Cost Underrun Clause Samples

Cost Underrun. Upon the final acceptance by City of an Authorized Improvement and payment of all outstanding invoices for such Authorized Improvement, and only if the Authorized Improvement Cost is less than the Budgeted Cost (a "Cost Underrun"), any remaining funds in the Improvement Account of the Project Fund will be available to pay Cost Overruns on any other Authorized Improvement payable from the same Assessment, and as authorized by the PID Act, with the approval of the City. An individual line item exceeding its estimated cost shall not be construed as a Cost Underrun; rather, the Authorized Improvements Cost for each phase shall be viewed in its entirety. The City shall promptly confirm to the Trustee that such remaining amounts are available to pay such Cost Overruns, and the City, with input from Developer, will decide how to use such moneys to secure the payment and performance of the work for other Authorized Improvements, payable from the same Assessment if authorized by the PID Act, with the approval of the City, if available. If a Cost Underrun exists after payment of all costs for all Authorized Improvements contemplated in the applicable Indenture, such unused funds will be used to pay Assessments on the Property.
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Cost Underrun. Upon the final acceptance by the City of an Authorized Improvement (or each segment or a portion thereof) and payment of all outstanding invoices by the Developer for such Authorized Improvement (or each segment or a portion thereof), if the Actual Cost of such Authorized Improvement is less than the Budgeted Cost (a “Cost Underrun”), any remaining Budgeted Cost will be available to pay Cost Overruns on any other Authorized Improvement, all as further described in the SAP.
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Cost Underrun. Upon the final acceptance by City of an Authorized Improvement and payment of all outstanding invoices for such Authorized Improvement, and only if the Authorized Improvement Cost is less than the Budgeted Cost (a "Cost Underrun"), any remaining funds in the Improvement Account of the Project Fund will be available to pay Cost Overruns on any other Authorized Improvement. The City shall promptly confirm to the Trustee that such remaining amounts are available to pay such Cost Overruns, and the City, with input from Developer, will decide how to use such moneys to secure the payment and performance of the work for other Authorized Improvements, if available. If a Cost Underrun exists after payment of all costs for all Authorized Improvements contemplated in the applicable Indenture, such unused funds will be used to pay Assessments on the Property.
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Related to Cost Underrun

  • Cost Overruns The Borrower shall ensure that all cost-overruns over the estimated construction costs of the Project as certified by a quantity surveyor or the Architect or as ascertained by the Lender as and when they occur shall be funded by the Borrower’s own equity;

  • Project Cost Overruns In the event that the Recipient determines that the moneys granted pursuant to Section II hereof, together with the Local Subdivision Contribution, are insufficient to pay in full the costs of the Project, the Recipient may make a request for supplemental assistance to its District Committee. The Recipient must demonstrate that such funding is necessary for the completion of the Project and the cost overrun was the result of circumstances beyond the Recipient's control, that it could not have been avoided with the exercise of due care, and that such circumstances could not have been anticipated at the time of the Recipient's initial application. Should the District Committee approve such request the action shall be recorded in the District Committee's official meeting minutes and provided to the OPWC Director for the execution of an amendment to this Agreement.

  • Default – Reprocurement Costs In case of Contract breach by Contractor, resulting in termination by the County, the County may procure the goods and/or services from other sources. If the cost for those goods and/or services is higher than under the terms of the existing Contract, Contractor will be responsible for paying the County the difference between the Contract cost and the price paid, and the County may deduct this cost from any unpaid balance due the Contractor. The price paid by the County shall be the prevailing market price at the time such purchase is made. This is in addition to any other remedies available under this Contract and under law.

  • Construction Phase Fee Contractor’s Construction Phase Fee is the maximum amount payable to Contractor for any cost or profit expectation incurred in the performance of the Work that is not specifically identified as being eligible for reimbursement by Owner elsewhere in this Agreement. References in the UGSC to Contractor’s “overhead” and “profit” mean Contractor’s Construction Phase Fee. The Construction Phase Fee includes, but is not limited to, the following items: 9.1 All profit, profit expectations and costs associated with profit sharing plans such as personnel bonuses, incentives, and rewards; company stock options; or any other like expenses of Contractor.

  • Cost of Living There will be a cost-of-living allowance calculated on hours worked as follows: An Increase of one (1) cent per hour worked for each rise of .062 points in the Consumer Price Index or a decrease of one (1) cent per hour worked for each drop of .062 points in the Consumer Price Index. When CPI changes would result in a decrease in the total COLA payable, it is agreed and understood that the total COLA payable will be maintained at the level in effect prior to the decrease in CPI in exchange for future offsets. These offsets will take the form of postponing any new COLA generated until such time that the CPI used for any an adjustment date exceeds the CPI that generated the last positive COLA payment. The cost-of-living allowance will be established in accordance with changes in the official Consumer Price Index published by Statistics Canada (2002=100) and hereinafter referred to as the Consumer Price Index which was 112.1 as of June 2007 (May 2007). In no event will a decrease in the Consumer Price Index reduce the contract rates listed in the attached wage schedule outlined in Article 14. The amount of any cost-of-living allowance in effect at any time shall be included in computing overtime pay, jury duty pay and funeral time pay. Index is to be reviewed each quarter commencing January 2014. Revision in cost-of-living allowance will take effect the first of the pay period commencing after Index publication. The continuance of the cost-of-living allowance shall be contingent upon the availability of the official monthly Statistics Canada Consumer Price Index in its present form and calculated on the same basis as the Index published January 25, 2014, unless otherwise agreed upon by the parties. In the event the form or basis of the Index is changed, the parties agree to request said Statistics Canada to continue to furnish, for the term of this agreement, the Index in its present form and calculated on the same basis as the Index published January 25, 2014. Fold in all existing COLA adjustments into wages up to and including adjustment #12 (October 2017).