This form provides that when Operator, in good faith, believes or determines that the actual costs for any Drilling, Reworking, Sidetracking, Deepening, or Plugging Back operation conducted under this Agreement will exceed a designated of the costs estimated for the operation on the approved AFE, the Operator will give prompt notice by telephone to the other Parties participating in the operation, as well as delivering a supplemental AFE estimating the costs necessary to complete the operation. Each Party receiving the supplemental AFE shall have forty-eight from receipt of the notice to elect to approve Operators recommendation or propose an alternative operation.
Pennsylvania Cost Overruns for Non-Operator's Non-Consent Option
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FAQ
The best way to stop cost overrun is to plan against it before executing a project. The more thorough and accurate your estimates, the more likely you'll stay within budget. The project risks can be accounted for with an exhaustive risk management plan.
Here're some pointers to help you stay within your budget and avoid project cost overruns: Effective project planning. ... Exercise caution while dealing with vendors. ... Keep scope creep in check and maximize your resources. ... Use a project management software solution. ... Maintain an open line of communication.
Cost overrun is an unexpected change in the project budget that ends up increasing the total project cost. It can happen due to three primary reasons: Economic factors that occur due to inaccuracies in project budget or scope. Technical reasons, including erroneous estimates or incorrect data gathering.
Cost overrun is simply defined as the difference between the final actual cost of a construction project at completion and the contract amount, agreed by and between the owner and the contractor during signing of the contract.
The answer might seem trivial: a cost overrun refers to the situation where the actual cost is higher than the original estimate.
A cost overrun, also known as a cost increase or budget overrun, involves unexpected incurred costs. When these costs are in excess of budgeted amounts due to a value engineering underestimation of the actual cost during budgeting, they are known by these terms.
