CONTRACT CEILING PRICE Sample Clauses
The Contract Ceiling Price clause sets a maximum limit on the total amount that can be paid under the contract. This means that regardless of the actual costs incurred or work performed, payments to the contractor cannot exceed this specified ceiling. For example, if a contract has a ceiling price of $500,000, the contractor will not be reimbursed for any costs above that amount, even if additional work is required. The core function of this clause is to control costs and limit the financial exposure of the party paying for the contract, ensuring budget predictability and preventing cost overruns.
POPULAR SAMPLE Copied 68 times
CONTRACT CEILING PRICE. Each Delivery Order will contain a "ceiling price" beyond which the Government is not liable for payment and an overall task estimate which represents the estimated value of a particular task. The estimated value of all work and services to be rendered under this contract is $500 Million.
CONTRACT CEILING PRICE. For time and material or unit price contracts with a contract ceiling, if at any time Consultant has reason to believe that an increase in such limitation will be necessary, it will give prior notice to that effect providing a written estimate to complete the Services and proposing a new limitation figure and giving appropriate supporting data so that Client may, at its sole discretion, increase such limitation by written modification to this Agreement. Consultant shall not be required to perform the Services to the extent that such performance exceeds the ceiling price of this Agreement. In the event of a dispute relating to the contract-ceiling price, such dispute shall be resolved in accordance with the Disputes clause of this Agreement.
CONTRACT CEILING PRICE. 26.1 If at any time the Subcontractor has reason to believe that an increase in the ceiling of a time and material, unit price or cost reimbursable contract will be necessary, it shall give to Savcor ART prompt notice to that effect, and provide a written estimate to complete the Works and propose a new limitation figure and give appropriate supporting data so that Savcor ART may, in its sole discretion, increase such limitation by written variation to this Agreement.
26.2 The Subcontractor shall not otherwise be entitled to claim any amount which exceeds the ceiling price.
26.3 Any claimed change in the ceiling price shall be dealt with as a claim for costs associated with a Change under Part 15.
26.4 In the event of a dispute arising in relation to the ceiling price, the dispute shall be resolved in accordance with Part 39, and the Subcontractor must continue to perform the Works pending resolution of the dispute.
CONTRACT CEILING PRICE. (a) The amount of $TBD is presently available for payment and allotted to this contract. It is estimated that this amount is sufficient for performance of the contract through TBD.
(b) The not-to-exceed ▇▇▇▇▇ stated in Section B is the Government’s estimate of the price of the maximum labor and materials required to perform this contract. The parties contemplate that the Government will allot additional funds incrementally to the contract up to the full not-to-exceed amount or to a lesser amount necessary to perform the contract.
(c) The Contractor agrees to perform up to the point at which the total amount payable by the Government, including reimbursement in the event of termination for the government’s convenience, approximates the total amount currently allotted to the contract. The Contractor will not be obligated to continue work beyond that point. The Government will not be obligated in any event to reimburse the Contractor in excess of the amount allotted to the contract regardless of anything to the contract in any other clause or provision of this contract.
(d) The Contractor shall notify the Contracting Officer in writing at least sixty (60) days prior to the date when, in the Contractor’s best judgement, the work under the contract will reach the point at which the total amount payable by the Government, including any cost for termination for convenience, will approximate the total amount then allotted to the contract. The notification will state (1) the estimated date when that point will be reached and (2) an estimate of additional funding, if any, needed to continue performance through the current period of performance or to a mutually agreed upon substitute date. If after such notification additional funds are not allotted by the date identified in the Contractor’s notification, or by an agreed substitute date, the Contracting Officer, upon the Contractor’s written request, will terminate the contract on that date in accordance with the pro visions of the Termination clause of this contract.
(e) If, solely by reason of failure of the Government to allot additional funds in amounts sufficient for timely performance of the contract, the Contractor incurs additional costs or is delayed in the performance of the work under this contract and if additional funds are allotted, an equitable adjustment will be made in the price or in the period of performance, or both. Failure to agree to any such equitable adjustment hereunder will be a dispute con...
CONTRACT CEILING PRICE. This contract has a ceiling price of , which the contractor exceeds at its own risk. The contractor is responsible for managing available funds in accordance with the labor categories and rates incorporated into this contract. The Government is not obligated to reimburse the contractor for costs incurred in excess of the not-to-exceed ceiling price specified in this contract.
CONTRACT CEILING PRICE. If, at any time, ICF has reason to believe that an increase in the estimated not-to- exceed limit will be necessary, ICF will give prior notice to that effect by providing a written estimate to complete the services and proposing a new contract ceiling price, with appropriate supporting data so that Client may, at its sole discretion, increase the contract ceiling price by written modification to this agreement. ICF shall not be required to perform the services to the extent that such performance would result in the then current contract ceiling price being exceeded. In the event of a dispute relating to the contract ceiling price, such dispute shall be resolved in accordance with the disputes clause of this agreement.