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

  • Commercial 30% Competitiveness of consultant rates in relation to market Methodology and benchmarking of consultant rates Financial Plan Approach/methodology to deliver output based deliverables and VfM Methodology for ensuring programme will be delivered in line with agreed costs Financial Risk/ contingency incorporated into costs The evaluation criteria and sub-weighting are also set out in the Invitation to Tender documentation.

  • Agency managers and subject matter experts who would like to improve their skills and confidence in working with the media should contact the Headquarters Communication Office, 360-705-7075 to discuss their training needs and schedule a workshop.No Surprises workshop (Risk contingency planning)This workshop is intended to help project teams develop emergency/high-profile incident communication protocols.

  • 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 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.

  • In addition Risk contingency reserves total some £2.242m and our General Fund Working Balance of £4.234m supports our view that we are well placed to deal with any in year financial risks and the balancing of the budget in future years if necessary.

  • 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.

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

  • Risk contingency can be estimated in two ways which are deterministic and probabilistic methods.

  • Differences between risk prevention and contingency can be described as follows:  Risk prevention is intended to reduce or minimize the risk before it occurs, so that, reducing the impacts of its occurrence. Risk contingency is keeping backup plan in the worst case scenario when risk occurs.It helps the project adopt another method or process without suffering much loss.

  • Risk contingency planning reveals to a property developer what amount of money is to be set aside for risks associated with a project.

Related to Risk contingency

  • Contingency means the identified and possible or already occurred fault of an element, including not only the transmission system elements, but also significant grid users and distribution network elements if relevant for the transmission system operational security;

  • Contingency Fund means a monetary amount that continues month to month, if approved by a case manager, that is set aside in the Independent Choices Program service budget to purchase identified items that substitute for personal assistance.

  • Contingency operation means a military operation that results in the call or order to, or retention on, active duty of members of the uniformed services during a war or during a national emergency declared by the President or Congress.

  • 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.

  • contingency fee means any payment or other compensation that is contingent upon or is calculated upon the basis of a degree of success in soliciting or obtaining a Government contract or negotiating the whole or any part of its terms;

  • Obstetric condition means a condition that is listed under Group T4 (Obstetrics) in the Medicare Benefits Schedule.

  • Operational Control means Security monitoring, adjustment of generation and transmission resources, coordinating and approval of changes in transmission status for maintenance, determination of changes in transmission status for reliability, coordination with other Balancing Authority Areas and Reliability Coordinators, voltage reductions and load shedding, except that each legal owner of generation and transmission resources continues to physically operate and maintain its own facilities.

  • Sustainability Structuring Agent means PNC Capital Markets LLC.

  • Structural pest control means a use requiring a license under Chapter 14 (commencing with Section 8500), Division 3, of the Business and Professions Code.

  • Contingency Reserve means a reserve established for the protection of policyholders covered by policies insuring munici- pal bonds against the effect of excessive losses occurring during adverse economic cycles.

  • Potential Amortization Event means any occurrence or event which, with the giving of notice, the passage of time or both, would constitute an Amortization Event.

  • 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.

  • Utilization management section means “you or your authorized representative.” Your representative will also receive all notices and benefit determinations.

  • Unit Contingent means that Seller is excused from any failure to Deliver Product quantity on account of failure of a specified Renewable Energy Facility to generate the amount of RECs necessary in the Vintage or other time period indicated. In such event, Seller shall not be liable to Buyer for any damages, including any amounts determined pursuant to Article 5.

  • disaster management means a continuous and integrated process of planning, organising, coordinating and implementing measures which are necessary or expedient for—

  • 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.

  • Special Condition means a condition of a Transporter's Licence or Shipper's Licence other than a Standard Condition;

  • Investment Company Event means the receipt by the Debenture Issuer and the Trust of an opinion of counsel experienced in such matters to the effect that, as a result of the occurrence of a change in law or regulation or written change (including any announced prospective change) in interpretation or application of law or regulation by any legislative body, court, governmental agency or regulatory authority, there is more than an insubstantial risk that the Trust is or, within 90 days of the date of such opinion, will be considered an Investment Company that is required to be registered under the Investment Company Act which change or prospective change becomes effective or would become effective, as the case may be, on or after the date of the issuance of the Debentures.

  • 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;

  • Functional behavioral assessment means an individualized assessment of the student that results in a team hypothesis about the function of a student’s behavior and, as appropriate, recommendations for a behavior intervention plan.

  • Index Related Payment Date means, in relation to any Indexand an IndexDetermination Date, any payment date under the Preference Shares for which the amount payable is calculated by reference to the Indexas determined on such IndexDetermination Date;

  • Project Management Report means each report prepared in accordance with Section 4.02 of this Agreement;

  • Integrated pest management means careful consideration of all available plant protection methods and subsequent integration of appropriate measures that discourage the development of populations of harmful organisms and keep the use of plant protection products and other forms of intervention to levels that are economically and ecologically justified and reduce or minimise risks to human health and the environment. ‘Integrated pest management’ emphasises the growth of a healthy crop with the least possible disruption to agro-ecosystems and encourages natural pest control mechanisms;

  • Initial Operation means the first integral operation of the complete equipment covered under the Contract with the sub-system and supporting equipment in service or available for service.

  • Impact Assessment has the meaning given to it in Clause 22.1.3 (Variation Procedure);

  • Capital Disqualification Event has the meaning specified in Section 1.1 of the Indenture.