Examples of Supervening Event in a sentence
Nothing in this Agreement will limit the right of the Authority to perform or mitigate its obligations in respect of Supervening Events or the consequences of a Supervening Event by requiring a Change or Changes.
Notwithstanding the foregoing, HPTE and CDOT may agree in advance of any Compensation becoming due to the Developer in respect of any Supervening Event to a different allocation of costs.
The Developer shall, however, subject to the Supervening Event provisions hereof, bear all risk of loss concerning such structures, improvements, fixtures, machinery, equipment and materials until Substantial Completion, regardless of the extent to which the loss was insured or the availability of Insurance Proceeds.
Additionally, the financial model will be used for cost calculations in circumstances where the Developer is entitled to compensation under the PA (e.g. for a Supervening Event or change order).
Pursuant to the C-70 Project Agreement, the Enterprises (i) are required to pay Milestone Payments to the Developer in consideration of Work performed by Developer up to and including Substantial Completion; (ii) may be required to pay Compensation to the Developer in relation to a Supervening Event; and (iii) may be required to make certain incentive payments to the Developer upon achievement of workforce participation goals.