Unallocated Contingency Clause Samples

The Unallocated Contingency clause establishes a reserve fund within a project budget to cover unforeseen costs that are not specifically assigned to any particular category or risk. In practice, this clause allows for a portion of the overall budget to be set aside and accessed only when unexpected expenses arise that cannot be addressed by other contingency allocations. Its core function is to provide financial flexibility and ensure that the project can continue smoothly even when unanticipated issues occur, thereby reducing the risk of budget overruns and project delays.
Unallocated Contingency. CHSRA will allocate a portion of the Project budget as unallocated contingency consistent with the CHSRA Contingency Management Plan submitted to FRA for review and comment. CHSRA will update the Contingency Management Plan quarterly. CHSRA will complete all Tasks in this Agreement according to the following schedule and the detailed schedule which is on file with FRA. The detailed Project Schedule is the CHSRA’s master schedule for the Tasks in this Agreement and is independent of the various FCS Design- Build contractors’ detailed project schedules. The detailed Project Schedule will be organized in the format of the WBS reviewed by FRA in Task 5 and be consistent with the phases of Project development. This schedule will indicate a detailed breakdown of Project activities within the WBS, the duration of each activity, the earliest date each activity could commence, predecessor and successor activities, and clearly indicate schedule float. CHSRA will provide FRA with quarterly updates to the detailed Project schedule for review and comment. Task 5: Program, Project, FCS CN Management 7-1-2012 12-31-2022 Start* Finish Task 6: Real Property Acquisition 7-1-2011 3-31-2022 Task 7: Early Works (N/A) Task 8: Final Design and Construction Contract Work (CP1-CP5) 4-1-2012 12-31-2022 Task 9: Project Reserve (Throughout) 12-31-2022 Task 10: Unallocated Contingency (Throughout) 12-31-2022 *These start dates are the same as in the ARRA grant for consistency. The dates showing when CHSRA proposes to expend FY10 funding are reflected in the detailed Project schedule. CHSRA will provide Project receipts and documents as required by FRA. CHSRA will obtain documentation of materials, payrolls and work performed, invoices and receipts, etc., during the Program from contractors and consultants as conditions of payment. These will be submitted or made available to FRA as required. The total amount of federal funding and Grantee matching cash contribution provided under this Agreement is $1,288,425,000, $1,021,400,000 from the December 2010 award and $267,025,000 from the May 2011 award. Of the total amount FRA will contribute no more than $928,620,000 and CHSRA will contribute not less than $359,805,000. Of the December 2010 award, FRA shall contribute up to 70% but no more than $715,000,000 and CHSRA will contribute not less than 30% or $306,400,000 Of the May 201l award FRA shall contribute up to 80% but no more than $213,620,000 and CHSRA will contribute not less than 20...
View SourceView Similar (3)
Unallocated Contingency. CHSRA has allocated 5% of the Project budget as unallocated contingency. The management and use of contingency funds will be described in a Contingency Management Plan that will be prepared as part of the updated Program Management Plan. The initial construction section in the Central Valley funded with ARRA money defined as Fresno to Bakersfield (▇▇▇▇ County) will be completed, and all reimbursable expenses per this Agreement will have been submitted and approved by FRA by September 2017 consistent with Section 8 of Attachment 1B. A detailed schedule outlining additional milestones for the initial construction section is on file with FRA. Start Finish
View SourceView Similar (2)
Unallocated Contingency. Contingency Management Plan (CMP) ▇▇-▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇▇ Updates Quarterly To the extent any of foregoing schedule tasks or associated deliverables cannot be completed until associated environmental review is completed, FRA and CHSRA agree to modify the schedule by Amendment to this Agreement. CHSRA will provide Project receipts and documents as required by FRA. CHSRA will obtain documentation of materials, payrolls and work performed, invoices and receipts, etc., during the Program from contractors and consultants as conditions of payment. These will be submitted or made available to FRA as required. The total estimated cost of the Project is $5,058,327,462. The total estimated cost for activities in Attachment 3 and the activities in Attachment 3A excluding Task 8.1 is $4,950,325,462 of which FRA will contribute an estimated 50% but not more than $2,466,176,231. The total estimated cost of Attachment 3A, Task 8.1 is $107,975,000 for which FRA will contribute an estimated 80% but not more than $86,380,000.13 Any additional expense required beyond that 13 Because the Grantee contribution is different, the funding has been split into Tasks 8 and 8.1 to facilitate tracking the appropriate contribution and any associated requirements. provided in this statement of work shall be borne by CHSRA. A cost summary by task is shown below and a detailed budget is on file with FRA. These are estimates only and cover work that will be required regardless of the specific facilities and