Construction Proforma Clause Samples
A Construction Proforma clause outlines the standardized format and detailed breakdown of costs, materials, and labor associated with a construction project. It typically requires the contractor to submit a comprehensive schedule of values or itemized budget before work begins, ensuring all parties have a clear understanding of anticipated expenses and payment milestones. This clause serves to promote transparency, facilitate accurate progress payments, and minimize disputes over costs by providing a mutually agreed-upon financial framework for the project.
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Construction Proforma. Attached hereto as Exhibit "C" and incorporated herein by this reference is the Construction Proforma. Owner acknowledges and represents that the attached Construction Proforma has been reviewed by and approved by the Construction Lender, Mortgage lender if applicable and any governmental authorities if applicable. The Construction Proforma contains a list, by name, of all subcontractors and material suppliers who will account for five percent or more of the cost of construction of the Apartment Housing. Also included is a trade payment breakdown specifying the cost of each classification of construction requirements pursuant to Plans and Specifications and the other Project Documents. In accordance with the Partnership Agreement, if the construction costs exceed the sum of the Capital Contributions, the proceeds of the Mortgage and the Development Fee then the General Partner shall be responsible for and shall be obligated to pay such deficiencies.
Construction Proforma. Attached hereto as Exhibit C and incorporated herein by this reference is the Construction Proforma. Owner acknowledges and represents that the attached Construction Proforma has been reviewed by and approved by the Construction Lender, Mortgage lender if applicable and any governmental authorities if applicable. In accordance with the Partnership Agreement, if the development costs, less the Development Fee, exceed the sum of the Capital Contributions and the proceeds of the Mortgage, then the General Partner shall be responsible for and shall be obligated to pay such deficiencies.
Construction Proforma. Attached hereto as Exhibit "B" and incorporated herein by this reference is the Construction Proforma. If the construction costs exceed the sum of the Capital Contributions, the proceeds of the Mortgage and the Development Fee then the General Partner shall be responsible for and shall be obligated to pay such deficiencies.
Construction Proforma. Attached hereto as Exhibit "B" and incorporated herein by this reference are the Construction Proformas for Autumn Ridge,