C2. to experience something, usually something unpleasant, as a result of actions you have taken: to incur debts/fines/bills.

What does costs will be incurred mean?

Incurred expenses have been charged or billed but are not yet paid. In other words, an expense incurred is the cost when an asset is consumed. A paid expense has been paid off by the company. For example, a company may have $550 in office supplies delivered to the office.

What is the meaning of on being incurred?

transitive verb. : to become liable or subject to : bring down upon oneself incur expenses.