pursuing joint recoveries. Each Party shall be responsible for selecting its own counsel and shall be responsible for its own litigation expenses.
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Related to Project Savings

  • Cost Savings has the meaning assigned to it in the definition of “Consolidated EBITDA”.

  • Energy Savings means an amount of saved energy determined by measuring and/or estimating consumption before and after implementation of an energy efficiency improvement measure, whilst ensuring normalisation for external conditions that affect energy consumption;

  • Improvement Plan means the plan required by the Authority from the Supplier which shall detail how the Supplier will improve the provision of the Goods and/or Services pursuant to Clause 29.1.1 (Authority Remedies);

  • Development Budget shall have the meaning set forth in Section 3.3.

  • Redevelopment Plan means the “Lincoln Center Redevelopment Plan” passed, adopted and approved by the City pursuant to the Resolution, and shall include any amendment of said Redevelopment Plan heretofore or hereafter made by the City pursuant to law.

  • Project Services means architectural, engineering services, land surveying, construction management at-risk services, ancillary technical services or other construction-related services determined by the board to be required by the project.

  • Operating Plan means a plan adopted or amended under this section for the development, redevelopment, maintenance, operation and promotion of a business improvement district, including all of the following:

  • Cost Allocation Plan means central service cost allocation plan, public assistance cost allocation plan, and indirect cost rate proposal. Each of these terms are further defined in this section.

  • Management Plan means a plan to manage the activities and protect the special value or values in an Antarctic Specially Protected Area or an Antarctic Specially Managed Area.

  • Budget means a resource, expressed in financial terms, proposed by the Board for the purpose of carrying out, for a specific period, any or all of the functions of the Trust.

  • Pro Forma Cost Savings means, with respect to any four-quarter period, the reduction in net costs and expenses that:

  • Decommissioning Plan means the document containing detailed information on the proposed decommissioning and covering the following: the selected decommissioning strategy; the schedule, type and sequence of decommissioning activities; the waste management strategy applied, including clearance; the proposed end state; the storage and disposal of the waste from decommissioning; the timeframe for decommissioning; the cost estimates for the completion of decommissioning; and the objectives, expected results, milestones, target dates, as well as the corresponding key performance indicators, including, as appropriate, earned value based indicators. The plan is prepared by the nuclear facility license holder and is reflected in the multiannual work programmes of the Programme;

  • Project Management Plan means the management plan that (i) sets out a high level workplan to describe the manner in which the Design-Builder will manage the Project, including to address related matters such as traffic management and communications, and (ii) is prepared by or for the Design-Builder and submitted to the Owner;

  • Project Implementation Plan means the detail plan submitted by the Developer with regard to development of Project Facilities and its operation and management thereof in accordance with this Agreement and to be appended as Schedule 9 to this Agreement.

  • Procurement Plan means the Recipient’s procurement plan for the Project, dated April 2, 2010, and referred to in paragraph 1.16 of the Procurement Guidelines and paragraph 1.24 of the Consultant Guidelines, as the same shall be updated from time to time in accordance with the provisions of said paragraphs.

  • Development Plans has the meaning set forth in Section 3.2.

  • Individualized service plan means a plan prepared by a

  • Pilot project means an innovative environmental project that covers one or more designated facilities, designed and implemented in the form of an EMSA. (See Section 52.3 of the Act.)

  • Project area budget means a multiyear projection of annual or cumulative

  • Project area plan means a written plan that, after the plan's effective date, guides and controls the development within a project area.

  • Stormwater management planning area means the geographic area for which a stormwater management planning agency is authorized to prepare stormwater management plans, or a specific portion of that area identified in a stormwater management plan prepared by that agency.

  • Operating Budget has the meaning given in Section 3.11(a).

  • Capital Expenditure Budget shall constitute an estimate for the applicable period of the capital expenditures required to (i) accomplish capital enhancement projects included in the most recently approved Strategic Plan, (ii) maintain and preserve the Partnership's assets in good operating condition and repair and (iii) achieve or maintain compliance with any HSE Law.

  • Corrective Maintenance means the maintenance which is required when an item has failed or worn out, to bring it back to working order, which may also include those services necessary to partially restore, renew or strengthen an existing Department facility or system, following damage caused by use or normal wear and tear.

  • Utilization plan means a form and additional

  • financial recovery plan means a plan prepared in terms of section 141 of the MFMA