Owner’s Punchlist Option Sample Clauses

Owner’s Punchlist Option. At any time after the Substantial Completion Date, Owner and Contractor may jointly elect that Owner perform one or more uncompleted items on the Punchlist and to invoice Contractor for an amount equal to the cost to complete the uncompleted items on the Punchlist in lieu of requiring Contractor to complete such items. If the Parties shall agree on any such items and costs, Contractor shall be relieved of the obligation to perform such items subject to Contractor payment to Owner or agreement to Owner to offset from amounts payable to Contractor an amount equal to the amount of such agreed costs. If Contractor fails to pay any such amounts, Owner shall be entitled to subtract an amount equal to the cost to complete the corresponding items on the Punchlist which the Parties have agreed to have Owner perform from the release of that portion of the Retainage that Owner continues to withhold after Substantial Completion pursuant to Section 7.6.2.
Sample 1
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Owner’s Punchlist Option. At any time after the Final Completion Guaranteed Date, Owner may elect by Notice to Contractor to draw an amount from the Retainage Security, or withhold or retain all or such portion of any payment due to Contractor, in an amount equal to one hundred fifty percent (150%) of the estimated cost to complete the uncompleted items on the Punchlist in lieu of requiring Contractor to complete such items. Owner shall determine which items on the Punchlist have not been completed and, within fifteen (15) days of Owner’s written request, Contractor shall reasonably estimate in writing the cost to complete such items. Owner may thereafter draw such amount from the Retainage Security or withhold or retain such amount from any payment due to Contractor in satisfaction of Contractor’s obligation to complete such items.
Sample 1
Owner’s Punchlist Option. At any time after the one hundred eightieth (180th) day after the Substantial Completion Date of a Unit, Owner may elect, by Notice to Contractor to deduct and keep from the Retainage or draw from the Letter of Credit an amount equal to one hundred fifty percent (150%) of the estimated cost to complete the uncompleted items on the Punchlist for such Unit in lieu of requiring Contractor to complete such items. Following Contractor’s receipt of such Notice, Owner shall determine, which items on such Punchlist have not been completed and Contractor shall prepare an estimate of the cost to complete such items. Owner shall then be permitted to deduct and keep from the Retainage, or draw from the Letter of Credit, such amount in satisfaction of Contractor’s obligation to complete such items.
Sample 1
Owner’s Punchlist Option. At any time after the [ninetieth (90th)] day after the Substantial Completion Date, Owner may elect, by Notice to Contractor to deduct and keep from the Retainage an amount equal to the estimated cost, as set forth on the Punchlist, to complete the uncompleted items on the Punchlist in lieu of requiring Contractor to complete such items. Following Contractor’s receipt of such Notice, Owner shall determine which items on the Punchlist have not been completed and the cost to complete such items. Owner shall then be permitted to deduct and keep from the Retainage such amount in satisfaction of Contractor’s obligation to complete such items.
Sample 1

Related to Owner’s Punchlist Option

  • Punchlist Upon completion of the Performance Tests and prior to Substantial Completion of a Subproject, Owner and Contractor shall inspect the Subproject, and Contractor shall prepare a proposed Punchlist of items identified as needing to be completed or corrected as a result of such inspection. Contractor shall promptly provide the proposed Punchlist to Owner for its review, together with an estimate of the time and cost necessary to complete or correct each Punchlist item. Contractor shall add to the proposed Punchlist any Punchlist items that are identified by Owner within ten (10) Days after Owner’s receipt of the proposed Punchlist from Contractor, and Contractor shall immediately initiate measures to complete or correct, as appropriate, any item on Contractor’s proposed Punchlist (including those items identified by Owner during Owner’s review) that are not of a Punchlist nature. Notwithstanding anything to the contrary in this Agreement, Contractor and Owner are not required as a condition of Substantial Completion of a Subproject to agree upon and identify every Punchlist item and include it on the Punchlist, but Contractor is required to complete as a condition of Substantial Completion of such Subproject that does not meet the definition of Punchlist as provided in Section 1.1. In the event of a dispute regarding whether a specific item of Work meets the definition of Punchlist under Section 1.1, the Parties shall resolve such dispute in accordance with Section 18.1A. Owner shall provide Contractor with access to the Work after Substantial Completion of a Subproject sufficient to enable Contractor to complete all Punchlist items, so long as such access does not unreasonably interfere with operation of a Subproject after Substantial Completion of the Subproject or the Existing Facility and subject to any reasonable security or safety requirements of Owner. Upon Contractor’s completion or correction of any items necessary to achieve Substantial Completion of a Subproject, as modified by any Owner additions, such Punchlist shall govern Contractor’s performance of the Punchlist items up to Final Completion. All Work on the Punchlist shall be completed by the date required for Final Completion, as specified in Section 5.3C, or Owner may, in addition to any other rights that it may have under this Agreement, complete such Punchlist Work at the expense of Contractor. In the event Owner elects to complete such Punchlist Work, Contractor shall pay Owner, within ten (10) Days after receipt of written notice from Owner, all reasonable costs and expenses incurred by Owner in performing such Punchlist Work, or, at Owner’s sole discretion, Owner may withhold or offset amounts owed to Contractor or collect on the Letter of Credit in accordance with Section 7.8 in the amount of such costs and expenses. Any Defective Work identified after agreement between the Parties of the Punchlist shall be corrected by Contractor as a Warranty item under Article 12.

