CM Contingency Sample Clauses

The CM Contingency clause establishes a designated fund or budget within a construction management contract to cover unforeseen costs or changes that may arise during the project. This contingency is typically managed by the construction manager and can be used for items such as minor design modifications, unanticipated site conditions, or other project uncertainties that are not covered by the original scope. By setting aside these funds, the clause helps ensure that the project can address unexpected issues without significant delays or the need for renegotiation, thereby providing financial flexibility and risk management for both the owner and the construction manager.
CM Contingency. The GMP Proposal may include within the estimated Cost of the Work a CM’s Contingency amount, reflective of the risk inherent in the state of completion of the Construction Documents at the time of proposal submission.
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CM Contingency. The GMP shall include a CM construction contingency (CM Contingency) in an amount approved by the County, to protect the Construction Manager against the risks assumed in providing the GMP for the Project. The County and the CM acknowledge that the CM Contingency is included to adjust the estimate for eventualities which have not been taken into precise account in the establishment of the GMP, including (1) scope gaps between trade contractors, (2) mitigate contract default by trade contractors, (3) costs of corrective work that the County agrees is not the responsibility of the trade contractor or associated with a contract default by a trade contractor, and (4) expediting/accelerating the work to meet Contract Times (if required).
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CM Contingency. A. It is understood that the CM’s Contingency line item is within the GMP. The CM may transfer amounts among the CM’s Contingency and line items, only as authorized by an Interim Field Change Agreement (IFCA) as defined in Section XXXIII, which will not be unreasonably withheld, as pricing becomes more certain, and to cover cost overruns. If the scope of the CM Contingency expenditure is defined as a Cost of the Work in the Agreement, the IFCA shall be authorized. Each monthly report and application for payment shall contain a CM’s Contingency report including any item that the CM has requested to charge to the CM’s Contingency. 1. General Conditions Staffing is a fixed line item within the GMP. The CM’s Contingency shall not be utilized for increasing General Conditions staffing. B. It is understood that the Owner’s Contingency line item is within the GMP and may be transferred into line items at the County’s sole discretion and approval, subject to the CM’s rights and responsibilities defined herein. Each monthly report and application for payment shall contain an Owner’s Contingency report including any item that the County has authorized to change into the work.
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Related to CM Contingency

  • FUNDING CONTINGENCY a. In the event funding from state, federal, or other sources is withdrawn, reduced, or limited in any way after the effective date of this Contract and prior to completion of the work in this Contract, DCYF may: (1) Terminate this Contract with ten (10) days advance notice. If this Contract is terminated, the parties shall be liable only for performance rendered or costs incurred in accordance with the terms of this Contract prior to the effective date of termination; (2) Renegotiate the terms of the Contract under the new funding limitations and conditions; (3) After a review of project expenditures and deliverable status, extend the end date of this Contract and postpone deliverables or portions of deliverables; or (4) Pursue such other alternatives as the parties mutually agree to in writing. b. Any termination under this Section (FUNDING CONTINGENCY) shall be considered a Termination for Convenience.

  • Construction Contingency The proposed GMP Change Order shall include, as a separately identified item, a Construction Contingency sum in an initial amount (subject to increase or decrease) against which Design-Builder can draw at its election for the purposes set forth in Section 4 Part 4. The initial Construction Contingency sum shall include the contingency amounts stated in all accepted Component Change Orders.

  • MORTGAGE CONTINGENCY A. This agreement is contingent upon Purchaser obtaining approval of a Conventional, FHA or VA (if FHA or VA, see attached required addendum) or mortgage loan of $ for a term of no more than years at an initial fixed or adjustable nominal interest rate not to exceed % (percent). Purchaser agrees to use diligent efforts to obtain said approval and shall apply for the mortgage loan within business days after the Seller has accepted this contract. Purchaser agrees to apply for such mortgage loan to at least one lending institution or licensed mortgage broker. Upon receipt of a written mortgage commitment or in the event Purchaser chooses to waive this mortgage contingency, Purchaser shall provide notice in writing to of Purchaser’s receipt of the mortgage commitment or of Purchaser’s waiving of this contingency. Upon receipt of such notice this contingency shall be deemed waived or satisfied as the case may be. In the event notice as called for in the preceding sentence has not been received on or before , , then either Purchaser or Seller may within five business days of such date terminate, or the parties may mutually agree to extend, this contract by written notice to . Upon receipt of termination notice from either party, and in the case of notice by the Purchaser, proof of Purchaser’s inability to obtain said mortgage approval, this agreement shall be cancelled, null and void, and all deposits made hereunder shall be returned to the Purchaser.

  • Financing Contingency The Buyer’s obligations herein are contingent on the Buyer’s obtaining financing to pay the balance on the Purchase Price. The Buyer must present to the Seller a binding commitment for financing the purchase of the Property within days from the Effective date. The terms of the financing must be acceptable to and approved by the Buyer who shall not unreasonably withhold such approval. In the event that the Buyer fails to obtain financing within the time allotted, this Agreement shall automatically terminated and all funds paid by the Buyer shall be returned to the Buyer after deducting all reasonable costs incurred by the Seller in good faith in relation this Agreement.

  • Contingency If Buyer does not reveal a fact of contingency to the lender and this purchase does not record because of such nondisclosure after initial application, the Buyer shall be in default;