ACCEPTANCE OF VECP Clause Samples

The "ACCEPTANCE OF VECP" clause defines the process by which a Value Engineering Change Proposal (VECP) submitted by a contractor is formally accepted by the contracting party. In practice, this clause outlines the criteria and procedures for reviewing, approving, and implementing proposed changes that aim to reduce costs or improve efficiency without compromising quality or performance. For example, it may specify the documentation required, the timeline for review, and the method for incorporating accepted changes into the contract. The core function of this clause is to provide a clear and structured mechanism for evaluating and adopting beneficial changes, thereby encouraging innovation and cost savings while maintaining contractual integrity.
ACCEPTANCE OF VECP. The Project Manager may accept in whole or in part any VECP submitted pursuant to this section by issuing a change order to the Contract. Prior to issuance of the change order, the Contractor shall submit complete final contract documents similar to those of the original Contract showing the accepted changes and the new design and features as well as the following:
View SourceView Similar (27)

Related to ACCEPTANCE OF VECP

  • Acceptance of Agreement This Agreement shall not be considered accepted, approved or otherwise effective until the statutorily required approvals and certifications have been given.

  • Acceptance of Contract This contract shall not be considered accepted, approved or otherwise effective until the statutorily required approvals and certifications have been given.

  • Acceptance of Agency The Warrant Agent hereby accepts the agency established by this Agreement and agrees to perform the same upon the terms and conditions herein set forth and among other things, shall account promptly to the Company with respect to Warrants exercised and concurrently account for, and pay to the Company, all monies received by the Warrant Agent for the purchase of shares of Common Stock through the exercise of the Warrants.