Risk contingency definition

Risk contingency means a contingency for use as defined in the contract and established as part of the maximum allowable construction cost for unexpected cost of work items that have not otherwise been included or addressed in the maximum allowable construction cost.
Sample 1Sample 2Sample 3
Risk contingency means a contingency for use as
Sample 1Sample 2Sample 3
Risk contingency means a contingency for use as defined in the contract and established as part of the maxi- mum allowable construction cost for unexpected cost of work
Sample 1

Examples of Risk contingency in a sentence

  • Risk contingency funding was released at quarter 1 (£0.308m) which has partially reduced the impact of the increased numbers of children.

  • Risk contingency amounts will typically be generated using the Risk Register/Risk Management Tool which used Program Evaluation and Review Technique (PERT) and may incorporate a Monte Carlo method using @Risk software for complex projects.

  • Risk contingency was originally identified in the early stages of the programme, but, as the scheme has progressed through the various design stages, it has now been incorporated into the risk assessment.

  • H.2 Risk contingency element H.2.1 For the purpose of this guidance, ‘risk contingency element’ refers to the aggregate of costs which are affected by risk or uncertainty that: a.

  • In such cases, the commenter will add the short name of the organisation at the end of the name (i.e.: EYES_O1.2 Risk contingency Plan and quality control scheme _V0.1_ECO_ANEA).Changes must be included with track changes so that versions can be compared.

  • Risk contingency is the provision of an estimated amount of budgetary value and extended duration in days that are included in a project budget and schedule to cover uncertainties or unpredictable events.

  • We need first to understand some related terminologies: Risk contingency is an extra cost that adds to the project’s estimated budget to cover future cost overruns.

  • Development and Risk contingency - there are significant legal and consultancy costs arising from the Triscott House dispute, however this is covered by a provision of £729k, which was included in the accounts for costs relating to specialist consultants and legal fees.

  • COVID-19 Waste costs which have been identified, are not reflected in the Risk contingency, but are instead reported under exceptional items.

  • The unused portion of the Risk contingency will be released for the Owner’s use as the contract risks are dissipated.

Related to Risk contingency

  • National Contingency Plan or “NCP” shall mean the National Oil and Hazardous Substances Pollution Contingency Plan promulgated pursuant to Section 105 of CERCLA, 42 U.S.C. § 9605, codified at 40 C.F.R. Part 300, and any amendments thereto.

  • Critical Path means those Trade Contractor Work activities identified on the Construction Schedule which, if delayed, will cause a corresponding Delay in the Substantial Completion Date.

  • Commercial Operation means the condition of operation in which the complete equipment covered under the Contract is officially declared by the Owner to be available for continuous operation at different loads up to and including rated capacity. Such declaration by the Owner, however, shall not relieve or prejudice the Contractor of any of his obligations under the Contract.

  • Risk assessment means a programme to determine any risk associated with any hazard at a construction site, in order to identify the steps needed to be taken to remove, reduce or control such hazard;

  • Management means an activity inclusive of control and performed on a daily basis, by any person who is a principal executive officer of the company, by whatever name that person may be designated, and whether or not that person is a director.

  • Special Conditions means Special Conditions of Contract, which override the General Conditions, also referred to as SCC.