  • Contract Schedule The information set forth in the Contract Schedule is true and correct.

  • Construction Schedule The progress schedule of construction of the Project as provided by Developer and approved by District.

  • Project Schedule Construction must begin within 30 days of the date set forth in Appendix A, Page 2, for the start of construction, or this Agreement may become null and void, at the sole discretion of the Director. However, the Recipient may apply to the Director in writing for an extension of the date to initiate construction. The Recipient shall specify the reasons for the delay in the start of construction and provide the Director with a new start of construction date. The Director will review such requests for extensions and may extend the start date, providing that the Project can be completed within a reasonable time frame.

  • Base Building Work Landlord shall construct the Base Building Work as further set forth on Exhibit 10.03, attached.

  • Completion of Repairs Borrower will commence any Repairs as soon as practicable after the date of this Loan Agreement and will diligently proceed with and complete such Repairs on or before the Completion Date. All Repairs and Capital Replacements will be completed in a good and workmanlike manner, with suitable materials, and in accordance with good building practices and all applicable laws, ordinances, rules, regulations, building setback lines and restrictions applicable to the Mortgaged Property. Borrower agrees to cause the replacement of any material or work that is defective, unworkmanlike or that does not comply with the requirements of this Loan Agreement, as determined by Lender.

  • Work Schedule A 4/10 work schedule is four (4) ten hour days in a seven (7) day period, for a total of forty (40) hours per week.

  • Budget For Tenant Improvements A preliminary detailed breakdown by trade of the costs incurred or that will be incurred in connection with the design and construction of the Tenant Improvements is set forth on Schedule 3 attached hereto (the “Budget”). The Budget is based upon the TI Construction Drawings approved by Tenant and shall include a payment to Landlord of administrative rent (“Administrative Rent”) equal to 1.5% of the TI Costs, which Administrative Rent shall include, without limitation, all out-of-pocket costs, expenses and fees incurred by or on behalf of Landlord arising from, out of, or in connection with monitoring the construction of the Tenant Improvements and Changes, and shall be payable out of the TI Fund. Landlord shall provide Tenant with a final Budget promptly following approval of the TI Construction Drawings by Landlord and Tenant. The Budget shall be subject to Tenant’s review and approval which approval shall not be unreasonably withheld, conditioned or delayed by Tenant. Tenant shall have the right to approve any use of the contingency in the Budget by Landlord; provided, however, that, Tenant’s approval shall not be unreasonably withheld, conditioned or delayed, and the contingency shall not be available for use by Tenant for any Changes until all unforeseen conditions, changes to resulting from governmental agencies and the like have first been paid for out of the contingency.

  • Construction In First Offer Space Tenant shall take the First Offer Space in its “as is” condition, subject to any improvement allowance granted as a component of the Fair Rental Value, and the construction of improvements in the First Offer Space shall comply with the terms of Article 8 of this Lease.

  • Landlord’s Option At any time within ten (10) days after Landlord's receipt of the notice specified in Section 14.2, Landlord may by notice to Tenant elect to (a) terminate this Lease as to the portion (including all) of the Premises that is specified in Tenant's notice, with a proportionate abatement in the Base Rent, (b) consent to the Sublease or Assignment, or (c) disapprove the Sublease or Assignment; Landlord shall not unreasonably withhold its consent to the Assignment or Sublease. Tenant shall pay as additional rent, Landlord's reasonable attorneys' fees incurred in connection with the review of any proposed Assignment or Sublease. Tenant agrees to pay Landlord fifty percent (50%) of the amount by which all sums payable to Tenant in connection with such Assignment or Sublease exceed the total of (a) Base Rent payable by Tenant to Landlord hereunder, (b) reasonable leasing commission incurred by Tenant in connection therewith, and (c) the cost of any Alterations reasonably incurred in connection therewith, and (d) advertisement costs. If Landlord consents to the Sublease or Assignment within such ten (10) day period, Tenant may thereafter within sixty (60) days after Landlord's consent enter into such Assignment or Sublease with such approved assignee or subtenant upon the terms and conditions set forth in the notice furnished by Tenant to Landlord pursuant to Section 14.2. No Assignment or Sublease shall be binding on Landlord until Tenant delivers an executed copy of such Assignment or Sublease to Landlord. Notwithstanding Section 14.3 or any other provision to the contrary, in the event Landlord exercises its recapture right under this Section 14.3, Tenant shall have the right to rescind its notice for request to sublease, assign or transfer within three (3) business days following receipt of Landlord's notice of recapture.

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