Construction Contract; CM at Risk Sample Clauses

Construction Contract; CM at Risk. (i) The Authority shall enter into a Construction Contract with a CM at Risk in accordance with Applicable Law. The CM at Risk will be a nationally or internationally recognized CM at Risk experienced in the construction of professional sports and entertainment venues and related facilities of the nature contemplated by this Agreement. StadiumCo will only be responsible for the payment of obligations due under the Construction Contract in excess of the Authority Contribution Amount. (ii) The StadiumCo Parties, and such other Affiliates of the StadiumCo Parties as the Parties may agree, shall be third-party beneficiaries to the Construction Contract. (iii) The form of the Construction Contract and the Architect Agreement shall be acceptable to StadiumCo and the Authority, such acceptance not to be unreasonably withheld, conditioned, or delayed. The Authority agrees that completion of the Stadium Project Improvements Work on time is of great importance to StadiumCo and the Authority and that the parties will suffer damages in the event this work is not completed on time. (iv) The Parties agree that completion of the Stadium Project Improvements Work on time is of great importance to the StadiumCo Parties and that the StadiumCo Parties will suffer substantial damages in the event the Stadium Project Improvements Work is not completed on time. As such, the Parties agree that the Construction Contract with the CM at Risk shall contain a provision that if the Stadium Project Improvements Work is not substantially complete on or before the date(s) in the Construction Contract the CM at Risk agrees to compensate the Authority Parties and StadiumCo Parties through late delivery liquidated damages in an amount acceptable to the Authority Parties and StadiumCo Parties and to be set forth in the Construction Contract for each home game for which the Stadium is not available for the Team to play its home games, and to compensate other Parties through other liquidated damages as deemed appropriate by the Parties and set forth in the Stadium Construction Management Agreement.
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Related to Construction Contract; CM at Risk

  • Construction Contract; Cost Budget Prior to execution of a construction contract, Tenant shall submit a copy of the proposed contract with the Contractor for the construction of the Tenant Improvements, including the general conditions with Contractor (the “Contract”) to Landlord for its approval, which approval shall not be unreasonably withheld, conditioned or delayed. Following execution of the Contract and prior to commencement of construction, Tenant shall provide Landlord with a fully executed copy of the Contract for Landlord’s records. Prior to the commencement of the construction of the Tenant Improvements, and after Tenant has accepted all bids and proposals for the Tenant Improvements, Tenant shall provide Landlord with a detailed breakdown, by trade, for all of Tenant’s Agents, of the final estimated costs to be incurred or which have been incurred in connection with the design and construction of the Tenant Improvements to be performed by or at the direction of Tenant or the Contractor (the “Construction Budget”), which costs shall include, but not be limited to, the costs of the Architect’s and Engineers’ fees and the Landlord Coordination Fee. The amount, if any, by which the total costs set forth in the Construction Budget exceed the amount of the Tenant Improvement Allowance is referred to herein as the “Over Allowance Amount”. In the event that an Over-Allowance Amount exists, then prior to the commencement of construction of the Tenant Improvements, Tenant shall supply Landlord with cash in an amount equal to the Over-Allowance Amount. The Over-Allowance Amount shall be disbursed by Landlord prior to the disbursement of any of the then remaining portion of the Tenant Improvement Allowance, and such disbursement shall be pursuant to the same procedure as the Tenant Improvement Allowance. In the event that, after the total costs set forth in the Construction Budget have been delivered by Tenant to Landlord, the costs relating to the design and construction of the Tenant Improvements shall change, any additional costs for such design and construction in excess of the total costs set forth in the Construction Budget shall be added to the Over-Allowance Amount and the total costs set forth in the Construction Budget, and such additional costs shall be paid by Tenant to Landlord immediately as an addition to the Over-Allowance Amount or at Landlord’s option, Tenant shall make payments for such additional costs out of its own funds, but Tenant shall continue to provide Landlord with the documents described in items (i), (ii), (iii) and (iv) of Section 2.2.2.1 of this Tenant Work Letter, above, for Landlord’s approval, prior to Tenant paying such costs. All Tenant Improvements paid for by the Over-Allowance Amount shall be deemed Landlord’s property under the terms of the Lease.

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