Implementing compensation events Clause Samples

Implementing compensation events. (a) A compensation event is implemented when: (i) the Superintending Officer notifies the Contractor of the acceptance of the Contractor's quotation; (ii) the Superintending Officer notifies the Contractor of an assessment made by the Superintending Officer; or (iii) a Contractor's quotation is deemed as accepted by the Superintending Officer pursuant to sub-clause 32.4(d). (b) When a compensation event is implemented, the Contract Sum and/or the Time for Completion are changed accordingly, and (i) any change to the Contract Sum including any amount thereon shall be included/incorporated in interim certificates issued by the Superintending Officer pursuant to Clause 42; (ii) any change to the Time for Completion shall be notified by the Superintending Officer to the Contractor in a certificate (hereinafter referred to as the “Certificate of Extension of Time”), a copy of which shall also be extended to: (1) the Employer; and (2) where it involves a Nominated Sub-Contractor or Nominated Supplier (if Option Module C applies) then to the said Nominated Sub-Contractor or Nominated Supplier. (c) The Superintending Officer may revise his assessment of Time for Completion of an implemented compensation event made by extending the Time for Completion at any time prior to the issuance of the Final Certificate under Clause 42.8 if in his opinion, the granting of such is fair and reasonable. (d) The assessment of an implemented compensation event is not revised except as stated in the Conditions 33.1 Exclusive Use for the Works (a) All Construction Plant, Temporary Works, Equipment, materials and goods provided by the Contractor shall, when brought on to the Site, be deemed to be exclusively intended for the execution of the Works. (b) The Contractor shall not without the written consent of the Superintending Officer remove such Construction Plant, Temporary Works, Equipment, materials or goods or any part of the same except for the purpose of moving it within the Site. Provided that the consent of the Superintending Officer shall not be required for vehicles engaged in transporting any staff, labour, Construction Plant, Equipment, materials or goods to and from the Site.
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Implementing compensation events. 66.2 In line 1 after “the Prices,” insert “the Task Completion Date,” Amend the Schedule of Cost Components as follows: Delete the entire Schedule of Cost Components and insert “Not used” Amend the first sentence of the first paragraph as follows: In line 1 after “Option A” insert “or Option C” Amend the definition of Subcontractors as follows: Delete clause 21 and insert “Payments to Subcontractors for work which is subcontracted without taking into account any amounts paid to or retained from the Subcontractor by the Consultant, which would result the in the Client paying or retaining the amount twice.
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Related to Implementing compensation events

  • Compensation Events 44.1 The following are Compensation Events unless they are caused by the Contractor: (a) The Employer does not give access to a part of the Site by the Site Possession Date stated in the Contract Data. (b) The Employer modifies the schedule of other contractors in a way which affects the work of the contractor under the contract. (c) The Engineer orders a delay or does not issue drawings, specifications or instructions required for execution of works on time. (d) The Engineer instructs the Contractor to uncover or to carry out additional tests upon work which is then found to have no Defects. (e) The Engineer unreasonably does not approve for a subcontract to be let. (f) Ground conditions are substantially more adverse than could reasonably have been assumed before issuance of Letter of Acceptance from the information issued to Bidders (including the Site Investigation Reports), from information available publicly and from a visual inspection of the Site. (g) The Engineer gives an instruction for dealing with an unforeseen condition, caused by the Employer, or additional work required for safety or other reasons. (h) Other contractors, public authorities, utilities or the Employer does not work within the dates and other constraints stated in the Contract, and they cause delay or extra cost to the Contractor. (i) The advance payment is delayed. (j) The effect on the Contractor of any of the Employer’s Risks. (k) The Engineer unreasonably delays issuing a Certificate of Completion. (l) Other Compensation Events listed in the Contract Data or mentioned in the Contract. 44.2 If a Compensation Event would cause additional cost or would prevent the work being completed before the Intended Completion Date, the Contract Price shall be increased and/or the Intended Completion Date is extended. The Engineer shall decide whether and by how much the Contract Price shall be increased and whether and by how much the Intended Completion Date shall be extended. 44.3 As soon as information demonstrating the effect of each Compensation Event upon the Contractor's forecast cost has been provided by the Contractor, it is to be assessed by the Engineer and the Contract Price shall be adjusted accordingly. If the Contractor's forecast is deemed unreasonable, the Engineer shall adjust the Contract Price based on Engineer’s own forecast. The Engineer will assume that the Contractor will react competently and promptly to the event. 44.4 The Contractor shall not be entitled to compensation to the extent that the Employer's interests are adversely affected by the Contractor not having given early warning or not having cooperated with the Engineer.

  • Additional Compensation Notwithstanding anything in this Memorandum of Understanding to the contrary when in the judgment of the Board, it becomes necessary or desirable to utilize the services of County employees in capacities other than those for which they are regularly employed, the Board may authorize and, if appropriate, fix an additional rate of compensation for such employees.

  • Underwriting Compensation Determination and Cap The maximum amounts set forth in clauses (a) and (c) above are considered underwriting compensation pursuant to FINRA Rule 5110. A portion of the amounts payable by Masterworks pursuant to clause (b) above along with any amounts paid or payable by Masterworks or Client or any of their respective affiliates to ((or benefits paid in respect of) any related person of the Co-Managers is generally deemed to be underwriting compensation. Any such amounts shall be allocated to the Offering and other related offerings in a manner deemed to be reasonable and appropriate by each of the Co-Managers, consistent with FINRA rules and regulations to determine underwriting compensation relating to the Offering. To the extent such allocation would be determined to result in maximum underwriting compensation being equal to or in excess of 10% of the aggregate gross offering proceeds, the Parties will adjust the provisions of this Agreement or the Client will adjust the terms of employment of persons affiliated with either of the Co-Managers in such manner as is reasonable and necessary to ensure that aggregate underwriting compensation does not equal or exceed 10% of the aggregate gross offering proceeds. The total amount of all items of compensation from any source payable to underwriters, broker-dealers, or affiliates thereof will not exceed ten percent (10%) of the gross proceeds of the offering.

  • Supplemental Compensation Pursuant to Section 7 of the Agreement, Supplemental Compensation is payable as follows.

  • Reporting Subawards and Executive Compensation a. Reporting of first-tier subawards.