Common use of Handback Inspections Clause in Contracts

Handback Inspections. The Parties shall conduct inspections of the Facility at the times and according to the terms and procedures specified in the Handback Requirements and the approved Handback Plan pursuant to Section 19.3 of the Technical Provisions for the purposes of (a) determining and verifying the condition of all Elements and their Residual Lives, (b) adjusting, to the extent necessary based on inspection and analysis, Element Useful Lives, Ages, Residual Lives, estimated costs of Renewal Work and timing of Renewal Work, (c) revising and updating the Renewal Work Schedule to incorporate such adjustments, (d) determining the Renewal Work required to be performed and completed prior to reversion of the Facility to TxDOT, based on (i) the requirements for Residual Life at Handback specified in the Handback Requirements and Section 8.10.1, (ii) the foregoing adjustments and (iii) the foregoing changes to the Renewal Work Schedule, (e) verifying that such Renewal Work has been properly performed and completed in accordance with the Handback Requirements, and (f) adjusting Developer’s funding of the Handback Requirements Reserve so that it is funded according to the schedule and amounts required under Exhibit 12. Developer shall reimburse TxDOT all TxDOT’s Recoverable Costs and other fees, costs and expenses TxDOT incurs in connection with such Residual Life Inspections.

Handback Inspections. The Parties shall conduct inspections of the Facility at the times and according to the terms and procedures specified in the Handback Requirements and the approved Handback Plan pursuant to Section 19.3 of the Technical Provisions for the purposes of (a) determining and verifying the condition of all Elements and their Residual Lives, (b) adjusting, to the extent necessary based on inspection and analysis, Element Useful Lives, Ages, Residual Lives, estimated costs of Renewal Work and timing of Renewal Work, (c) revising and updating the Renewal Work Schedule to incorporate such adjustments, (d) determining the Renewal Work required to be performed and completed prior to reversion of the Facility to TxDOT, based on (i) the requirements for Residual Life at Handback specified in the Handback Requirements and Section 8.10.1Requirements, (ii) the foregoing adjustments and (iii) the foregoing changes to the Renewal Work Schedule, (e) verifying that such Renewal Work has been properly performed and completed in accordance with the Handback Requirements, and (f) adjusting Developer’s funding of the Handback Requirements Reserve so that it is funded according to the schedule and amounts required under Exhibit 12. Developer shall reimburse TxDOT all TxDOT’s Recoverable Costs and other fees, costs and expenses TxDOT incurs in connection with such Residual Life Inspectionshandback inspections.