On Award of Contract Clause Samples

The 'On Award of Contract' clause defines the actions and obligations that become effective immediately upon the formal granting of a contract to a party. Typically, this clause outlines steps such as the commencement of work, submission of required documentation, or provision of performance guarantees by the contractor. Its core practical function is to ensure a clear and orderly transition from contract award to project execution, minimizing delays and misunderstandings at the outset of the contractual relationship.
On Award of Contract. Following the award of the contract for the construction of the Project, the Engineer shall recalculate his/her fee on the basis of the tender quantities and prices on which the contract for the construction of the Project was awarded, plus the estimated cost of materials and other services supplied by the Client and upon such recalculation, the amount paid to the Engineer shall be adjusted to equal the full amount of the recalculated fee including the repayment by the Engineer of any overpayment made to the Engineer.
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On Award of Contract. Following the award of the contract for the construction of the Project, the Consultant shall recalculate his fee on the basis of the tender quantities and prices on which the contract for the construction of the Project was awarded, plus the estimated cost of materials and other services supplied by the Client and upon such recalculation, the amount paid to the Consultant shall be adjusted to equal the full amount of the recalculated fee including the repayment by the Consultant of any overpayment made to the Consultant.
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Related to On Award of Contract

  • Award of Contract Date of conclusion of the contract V.2.2) Information about tenders

  • – AWARD OF CONTRACTS II.9.1 If the beneficiaries have to conclude contracts in order to carry out the action and they constitute costs of the action under an item of eligible direct costs in the estimated budget, they shall award the contract to the bid offering best value for money; in doing so, they shall take care to avoid any conflict of interests. II.9.2 Contracts as referred to in paragraph 1 may be awarded only in the following cases: a) they may only cover the execution of a limited part of the action; b) recourse to the award of contracts must be justified having regard to the nature of the action and what is necessary for its implementation; c) the tasks concerned must be set out in Annex I and the corresponding estimated costs must be set out in detail in the budget in Annex II; d) any recourse to the award of contracts while the action is under way, if not provided for in the initial grant application, shall be subject to prior written authorisation by the Commission; e) the beneficiaries shall retain sole responsibility for carrying out the action and for compliance with the provisions of the agreement. The beneficiaries must undertake to make the necessary arrangements to ensure that the contractor waives all rights in respect of the Commission under the agreement; f) the beneficiaries must undertake to ensure that the conditions applicable to them under ▇▇▇▇▇▇▇▇ ▇▇.▇, ▇▇.▇, ▇▇.▇, ▇▇.▇, ▇▇.▇, ▇▇.▇, II.10 and II.20 of the agreement are also applicable to the contractor.

  • Conditions for Award of Contract The Borrower shall not award any Works contract which involves environmental impacts until:

  • Performance Award You are hereby awarded, on the Grant Date, a Performance Award with a target value of [AMOUNT].

  • Performance Share Award If your Award includes a Performance Share Award, and you voluntarily terminate your employment prior to the end of the Performance Period, you will forfeit your entire Performance Share Award.