Value engineering change proposal (VECP definition

Value engineering change proposal (VECP means a proposal that--
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Value engineering change proposal (VECP means a proposal that; (a) Requires a change to this, the instant contract, to implement; and (b) Results in reducing the contract price or estimated cost without impairing essential functions or characteristics; provided, that it does not involve a change; (i) In deliverable end item quantities only; or (ii) To the contract type only.
Sample 1Sample 2Sample 3
Value engineering change proposal (VECP means a proposal that (1) Requires a change to this, the instant award, to implement; and (2) Results in reducing the award price or estimated cost without impairing essential functions or characteristics; provided, that it does not involve a change-
Sample 1

Related to Value engineering change proposal (VECP

  • Benchmark Replacement Conforming Changes means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Base Rate,” the definition of “Business Day,” the definition of “Interest Period,” timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, the applicability and length of lookback periods, the applicability of breakage provisions, and other technical, administrative or operational matters) that the Agent decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Agent in a manner substantially consistent with market practice (or, if the Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Agent determines that no market practice for the administration of such Benchmark Replacement exists, in such other manner of administration as the Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents).