Changes to the Lump Sum Price Clause Samples

The "Changes to the Lump Sum Price" clause defines how adjustments can be made to the originally agreed-upon fixed contract price when project scope or requirements change. Typically, this clause outlines the procedures for requesting, approving, and documenting any modifications to the lump sum, such as through change orders or written agreements between the parties. Its core function is to provide a clear and fair mechanism for both parties to address unforeseen changes, ensuring that compensation accurately reflects the work performed and preventing disputes over payment.
Changes to the Lump Sum Price. As otherwise permitted by this Contract, the Lump Sum Price shall be subject to additions and deductions by Change Order.
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Changes to the Lump Sum Price. Subject to the condition precedent that the Contractor have complied with the notice and documentation provisions of this Article, and subject to the limitations stated in this Agreement, the Contractor will be entitled to request an adjustment to the Lump Sum Price in the following cases: Section 8.6.1 If the Department issues a Change Directive or Change Order that directs the Contractor to proceed with work which is beyond the scope of Work included within the Lump Sum; or Section 8.6.2 The Contractor encounters Differing Soil Conditions or Hazardous Materials not identified in the Preconstruction Phase. Section 8.6.3 For Changes to the Lump Sum Price, the following conditions shall apply: Section 8.6.3.1 For increases in the Work which the Contractor is permitted to perform by Contractor’s own forces, the Lump Sum Price shall be increased by the sum of: (i) the Direct Cost of the Work; and (ii) a fee (covering home office overhead, field supervision, general conditions and profit) of fifteen percent (15%) of the sum due under (i); Section 8.6.3.2 For increases in the Work performed by Subcontractors, the Lump Sum Price shall be increased by the sum of: (i) the Direct Cost of the Work incurred by the Subcontractor for the changed Work; (ii) a fee (covering home office overhead and profit) equal to fifteen percent (15%) of the sum due under (i) above for the Subcontractor performing such Work; and (iii) a fee (covering the Contractor’s home office overhead, field supervision, general conditions and profit) of five percent (5%) of the sum of items (i) and (ii). Intervening tier Subcontractors shall be entitled to a ▇▇▇▇-up of five percent (5%) (covering home office overhead, field supervision, general conditions and profit); provided, however, that in all situations and regardless of the number of tier Subcontractors involved, the maximum ▇▇▇▇-up on the Direct Cost of the Work shall be twenty five percent (25%) and provided, further, that the Contractor shall not be entitled to the markup referred to in item (iii) on changes unless such changes exceed, either individually or in the aggregate, five percent (5%) of the Lump Sum Price. Section 8.6.3.3 When both additions and credits are involved in any one change in the Work, the Contractor’s Change Order and markup shall be figured on the basis of the net increase, if any. Section 8.6.3.4 Fee will not be paid by Department for overtime or weekend work unless overtime is requested in writing and approved in ...
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Changes to the Lump Sum Price. 13.2.1 The Lump Sum Price shall only be adjusted for and in respect of the following matters: (a) Scope Changes pursuant to Article 15; (b) adjustments as a result of any material Non-Conformance pursuant to (c) escalation pursuant to the terms of the Agreement.
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Related to Changes to the Lump Sum Price

  • Changes to the Parties (a) Amend the new language to be included pursuant to paragraph 2 of Schedule 9 of this Agreement to add the words “except to the extent permitted by this Agreement and” at the start of the paragraph. (b) Amend paragraph (c)(i) of Clause 28.8 (Additional Obligors) to add the words “under the relevant Facility” after the words “Majority Lenders”.

  • CHANGES TO THESE TERMS We may need to change these terms to reflect changes in law or best practice or to deal with additional features which we introduce or to meet specific requests from our Customers. We will give you at least ten (10) days notice of any change by sending you an SMS or email with details of the change or notifying you of a change when you next start the App. If you do not accept the notified changes you will not be permitted to continue to use the App and the Service.

  • Changes to the Terms of this Agreement. This Agreement and any provision hereof may only be amended by an instrument in writing signed by the Company and the Buyer. The term "Agreement" and all reference thereto, as used throughout this instrument, shall mean this instrument as originally executed, or if later amended or supplemented, then as so amended or supplemented.

  • Changes to the Terms of Use We may revise and update these Terms of Use from time to time in our sole discretion. All changes are effective immediately when we post them, and apply to all access to and use of the Website thereafter. Your continued use of the Website following the posting of revised Terms of Use means that you accept and agree to the changes. You are expected to check this page from time to time so you are aware of any changes, as they are binding on you.

  • Changes to Fee Structure In the event of Listing, the Company and the Advisor shall negotiate in good faith to establish a fee structure appropriate for a perpetual-life entity.