Reduction of Project Cost Clause Samples

The 'Reduction of Project Cost' clause allows for adjustments to the overall budget or expenses associated with a project, typically in response to changes in scope, materials, or other cost-saving measures. This clause may specify procedures for identifying potential savings, require approval from relevant parties before implementing reductions, and outline how the savings are to be shared or allocated. Its core practical function is to provide a structured mechanism for lowering project costs while maintaining transparency and agreement among stakeholders, thereby helping to control expenses and prevent disputes over budget changes.
Reduction of Project Cost. Notwithstanding any provision herein to the contrary, in the event it is necessary for the Owner to require changes in the final plan of the Project to enable it to the reduce the construction cost of the Project to an amount within the sum estimated by the Engineer, the Engineer will be required to make such revisions or changes. These changes will only be considered additional services by the Engineer, if the Engineer previously provided these same changes as options to the Owner at the stage of preliminary work or prior to the approval of the final plan for the Project, and the option or options were not selected or approved by the Owner to be incorporated into the final plan of the Project. Payment for these additional services will then be made to the Engineer in accordance with Article 8 hereof and Owner and Engineer shall execute a Supplemental Agreement setting forth such terms. If the Engineer failed to provide these changes as an option or options to the Owner at the stage of preliminary work or prior to the approval of the final plan of the Project, these changes will not be considered additional work and no additional compensation will be made to the Engineer.
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Reduction of Project Cost. Notwithstanding any provision herein to the contrary, in the event it is necessary for the County to require changes in the final plan of the Project to enable it to the reduce the construction cost of the Project to an amount within the sum estimated by the Architect, the Architect will be required to make such revisions or changes. These changes will only be considered additional work by the Architect, if the Architect previously provided these same changes as options to the County at the stage of preliminary work or prior to the approval of the final plan for the Project, and the option or options were not selected or approved by the County to be incorporated into the final plan of the Project. Payment for this additional work will then be made to the Architect in accordance with Article 9 hereof. If the Architect failed to provide these changes as an option or options to the County at the stage of preliminary work or prior to the approval of the final plan of the Project, these changes will not be considered additional work and no additional compensation will be made to the Architect.
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Reduction of Project Cost. Notwithstanding any provision herein to the contrary, in the event it is necessary for the Owner to require changes in the final plan of the Project to enable it to the reduce the construction cost of the Project to an amount within the sum estimated by the Construction Manager, the Construction Manager if requested in writing by the Owner will be required to make such revisions or changes. These changes will only be considered additional work by the Construction Manager, if the Construction Manager previously provided these same changes as options to the Owner at the stage of preliminary work or prior to the approval of the final plan for the Project, and the option or options were not selected or approved by the Owner to be incorporated into the final plan of the Project. Payment for this additional work will then be made to the Construction Manager in accordance with Article 9 hereof. If the Construction Manager failed to provide these changes as an option or options to the Owner at the stage of preliminary work or prior to the approval of the final plan of the Project, these changes will not be considered additional work and no additional compensation will be made to the Construction Manager.
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Reduction of Project Cost a. City Contingency Budgets – Upon final completion of the PROJECT, the CITY’s SAB and TSSAB shall be reduced by the total remaining balance in each respective budget. b. Upon final completion of the PROJECT and if the PROJECT is completed for a total cost that is less than the GMP, the ▇▇▇▇ agrees to reduce the total cost of the PROJECT, as follows:
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Reduction of Project Cost. Notwithstanding any provision herein to the contrary, in the event it is necessary for the Owner to require changes in the final plan of the Project to enable it to reduce the construction cost of the Project to an amount within the sum estimated by the Engineer for Construction Material and Geotechnical Testing Services, the Engineer, if requested in writing by the Owner, will be required to make such revisions or changes. These changes will only be considered additional work by the Engineer for Construction Material and Geotechnical Testing Services, if the Engineer previously provided these same changes as options to the Owner at the stage of preliminary work or prior to the approval of the final plan for the Project, and the option or options were not selected or approved by the Owner to be incorporated into the final plan of the Project. Payment for this additional work will then be made to the Engineer in accordance with Article 9 hereof. If the Engineer for Construction Material and Geotechnical Testing Services fails to provide these changes as an option or options to the Owner at the stage of preliminary work or prior to the approval of the final plan of the Project, these changes will not be considered additional work and no additional compensation will be made to the Engineer.
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Reduction of Project Cost. Notwithstanding any provision herein to the contrary, in the event it is ▇▇▇▇▇▇ ENGINEERING, LLC. Contract No. C-20-187-06-16 Project Specific-“Remodel and Repair for Modular ▇▇▇▇”- ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ Precinct No. 4
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Reduction of Project Cost. Notwithstanding any provision herein to the contrary, in the event it is Alpha Infrastructure Engineering, PLLC Contract No. C-19-257-09-24 (On Call) - “Road and Bridge, C.I.P. and Other Projects in General” ▇▇▇▇▇▇▇ County Precinct No. 1
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Related to Reduction of Project Cost

  • Project Cost An updated cost spreadsheet reflecting the current forecasted cost vs. the latest approved budget vs. the baseline budget should be included in this section. One way to track project cost is to show: (1) Baseline Budget, (2) Latest Approved Budget, (3) Current Forecasted Cost Estimate, (4) Expenditures or Commitments to Date, and (5) Variance between Current Forecasted Cost and Latest Approved Budget. Line items should include all significant cost centers, such as prior costs, right-of-way, preliminary engineering, environmental mitigation, general engineering consultant, section design contracts, construction administration, utilities, construction packages, force accounts/task orders, wrap-up insurance, construction contingencies, management contingencies, and other contingencies. The line items can be broken-up in enough detail such that specific areas of cost change can be sufficiently tracked and future improvements made to the overall cost estimating methodology. A Program Total line should be included at the bottom of the spreadsheet. Narratives, tables, and/or graphs should accompany the updated cost spreadsheet, basically detailing the current cost status, reasons for cost deviations, impacts of cost overruns, and efforts to mitigate cost overruns. The following information should be provided:

  • Construction of Project 11.1.1 Developer agrees to cause the Project to be developed, constructed, and installed in accordance with the terms hereof and the Construction Provisions set forth in Exhibit D, including those things reasonably inferred from the Contract Documents as being within the scope of the Project and necessary to produce the stated result even though no mention is made in the Contract Documents.

  • 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.

  • Project Cost Overruns In the event that the Recipient determines that the moneys granted pursuant to Section II hereof, together with the Local Subdivision Contribution, are insufficient to pay in full the costs of the Project, the Recipient may make a request for supplemental assistance to its District Committee. The Recipient must demonstrate that such funding is necessary for the completion of the Project and the cost overrun was the result of circumstances beyond the Recipient's control, that it could not have been avoided with the exercise of due care, and that such circumstances could not have been anticipated at the time of the Recipient's initial application. Should the District Committee approve such request the action shall be recorded in the District Committee's official meeting minutes and provided to the OPWC Director for the execution of an amendment to this Agreement.

  • Completion of Project This Grant Agreement shall terminate upon completion of the project and payment of the last invoice.