LIMITATION OF FUNDS CLAUSE
\lˌɪmɪtˈe͡ɪʃən ɒv fˈʌndz klˈɔːz], \lˌɪmɪtˈeɪʃən ɒv fˈʌndz klˈɔːz], \l_ˌɪ_m_ɪ_t_ˈeɪ_ʃ_ə_n ɒ_v f_ˈʌ_n_d_z k_l_ˈɔː_z]\
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Cost-reimbursement' type contract requirement for reporting significant overrun possibility on the funds available from the principal or customer, Notification is made by the project contractor or manager. If significantly lower cost is expected, the report may be issued.
By Henry Campbell Black
Word of the day
dust storm
- a windstorm that lifts up clouds of dust or sand a windstorm that lifts up clouds dust or sand; "it was the kind of duster not experienced in years"