Common use of Closing and Final Payment Terms Clause in Contracts

Closing and Final Payment Terms. (1) Pre-Closing Walk Through and Punch List. (a) At or near Substantial Completion (as defined below) of any Work, or otherwise at Contractor’s discretion and request, Buyer shall engage in a “Pre-Closing Walk Through” with Contractor. The Parties will, in the exercise of good faith and reasonableness, mutually prepare a “Punch List” of Work and items that are incomplete or deficient. Thereafter, Contractor will, weather conditions and labor/materials permitting, use reasonable efforts to complete and remedy all items noted on the Punch List. Notwithstanding the foregoing, Contractor has no obligation to complete or remedy items on the Punch List that Contractor disputes. (b) No portion of the Contract Price shall be held back to secure completion of any or all items set forth on the Punch List. If Xxxxx holds back or attempts to hold back any part of the Contract Price based upon remaining Punch List items, Buyer will be in material breach of the Agreement and Contractor will cease all Work unless and until Buyer’s breach is cured. (c) Contractor, in its sole discretion, may agree in writing that a portion of the Final Payment may be escrowed with Contractor’s escrow agent until the Punch List is fully completed, with such portion not exceeding 100% of Contractor’s estimated value of such remaining Punch List work, however, Buyer expressly acknowledges and agrees that Contractor is under no obligation to agree to any amounts being escrowed due to Punch List work.

Closing and Final Payment Terms. (1) Pre-Closing Walk Through and Punch List. (a) At or near Substantial Completion (as defined below) of any Work, or otherwise at Contractor’s discretion and request, Buyer shall engage in a “Pre-Closing Walk Through” with Contractor. The Parties will, in the exercise of good faith and reasonableness, mutually prepare a “Punch List” of Work and items that are incomplete or deficient. Thereafter, Contractor will, weather conditions and labor/materials permitting, use reasonable efforts to complete and remedy all items noted on the Punch List. Notwithstanding the foregoing, Contractor has no obligation to complete or remedy items on the Punch List that Contractor disputes. (b) No portion of the Contract Price shall be held back to secure completion of any or all items set forth on the Punch List. If Xxxxx Buyer holds back or attempts to hold back any part of the Contract Price based upon remaining Punch List items, Buyer will be in material breach of the Agreement and Contractor will cease all Work unless and until Buyer’s breach is cured. (c) Contractor, in its sole discretion, may agree in writing that a portion of the Final Payment may be escrowed with Contractor’s escrow agent until the Punch List is fully completed, with such portion not exceeding 100% of Contractor’s estimated value of such remaining Punch List work, however, Buyer expressly acknowledges and agrees that Contractor is under no obligation to agree to any amounts being escrowed due to Punch List work.

Closing and Final Payment Terms. (1) Pre-Closing Walk Through and Punch List. (a) At or near Substantial Completion (as defined below) of any Work, or otherwise at Contractor’s discretion and request, Buyer shall engage in a “Pre-Closing Walk Through” with Contractor’s Warranty Administrator. Owner shall communicate solely and directly with Contractor’s Warranty Administrator in regard to the Pre-Closing Walk Through and any Punch List work. The Parties will, in the exercise of good faith and reasonableness, mutually prepare a “Punch List” of Work and items that are incomplete or deficient. Thereafter, Contractor will, weather conditions and labor/materials permitting, use reasonable efforts to complete and remedy all items noted on the Punch List. Notwithstanding the foregoing, Contractor has no obligation to complete or remedy items on the Punch List that Contractor disputes. (b) No portion of the Contract Price shall be held back to secure completion of any or all items set forth on the Punch List. If Xxxxx holds back or attempts to hold back any part of the Contract Price based upon remaining Punch List items, Buyer will be in material breach of the Agreement and Contractor will cease all Work unless and until Buyer’s breach is cured. (c) Contractor, in its sole discretion, may agree in writing that a portion of the Final Payment may be escrowed with Contractor’s escrow agent until the Punch List is fully completed, with such portion not exceeding 100% of Contractor’s estimated value of such remaining Punch List work, however, Buyer expressly acknowledges and agrees that Contractor is under no obligation to agree to any amounts being escrowed due to Punch List work.