Maximum Sum Clause Samples
The Maximum Sum clause sets a cap on the total amount of liability or compensation that one party may be required to pay under a contract. In practice, this means that regardless of the number or nature of claims made, the responsible party's financial exposure is limited to a specified maximum amount, such as a fixed dollar value or a percentage of the contract price. This clause is essential for managing risk, as it provides certainty and predictability for both parties by preventing unlimited financial liability.
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Maximum Sum. 1.1 RSSB shall pay to the Contractor up to a Maximum Sum of £<<Insert Figure) (insert number in words pounds) in consideration of the Work.
1.2 RSSB shall not pay any costs howsoever arising in excess of the Maximum Sum stated above. The Contractor shall be responsible for any cost incurred in carrying out the Work in excess of the said Maximum Sum.
Maximum Sum. 4.5.1 Homes England may reduce the Maximum Sum by such amount as it determines appropriate:-
(a) In the event that the Applicant receives and/or accepts an offer of any other funding and/or finance which relates to any part of the Qualifying Expenditure which the Funding is financing, which shall include without limitation:
(i) any other public sector finance; or
(ii) any amount recovered pursuant to any litigation and/or claim relating to the design and construction of the Building and/or manufacture of any part or parts of the Building or any components used and installed at the Building which impose a life safety fire risk or any litigation and/or claim relating to the specification and installation of the same on the Building.
(b) if the Qualifying Expenditure incurred by the Applicant is lower than the Maximum Sum; or
(c) where the warranty at clause 3.4.5 has been breached.
4.5.2 In the event that the Applicant receives and/or accepts an offer of any other funding and/or finance which relates to the Project (which shall include without limitation the types of funding/finance referred to in clause 4.5.1(a)(i) and/or (ii)), the Applicant shall advise Homes England as soon as reasonably practicable.
4.5.3 In the event that the:
(i) Consents require a change in the Works or the Works on Site reveal that the required Works on any Building are more extensive than that set out in the Works Contracts; and
(ii) value of Qualifying Expenditure exceeds the Maximum Sum,
Maximum Sum. The CPCA may vary the Maximum Sum by an amount determined by the CPCA: -
4.6.1 if the Qualifying Expenditure incurred by the Applicant is lower than the Maximum Sum; or
4.6.2 if it appears to the CPCA that the Applicant no longer requires any further Funding for the delivery of the Project.
Maximum Sum. During the term of this Agreement, and for each one-year extension exercised by County, the maximum obligation of County for all services provided hereunder shall not exceed One Hundred Thousand Dollars ($100,000) annually. The sum of such annual expenditures for the duration of this Agreement and all extensions shall not exceed Five Hundred Thousand Dollars ($500,000).
Maximum Sum. The Agency may vary the Maximum Sum by an amount determined by the Agency:- If the Applicant or any Contractor receives or accepts an offer of any other funding or Public Sector Financial Assistance or guarantees; or if the Applicant receives any Receipts; or if the Agency expends any further sums towards the Works directly; or where Qualifying Expenditure incurred in the Funding Year is lower than the Maximum Sum; or if it appears to the Agency that the Applicant no longer requires any further Funding for the delivery of the Project. 5THE APPLICANT'S DELIVERY OBLIGATIONS The Applicant will procure that the Project commences by the Project Start Date and that (once commenced) it is carried out and completed in a good and workmanlike manner and (subject to Force Majeure) by the Target Date of Practical Completion (but in any event by the Project Longstop Date). The Applicant will notify the Agency within 15 Working Days of the date on which the relevant Works commence(d) on the Site and the Date of Practical Completion. The Applicant will procure that each Contractor complies with its Works Contract(s) and the Applicant will enforce the terms of the Works Contracts at all times. The Applicant shall take all reasonable steps to satisfy the Agency that its procurement policies and procedures in relation to employees, suppliers and sub‑contractors (including, but not limited to, the Contactors) are suitable and competent in all respects to allow the proper performance of all work or tasks in relation to the Project. The Applicant will notify the Agency of the identity of each Contractor and any other Project partners within 10 Working Days of commencement of their involvement, and will keep the Agency informed of any change to such parties.
Maximum Sum. The Agency may vary the Maximum Sum by an amount determined by the Agency:- If the Applicant or any Contractor receives or accepts an offer of any other funding or Public Sector Financial Assistance or guarantees; or if the Applicant receives any Receipts; or if the Agency expends any further sums towards the Works directly; or where Qualifying Expenditure Committed in the Funding Year is lower than the Maximum Sum; or if it appears to the Agency that the Applicant no longer requires any further Funding for the delivery of the Project.