Common use of Project Savings Clause in Contracts

Project Savings. The term “Project Savings” means and refers to the amount by which the total costs and expenses required to be paid by Bristol under the Construction Agreements for the Project Improvements Work is less than the Project Budget. Subject to the terms of Section 8(c) below, any such Project Savings shall, within forty five (45) days after Final Completion of the Project Improvements Work, be retained by or paid to Bristol. For avoidance of doubt, Bristol shall be entitled to recoup any remaining funds in the Project Accounts that result from Project Savings after the completion of the Project Improvements Work up to the amount of the Bristol Contribution. Any remaining funds above that amount will be retained by or paid to the Authority.