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.

Project Savings shall have the meaning set forth in Section 12.2 of this Agreement. “Project Status Report” shall have the meaning set forth in Section 8.1 of this Agreement. “Project Submission Matters” shall mean each and all of the following and any amendments or material changes to, or material modifications or waivers of them, and in the case of contracts or agreements, entering into the same or the termination or cancellation thereof:

Examples of Project Savings in a sentence

• Any savings generated from the substitution shall be considered Project Savings under Article 7.

• 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.

• 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.

• 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.

• Any proceeds or settlement of a Shared Claim shall be allocated as follows: (a) until such time as the Shared Claims Recovery Amount plus the Project Savings equals $4,000,000 and Parent/Seller has received any and all amounts of the Shared Claims Recovery Amount and the Project Savings to which it is entitled under this Agreement, one hundred percent (100%) to the Parent/Seller, and (b) at all times thereafter, in accordance with Section 5(l) below.

• 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.

• 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.

• From and after the date that the Shared Claims Recovery Amount plus the Project Savings equals $4,000,000 and the Parent/Seller has received any and all amounts of the Shared Claims Recovery Amount and the Project Savings to which it is entitled under this Agreement, the Shared Claims Recovery Amount and the Project Savings shall be shares at a rate of 50% to the Parent/Seller and 50% to the Buyer.

• 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.

• No Project Savings shall be distributed, although earned, if the funds to pay such distribution have not been received by the Company or the Buyer from an owner, general contractor or other Third Party with respect to the Seller Projects.

More Definitions of Project Savings

Project Savings shall have the meaning provided in Section 6.05.

Project Savings means the savings realized on City's utility bill(s) directly attributable to the operation of the Project.

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.

Project Savings has the meaning set forth in Section 5(k) below.

Project Savings means the amount by which actual Total Project Costs are less than the Estimated Project Costs, as adjusted for Change Orders.

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.