horizontal/vertical alignments for the Central Valley portion of the CHSTP CHSRA and FRA ultimately select. Task 5: Design/Build Program Management $333,526,830.00 $333,526,831.00 $0.00 $667,053,661.00 Task 6: Real Property Acquisition $165,109,906.00 $161,109,906.00 $6,000,000.00 $332,219,812.00 Task 7: Early Work Program $125,612,570.00 $125,612,569.00 $0.00 $251,225,139.00 Task 8: Design/Build Contract Work $1,455,774,423.00 $1,455,774,423.00 $0.00 $2,911,548,846.00 8.1 Design/Build Contract Work – May 2011 ARRA Funds $86,380,000 $21,595,000 $0.00 $107,975,000 Task 10: Unallocated Contingency $46,629,249.00 $117,456,991.00 $0.00 $164,086,240.00 CHSRA will perform all tasks required for the Project including necessary coordination with all involved Federal and State agencies, local governments, and all railroad owners and operators and stakeholders using processes already in place. CHSRA’s project coordination process is based on ongoing practice, executed Memoranda of Understanding and ot...
View SourceView Similar (2)
Unallocated Contingency. Without the prior written consent of the Administrative Agent, the Borrowers shall not allocate amounts of the Unallocated Contingency Balance to other Line Items in the Construction Component of the Budget if such allocation causes the remaining Unallocated Contingency Balance to be less than the Required Minimum Contingency. The Borrowers shall submit a monthly detailed written report to the Construction Consultant stating all uses of the Contingency by the Borrowers during the month covered by the report.
View Source
Unallocated Contingency. 12 The Plans associated with Early Works activities covered by this Agreement will be updated periodically to reflect implementation progress. Task Description Delivery Date Contingency Management Plan (CMP) ▇▇-▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇▇ Updates Quarterly To the extent any of foregoing schedule tasks or associated deliverables cannot be completed until associated environmental review is completed, FRA and CHSRA agree to modify the schedule by Amendment to this Agreement. PROJECT ADMINISTRATION CHSRA will provide Project receipts and documents as required by FRA. CHSRA will obtain documentation of materials, payrolls and work performed, invoices and receipts, etc., during the Program from contractors and consultants as conditions of payment. These will be submitted or made available to FRA as required. PROJECT BUDGET The total estimated cost of the Project is $5,058,327,462. The total estimated cost for activities in Attachment 3 and the activities in Attachment 3A excluding Task 8.1 is $4,950,352,462 of which FRA will contribute an estimated 50% but not more than $2,466,176,231. The total estimated cost of Attachment 3A, Task 8.1 is $107,975,000 for which FRA will contribute an estimated 80% but not more than $86,380,000.13 Any additional expense required beyond that provided in this statement of work shall be borne by CHSRA. A cost summary by task is shown below and a detailed budget is on file with FRA. These are estimates only and cover work that will be required regardless of the specific facilities and horizontal/vertical alignments for the Central Valley portion of the CHSTP CHSRA and FRA ultimately select. Cost Summary Task Description Federal State Local Total Task 5: Design/Build Program Management $333,526,830.00 $333,526,831.00 $0.00 $667,053,661.00 Task 6: Real Property Acquisition $165,109,906.00 $161,109,906.00 $6,000,000.00 $332,219,812.00 Task 7: Early Work Program $125,612,570.00 $125,612,569.00 $0.00 $251,225,139.00 Task 8: Design/Build Contract Work 13 Because the Grantee contribution is different, the funding has been split into Tasks 8 and 8.1 to facilitate tracking the appropriate contribution and any associated requirements. $1,455,774,423.00 $1,455,774,423.00 $0.00 $2,911,548,846.00 8.1 Design/Build Contract Work – May 2011 ARRA Funds $86,380,000 $21,595,000 $0.00 $107,975,000 Task 9: Project Reserves Task 10: Unallocated Contingency $46,629,249.00 $117,456,991.00 $0.00 $164,086,240.00 TOTAL $2,321,056,231 $2,252,271,231 $6,000,000 $4,579,327...
View Source
Unallocated Contingency. This programme contains an unallocated contingency of 0,3 M€ that can be made available to Lithuania, as needed, on the basis of an Exchange of Letters between the European Commission and the Government of Lithuania. The unallocated amount can be made available, in particular, in view of any needs arising to fund the completion of Community-funded activities linked to the installation of a Diverse Second Shutdown System (DSS) in Unit 2 of the Ignalina NPP. The DSS project is currently being implemented through the following three PHARE-funded projects: (1) Installation of the DSS – main contract, whose beneficiary is INPP; (2) Management support at INPP for the implementation of the DSS, and (3) TSO support to VATESI for the review and licensing of the DSS. The DSS is expected to be fully operational by July 2004. This period is essentially covered by the three projects above. Although this schedule is realistic, the installation of the system is extremely complex, and, therefore, the risk of a yet unforeseen problem emerging that can lead to delays in its implementation, cannot be ruled out. The contingency budget of 0,3 M€ seeks to hedge against any such risk that could jeopardise the complete implementation of this important system.
View Source

