Common use of Final Completion and Acceptance of the Work Clause in Contracts

Final Completion and Acceptance of the Work. a. Punch List Completion (1) The Design-Builder understands and agrees that time is of the essence in closing out the Work of this Contract. Upon Substantial Completion of the Work, the Punch List will be transmitted to the Design-Builder from the Commission. The Design-Builder agrees to begin performance of Punch List Work immediately after receipt of the Punch List. (2) Failure of the Design-Builder or its Subcontractors to begin the Punch List Work within 3 business Days after receipt of the Punch List will be construed as failure to prosecute the Work of the Contract. This document is provided as a DRAFT and is not intended to be considered FINAL. The Commission explicitly reserves the right to modify this document and provide a revised Sample to Phase II Proposers. (3) Punch List Work will be continuously prosecuted once begun and completed within the period set forth in the Punch List by the Commission Representative. The Commission Representative shall establish the period for completion of the Punch List Work after consultation with the Design-Builder. The period established by the Commission Representative will be based on the Commission Representative’s reasonable, good faith estimate of the time necessary for the Design-Builder to complete the Punch List Work.