Estimated Substantial Completion Date Clause Samples
The Estimated Substantial Completion Date clause defines the projected date by which a construction project or a specific phase is expected to reach substantial completion, meaning it is sufficiently finished for its intended use. This clause typically sets out a target date, which may be adjusted due to delays or changes in the project scope, and serves as a reference point for scheduling, progress payments, and potential penalties or incentives. Its core function is to provide all parties with a clear timeline expectation, helping to coordinate activities and manage risks related to project delays.
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Estimated Substantial Completion Date. As of the Contract Date, the estimated Scheduled Substantial Completion Date is ______________, 20__, based on an estimated Stage 1 Preliminary Services Period (including the negotiation of the GMP Amendment) of ___ days, and an estimated Stage 2 Period of __ days. The Design-Builder shall be responsible for updating and refining the estimated Scheduled Substantial Completion Date as part of the Stage 1 Preliminary Services. Ultimately, the parties intend to negotiate and agree on the definitive Scheduled Substantial Completion Date (expressed as a number of days following the GMP Amendment Date) in accordance with Section 5.8, and to incorporate the agreed upon Scheduled Substantial Completion Date in the GMP Amendment.
Estimated Substantial Completion Date. (1) The last two sentences of the first paragraph of Section 5.3 of the Lease are hereby deleted and replaced with the following: “Landlord shall use reasonable efforts to substantially complete the Initial Tenant Work on or before the date (the “Estimated Substantial Completion Date”) that is the last day of the twenty-second (22nd) week following Landlord’s and Tenant’s mutual approval of the Construction Documents for all of the Initial Tenant Work. In the event that the Substantial Completion Date is delayed beyond the Estimated Substantial Completion Date (other than due to a Tenant Delay, as defined in Section 5.11 hereof) and to the extent such delay actually delays Tenant’s commencement of occupancy of the Premises for the regular conduct of its business, then the Term Commencement Date of this Lease shall be delayed by one day for each day of such delay by Landlord in achieving the Substantial Completion Date. If due to such delay by Landlord, the Term Commencement Date has not occurred within sixty (60) days of the Estimated Substantial Completion Date (as such date shall be extended for Tenant Delays and Force Majeure), then Tenant shall receive a one day credit against Basic Rent for each day between the Estimated Substantial Completion Date and the Substantial Completion Date.”
(2) The last sentence of the second paragraph of Section 5.3 of the Lease is hereby deleted and replaced with the following: “In the event that substantial completion of the Base Building Work is delayed beyond the Estimated Substantial Completion Date (other than due to a Tenant Delay in accordance with Section 5.11 hereof) and to the extent such delay actually delays Tenant’s commencement of occupancy of the Premises for the regular conduct of its business, then the Term Commencement Date shall be deemed to be delayed by one day for each day of such delay by Landlord in the substantial completion of the Base Building Work.”
(3) The term “Estimated Term Commencement Date” appearing in the second sentence of the third paragraph of Section 5.7 of the Lease is hereby deleted and the term“Estimated Substantial Completion Date” is inserted in its stead.
Estimated Substantial Completion Date. November 15, 2004, subject to extension as hereinafter provided.