Related to Unallocated Contingency

  • Contingency If Buyer does not reveal a fact of contingency to the lender and this purchase does not record because of such nondisclosure after initial application, the Buyer shall be in default;

  • FUNDING CONTINGENCY a. In the event funding from state, federal, or other sources is withdrawn, reduced, or limited in any way after the effective date of this Contract and prior to completion of the work in this Contract, DCYF may: (1) Terminate this Contract with ten (10) days advance notice. If this Contract is terminated, the parties shall be liable only for performance rendered or costs incurred in accordance with the terms of this Contract prior to the effective date of termination; (2) Renegotiate the terms of the Contract under the new funding limitations and conditions; (3) After a review of project expenditures and deliverable status, extend the end date of this Contract and postpone deliverables or portions of deliverables; or (4) Pursue such other alternatives as the parties mutually agree to in writing. b. Any termination under this Section (FUNDING CONTINGENCY) shall be considered a Termination for Convenience.

  • BUDGET CONTINGENCY If the Budget Act of the current year covered under this Grant Agreement does not appropriate sufficient funds for this program, this Grant Agreement shall be of no force and effect. This provision shall be construed as a condition precedent to the obligation of the State to make any payments under this Grant Agreement. In this event, the State shall have no liability to pay any funds whatsoever to the Grantee or to furnish any other considerations under this Grant Agreement and the Grantee shall not be obligated to perform any provisions of this Grant Agreement. Nothing in this Grant Agreement shall be construed to provide the Grantee with a right of priority for payment over any other Grantee. If funding for any fiscal year after the current year covered by this Grant Agreement is reduced or deleted by the Budget Act, by Executive Order, or by order of the Department of Finance, the State shall have the option to either cancel this Grant Agreement with no liability occurring to the State, or offer a Grant Agreement amendment to the Grantee to reflect the reduced amount.

  • Construction Contingency The proposed GMP Change Order shall include, as a separately identified item, a Construction Contingency sum in an initial amount (subject to increase or decrease) against which Design-Builder can draw at its election for the purposes set forth in Section 4 Part 4. The initial Construction Contingency sum shall include the contingency amounts stated in all accepted Component Change Orders.

  • MORTGAGE CONTINGENCY A. This agreement is contingent upon Purchaser obtaining approval of a Conventional, FHA or VA (if FHA or VA, see attached required addendum) or mortgage loan of $ for a term of no more than years at an initial fixed or adjustable nominal interest rate not to exceed % (percent). Purchaser agrees to use diligent efforts to obtain said approval and shall apply for the mortgage loan within business days after the Seller has accepted this contract. Purchaser agrees to apply for such mortgage loan to at least one lending institution or licensed mortgage broker. Upon receipt of a written mortgage commitment or in the event Purchaser chooses to waive this mortgage contingency, Purchaser shall provide notice in writing to of Purchaser’s receipt of the mortgage commitment or of Purchaser’s waiving of this contingency. Upon receipt of such notice this contingency shall be deemed waived or satisfied as the case may be. In the event notice as called for in the preceding sentence has not been received on or before , , then either Purchaser or Seller may within five business days of such date terminate, or the parties may mutually agree to extend, this contract by written notice to . Upon receipt of termination notice from either party, and in the case of notice by the Purchaser, proof of Purchaser’s inability to obtain said mortgage approval, this agreement shall be cancelled, null and void, and all deposits made hereunder shall be returned to the Purchaser.