CMR Contingency Clause Samples

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CMR Contingency. CMR Contingency means the amount to be approved by TFC that will be allocated by CMR as a component of the Cost of Work, as defined below, in CMR’s GMP, as defined below, for CMR’s exclusive use and benefit to cover any additional costs that may be discovered or otherwise arise during the design and construction documents phases, but which costs are nevertheless the responsibility of CMR as part of the Cost of Work.
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CMR Contingency. The Construction Management at Risk Contingency is generally defined as that component of the Guaranteed Maximum Price set aside to address the cost of the Work or other components of the GMP that were reasonably unforeseen at the time the GMP was developed. Potential costs include, but are not necessarily limited to: refinements to the Project documents as a result of the continuing development of the design, scope gaps between trade contractors, contract default by subcontractors, costs of corrective work not provided for elsewhere, constructability issues, and issues related to field conditions which a prudent CMR reasonably should have detected during discharge of any preconstruction duties provided by this CMR. The CMR Contingency is not intended to address the cost of project scope changes made after the GMP was developed. The CMR Contingency may be applied to any Work or other component of the GMP without the necessity of a Change Order. Use of a portion of the CMR Contingency does not change the Contract Sum which is based on the GMP, but does increase the amount of money to be paid the CMR for the Work while simultaneously and equally decreasing the amount of money remaining in the CMR Contingency. Use of the CMR Contingency may only be made with the written approval of the Owner. The Owner shall specify the procedure for the CMR to request the use of any portion of the CMR Contingency. The CMR shall periodically report to the Owner as is reasonably determined by Owner to be necessary but no less than monthly specifying: the amount of the CMR Contingency used, the reasons for the requirement to use the CMR Contingency, and the justifications for the use of the CMR Contingency. Unless otherwise specified in the Contract, all CMR Contingency remaining at Project conclusion shall be retained by the Owner. The Owner may, through Supplemental General Conditions, define subcategories of the CMR Contingency and prescribe the uses of funding within the subcategories.
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Related to CMR Contingency

  • 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.

  • 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.

  • 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;

  • 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.

  • BUDGET CONTINGENCY If the Budget Act of the current year covered under this Grant Agreement does not appropriate sufficient funds for this program, this Grant Agreement shall be of no force and effect. This provision shall be construed as a condition precedent to the obligation of the State to make any payments under this Grant Agreement. In this event, the State shall have no liability to pay any funds whatsoever to the Grantee or to furnish any other considerations under this Grant Agreement and the Grantee shall not be obligated to perform any provisions of this Grant Agreement. Nothing in this Grant Agreement shall be construed to provide the Grantee with a right of priority for payment over any other Grantee. If funding for any fiscal year after the current year covered by this Grant Agreement is reduced or deleted by the Budget Act, by Executive Order, or by order of the Department of Finance, the State shall have the option to either cancel this Grant Agreement with no liability occurring to the State, or offer a Grant Agreement amendment to the Grantee to reflect the reduced amount.