Common use of Cost Overrun Clause in Contracts

Cost Overrun. In advance of letting a contract for the Authorized Improvements, the City may confirm that the cost for construction of such Authorized Improvements is generally consistent with the estimated cost provided on Exhibit B, as amended from time to time in accordance with Section 4.1. If the total cost of an Authorized Improvement exceeds the budgeted amount for such line item (a “Cost Overrun”), the Developer shall be solely responsible for the excess amount of the Authorized Improvement, except as provided for in Section 8.3 below. If the costs of the Authorized Improvements in the aggregate exceed to total amount budgeted for the Authorized Improvements, the Developer shall be solely responsible for such cost overruns.