Excess Development Costs Sample Clauses

The Excess Development Costs clause defines how costs that exceed the originally agreed-upon budget for a development project are handled between the parties. Typically, this clause specifies which party is responsible for paying any additional expenses that arise if the actual development costs surpass the initial estimates, and may outline procedures for notification and approval of such overruns. Its core practical function is to allocate financial risk and responsibility for cost overruns, ensuring both parties understand their obligations and reducing the potential for disputes over unexpected expenses.
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Excess Development Costs. Subject to the terms of this Section 4.1(f), Landlord's obligation to solely fund Total Development Costs will not exceed $525 per rentable square foot in the Building (the “Initial Cost Limit”). If Total Development Costs exceed the Initial Cost Limit, then (i) Landlord shall be responsible for 50% of the Total Development Costs in excess of the Initial Cost Limit ("Landlord's Excess Development Costs") and (ii) Tenant shall be responsible for the remaining 50% of Total Development Costs in excess of the Initial Cost Limit (the “Tenant's Excess Development Costs”, together with Landlord's Excess Development Costs, the "Excess Development Costs"), subject to the application of the Allowance as set forth in this Section 4.1(f). In the event that the estimated (as reasonably determined by the Landlord) or actual Total Development Costs are greater than the Initial Cost Limit (i.e., Landlord is expected to pay the Landlord's Excess Development Cost and Tenant is expected to pay Tenant's Excess Development Costs), then Landlord shall promptly notify Tenant (the “Excess Development Cost Notice”). Thereafter, Landlord and Tenant shall work in good faith, for a period not to exceed thirty (30) days from the date that Landlord delivers the Excess Development Cost Notice to Tenant (the “VE Period”), to value engineer the Improvements in an effort to decrease the Total Development Costs below the Initial Cost Limit. Any cost associated with such value engineering design process will be the responsibility of Tenant, subject to Landlord’s obligations with respect to the Allowance pursuant to Article 4, and any changes requested by Tenant as a part of the value engineering process shall be a Change subject to Section 2.7(c); provided, however, any delays associated with the Tenant's efforts to value engineer the Improvements will not constitute a Tenant Delay but will constitute an Excusable Delay as provided below, and the parties anticipate that any such Change shall result in a decrease in the Total Development Costs (i.e., that there will be no additional Change Order Costs beyond the cost of value engineering). If, within the VE Period, Landlord and Tenant are unable to value engineer the Landlord’s Work so that the Total Development Costs are below the Initial Cost Limit, then Landlord shall notify Tenant of the amount of Excess Development Cost (after taking into account the reduction, if any, in the Total Development Costs that result from Landlord's and Tenant...
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Excess Development Costs. In the event there are any Excess Development Costs, then CV shall be obligated to contribute to the Company the amount of additional capital necessary to pay or satisfy such Excess Development Costs. CV shall contribute to the Company the amount of such additional capital required pursuant to this Section 5.2.2 within thirty (30) calendar days following the receipt by CV of written notice from the Managers specifying the need for the additional capital. In the event CV fails to contribute to the Company the amount of additional capital required pursuant to this Section 5.2.2 within such thirty (30) calendar day period, as its sole and exclusive remedy, Legacy may elect to characterize such additional capital as an ACC Deficit Amount and contribute the same to the Company pursuant to Section 5.4 hereof and, in such a case, CV shall be subject to the Non-Contributing Member Deduction set forth in Section 6.1 hereof.
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Excess Development Costs. Each Party shall promptly inform the JSC in writing upon such Party determining that it has incurred or is likely to incur Joint Development Costs for a Calendar Year that exceed the portion of the Joint Development Costs allocated to such Party in the Joint Development Budget for such Calendar Year (“Excess Development Costs”). To the extent such Excess Development Costs fall under the definition of “Joint Development Costs,” they shall be treated as Joint Development Costs hereunder and shared equally (50/50) between the Parties. In the event either Party identifies Excess Development Costs, the Parties shall discuss in good faith through the JSC the Joint Development Costs that are necessary and reasonable in order to perform the activities set forth in the CDP and any proposed amendments to the Joint Development Budget.
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Excess Development Costs. In the event there are any Excess Development Costs, then Newpar shall be obligated to contribute to the Company the amount of additional capital necessary to pay or satisfy such Excess Development Costs. Newpar shall be obligated to contribute to the Company the amount of such additional capital required pursuant to this Section 5.2.2 within thirty (30) calendar days following the receipt by Newpar of written notice from the Managers specifying the need for the additional capital. In the event Newpar fails to contribute to the Company the amount of additional capital required pursuant to this Section 5.2.2 within such thirty (30) calendar day period, as its sole and exclusive remedy, Legacy may elect to characterize such additional capital as an ACC Deficit Amount and contribute the same to the Company pursuant to Section 5.4 hereof and, in such a case, Newpar shall be subject to the Non-Contributing Member Deduction set forth in Section 6.1 hereof.
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Excess Development Costs. Notwithstanding Section 7.2.6(a), in the event a Party performing Phase 1A Activities or ▇▇▇-▇▇▇ ▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇▇▇▇ for which it is responsible under the applicable Development Plan incurs more than [ * ] percent ([ * ]%) of aggregate Development Costs budgeted for such activities in the applicable Development Budget (the amount more than [ * ]%, “Excess Development Costs”), the other Party shall not be obligated to bear its Specified Percentage of such Excess Development Costs, except: (x) if the Parties approve such Excess Development Costs (either before or after they are incurred); or (y) to the extent such Excess Development Costs are attributable to (i) a change in Applicable Law, (ii) a force majeure event, (iii) variation in actual patient enrollment from projected patient enrollment, (iv) a change to a Clinical Trial protocol required or requested by any Regulatory Authority, or (v) unanticipated increases in the cost of raw materials.
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Excess Development Costs. In the event there are any Excess Development Costs, then the Managers shall deliver written notice to G II, which written notice shall set forth the purpose and amount of such Excess Development Costs and the amount of additional capital required to pay or satisfy such Excess Development Costs. G II shall be obligated to contribute to the Company the amount of any additional capital required to pay or otherwise satisfy such Excess Development Costs. In the event G II fails to contribute to Company the amount of additional capital required pursuant to this Section 5.1.4 within thirty (30) calendar days after the receipt of such notice, (in which case G II will be characterized as the Non-Contributing Member), then Legacy may elect to characterize the additional capital required pursuant to this Section 5.1.4 as an ACC Deficit Amount and contribute the same to the Company pursuant to Section 5.2 hereof, and, in such a case, the Non-Contributing Member shall be subject to the Non-Contributing Member Deduction set forth in Section 6.1 hereof.
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Related to Excess Development Costs

