Common use of Construction Requirements Clause in Contracts

Construction Requirements. The completion or renovation of improvements which are to be constructed on the Property shall be guaranteed at the price contracted either by an adequate completion bond or by other assurances satisfactory to the Members, which assurances shall include one or more (at the discretion of the Members) of the following: (a) a written personal guarantee of one or more of the general contractor’s principals accompanied by the financial statements of such guarantor indicating a substantial net worth; (b) a written fixed price contract with a general contractor that has a substantial net worth; (c) a retention of a reasonable portion of construction costs as a potential offset to such construction costs in the event the general contractor does not perform in accordance with the construction contract; or (d) a program of disbursements control which provides for direct payments to subcontractors and suppliers. The Company shall make no periodic progress or other advance payments to the general contractor or any subcontractor unless the Company has first received an architect’s certification as to the percentage of the improvements which has been completed and as to the dollar amount of the construction then completed.

Construction Requirements. The completion or renovation of improvements which are to be constructed on the Property shall be guaranteed at the price contracted either by an adequate completion bond or by other assurances satisfactory to the MembersPartners, which assurances shall include one or more (at the discretion of the MembersPartners) of the following: (a) a written personal guarantee of one or more of the general contractor’s principals accompanied by the financial statements of such guarantor indicating a substantial net worth; (b) a written fixed price contract with a general contractor that has a substantial net worth; (c) a retention of a reasonable portion of construction costs as a potential offset to such construction costs in the event the general contractor does not perform in accordance with the construction contract; or (d) a program of disbursements control which provides for direct payments to subcontractors and suppliers. The Company Partnership shall make no periodic progress or other advance payments to the general contractor or any subcontractor unless the Company Partnership has first received an architect’s certification as to the percentage of the improvements which has been completed and as to the dollar amount of the construction then completed.

Construction Requirements. The completion or renovation of improvements which are to be constructed on the Property shall be guaranteed at the price contracted either by an adequate completion bond or by other assurances satisfactory to the MembersGeneral Partner, which assurances shall include one or more (at the discretion of the MembersGeneral Partner) of the following: (a) a written personal guarantee of one or more of the general contractor’s 's principals accompanied by the financial statements of such guarantor indicating a substantial net worth; (b) a written fixed price contract with a general contractor that has a substantial net worth; (c) a retention of a reasonable portion of construction costs as a potential offset to such construction costs in the event the general contractor does not perform in accordance with the construction contract; or (d) a program of disbursements control which provides for direct payments to subcontractors and suppliers. The Company Partnership shall make no periodic progress or other advance payments to the general contractor or any subcontractor unless the Company Partnership has first received an architect’s 's certification as to the percentage of the improvements which has been completed and as to the dollar amount of the construction then completed.

Construction Requirements. The completion or renovation of improvements which are to be constructed on the Property shall be guaranteed at the price contracted either by an adequate completion bond or by other assurances satisfactory to all the MembersPartners, which assurances shall include one or more (at the discretion of the Membersupon Approval by Partnership Vote) of the following: (a) a written personal guarantee of one or more of the general contractor’s 's principals accompanied by the financial statements of such guarantor indicating a substantial net worth; (b) a written fixed price contract with a general contractor that has a substantial net worth; (c) a retention of a reasonable portion of construction costs as a potential offset to such construction costs in the event the general contractor does not perform in accordance with the construction contract; or (d) a program of disbursements control which provides for direct payments to subcontractors and suppliers. The Company Partnership shall make no periodic progress or other advance payments to the general contractor or any subcontractor unless the Company Partnership has first received an architect’s 's certification as to the percentage of the improvements which has been completed and as to the dollar amount of the construction then completed.