  • Development Costs Licensee shall be responsible for all of its costs and expenses in connection with the Development of, and obtaining and maintaining Regulatory Approvals for, the Licensed Products in the Field in the Territory.

  • FTE The term “

  • Project Costs Simultaneously with the execution of this Agreement, the Company shall disclose to the Department all of the Project Costs which the Company seeks to include for purposes of determining the limitation of the amount of the Credit pursuant to Section 5-30 of the Act and provide to the Department a Schedule of Project Costs in the form as attached hereto as Exhibit C.

  • REPORT ON CONTRACT SALES ACTIVITY AND ADMINISTRATIVE FEE PAYMENT A. CONTRACT SALES ACTIVITY REPORT. Each calendar quarter, Supplier must provide a contract sales activity report (Report) to the Sourcewell Supplier Development Administrator assigned to this Contract. Reports are due no later than 45 days after the end of each calendar quarter. A Report must be provided regardless of the number or amount of sales during that quarter (i.e., if there are no sales, Supplier must submit a report indicating no sales were made). The Report must contain the following fields: • Participating Entity Name (e.g., City of Staples Highway Department); • Participating Entity Physical Street Address; • Participating Entity City; • Participating Entity State/Province; • Participating Entity Zip/Postal Code; • Participating Entity Contact Name; • Participating Entity Contact Email Address; • Participating Entity Contact Telephone Number; • Sourcewell Assigned Entity/Participating Entity Number; • Item Purchased Description; • Item Purchased Price; • Sourcewell Administrative Fee Applied; and • Date Purchase was invoiced/sale was recognized as revenue by Supplier. B. ADMINISTRATIVE FEE. In consideration for the support and services provided by Sourcewell, the Supplier will pay an administrative fee to Sourcewell on all Equipment, Products, and Services provided to Participating Entities. The Administrative Fee must be included in, and not added to, the pricing. Supplier may not charge Participating Entities more than the contracted price to offset the Administrative Fee. The Supplier will submit payment to Sourcewell for the percentage of administrative fee stated in the Proposal multiplied by the total sales of all Equipment, Products, and Services purchased by Participating Entities under this Contract during each calendar quarter. Payments should note the Supplier’s name and Sourcewell-assigned contract number in the memo; and must be mailed to the address above “Attn: Accounts Receivable” or remitted electronically to Sourcewell’s banking institution per Sourcewell’s Finance department instructions. Payments must be received no later than 45 calendar days after the end of each calendar quarter. Supplier agrees to cooperate with Sourcewell in auditing transactions under this Contract to ensure that the administrative fee is paid on all items purchased under this Contract. In the event the Supplier is delinquent in any undisputed administrative fees, Sourcewell reserves the right to cancel this Contract and reject any proposal submitted by the Supplier in any subsequent solicitation. In the event this Contract is cancelled by either party prior to the Contract’s expiration date, the administrative fee payment will be due no more than 30 days from the cancellation date.

  • Direct Costs The Contractor shall separately identify each item of deleted and added work associated with the change or other condition giving rise to entitlement to an equitable adjustment, including increases or decreases to unchanged work impacted by the change. For each item of work so identified, the Contractor shall propose for itself and, if applicable, its first two tiers of subcontractors, the following direct costs: (1) Material cost broken down by trade, supplier, material description, quantity of material units, and unit cost (including all manufacturing burden associated with material fabrication and cost of delivery to site, unless separately itemized); (2) Labor cost broken down by trade, employer, occupation, quantity of labor hours, and burdened hourly labor rate, together with itemization of applied labor burdens (exclusive of employer’s overhead, profit, and any labor cost burdens carried in employer’s overhead rate); (3) Cost of equipment required to perform the work, identified with material to be placed or operation to be performed; (4) Cost of preparation and/or revision to shop drawings and other submittals with detail set forth in paragraphs (e)(1) and (e)(2) of this clause; (5) Delivery costs, if not included in material unit costs; (6) Time-related costs not separately identified as direct costs, and not included in the Contractor’s or subcontractors’ overhead rates, as specified in paragraph