Project Co Delay Clause Samples

The 'Project Co Delay' clause defines the rules and procedures for handling delays caused by the project company (Project Co) in the execution of a contract. It typically outlines what constitutes a delay attributable to Project Co, the process for notifying relevant parties, and any consequences such as liability for additional costs or extensions of time for the other party. For example, if Project Co fails to deliver materials or complete a milestone on schedule, this clause would govern how that delay is managed and what remedies are available. Its core function is to allocate responsibility for delays, ensuring that the risks and impacts of late performance by Project Co are clearly addressed and managed within the contract.
Project Co Delay. (a) It is agreed that one of the reasons Project Co was selected to perform the Work is Project Co’s covenant that it will achieve the Phased Occupancy Dates, Substantial Completion of the Work and Final Completion by the dates set out in Section 11.1(a)(ii) of this Project Agreement, and Project Co acknowledges that it is critical to Owner that the Phased Occupancy Dates, Substantial Completion and Final Completion be achieved by the prescribed dates set out in Section 11.1(a)(ii), and that time is of the essence of this Contract.
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Project Co Delay. (a) Notwithstanding Section 13.4 and without limiting any other provision of this Project Agreement but subject to Section 30, before Substantial Completion, if at any time: (i) the actual progress of the Works has fallen behind the Works Schedule by a period of 30 calendar days; (ii) Project Co fails to achieve a Works Milestone; or (iii) HMQ is of the opinion that: (A) the actual progress of the Works has fallen behind the Works Schedule by a period of 30 calendar days; or (B) Project Co will fail to achieve a Works Milestone, Project Co shall be required: (iv) within five Business Days of receipt of notice from HMQ, to produce and deliver to each of the HMQ Representative and the Independent Certifier: (A) a report identifying the reasons for such delay or failure; (B) a plan showing the steps that are to be taken by Project Co to eliminate or reduce the delay or to achieve the Works Milestone; (C) confirmation that Project Co can satisfy all Interim Payment Requirements applicable to the First Interim Payment by the First Scheduled Interim Payment Date; (D) confirmation that Project Co can satisfy all Interim Payment Requirements applicable to the Second Interim Payment by the Second Scheduled Interim Payment Date; and (E) confirmation that Project Co can achieve Substantial Completion by the Scheduled Substantial Completion Date; and (v) to bring the progress of the Works back on schedule in accordance with the plan delivered under Section 13.7(a)(iv)(B) and approved by the HMQ Representative. (b) If Project Co does not, as determined by the Independent Certifier, bring the progress of the Works back on schedule in accordance with the plan delivered under Section 13.7(a)(iv)(B), HMQ may, in its sole discretion, concurrently issue to Project Co and the Lenders‟ Agent a “Project Co Delay Notice” and, upon the issuance of such notice, a “Project Co Delay” shall arise. In the event of a Project Co Delay, HMQ shall direct Project Co to accelerate the performance of the Works to bring the progress of the Works back on schedule in accordance with the plan delivered under Section 13.7(a)(iv)(B) or otherwise achieve the Works Milestone and/or eliminate or significantly reduce the delay described in Section 13.7(a) to the satisfaction of the Independent Certifier and Project Co agrees that any costs associated with performing such acceleration of the Works shall be at Project Co‟s own expense. The Project Co Delay shall end upon Project Co bringing the progress...
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Related to Project Co Delay

  • Project Cost Overruns In the event that the Recipient determines that the moneys granted pursuant to Section II hereof, together with the Local Subdivision Contribution, are insufficient to pay in full the costs of the Project, the Recipient may make a request for supplemental assistance to its District Committee. The Recipient must demonstrate that such funding is necessary for the completion of the Project and the cost overrun was the result of circumstances beyond the Recipient's control, that it could not have been avoided with the exercise of due care, and that such circumstances could not have been anticipated at the time of the Recipient's initial application. Should the District Committee approve such request the action shall be recorded in the District Committee's official meeting minutes and provided to the OPWC Director for the execution of an amendment to this Agreement.

  • Construction Budget The total amount of funds indicated by the District for the entire Project plus all other costs, including design, construction, administration, and financing.

  • Project Completion Date It is agreed between the Parties that the Project Completion Date is <END DATE, YEAR>. If the Project is not completed by such date then, subject to an amendment agreed to between the Parties, Alberta Innovates may elect to terminate this Investment Agreement. In such event, Alberta Innovates will notify the Applicant of its decision to terminate as soon as reasonably practical and shall advise the Applicant of the effective date of termination. Alberta Innovates will have no liability or obligation to reimburse the Applicant for any Project Costs incurred after the effective date of termination and may require the Applicant to return any portions of the Investment which were spent on Ineligible Expenses. Additionally, any portion of the Investment not used and accounted for in accordance with this Agreement as of the Project Completion Date or earlier termination is repayable by the Applicant to AI at AI’s request.

  • Construction Contract; Cost Budget Prior to execution of a construction contract, Tenant shall submit a copy of the proposed contract with the Contractor for the construction of the Tenant Improvements, including the general conditions with Contractor (the “Contract”) to Landlord for its approval, which approval shall not be unreasonably withheld, conditioned or delayed. Following execution of the Contract and prior to commencement of construction, Tenant shall provide Landlord with a fully executed copy of the Contract for Landlord’s records. Prior to the commencement of the construction of the Tenant Improvements, and after Tenant has accepted all bids and proposals for the Tenant Improvements, Tenant shall provide Landlord with a detailed breakdown, by trade, for all of Tenant’s Agents, of the final estimated costs to be incurred or which have been incurred in connection with the design and construction of the Tenant Improvements to be performed by or at the direction of Tenant or the Contractor (the “Construction Budget”), which costs shall include, but not be limited to, the costs of the Architect’s and Engineers’ fees and the Landlord Coordination Fee. The amount, if any, by which the total costs set forth in the Construction Budget exceed the amount of the Tenant Improvement Allowance is referred to herein as the “Over Allowance Amount”. In the event that an Over-Allowance Amount exists, then prior to the commencement of construction of the Tenant Improvements, Tenant shall supply Landlord with cash in an amount equal to the Over-Allowance Amount. The Over-Allowance Amount shall be disbursed by Landlord prior to the disbursement of any of the then remaining portion of the Tenant Improvement Allowance, and such disbursement shall be pursuant to the same procedure as the Tenant Improvement Allowance. In the event that, after the total costs set forth in the Construction Budget have been delivered by Tenant to Landlord, the costs relating to the design and construction of the Tenant Improvements shall change, any additional costs for such design and construction in excess of the total costs set forth in the Construction Budget shall be added to the Over-Allowance Amount and the total costs set forth in the Construction Budget, and such additional costs shall be paid by Tenant to Landlord immediately as an addition to the Over-Allowance Amount or at Landlord’s option, Tenant shall make payments for such additional costs out of its own funds, but Tenant shall continue to provide Landlord with the documents described in items (i), (ii), (iii) and (iv) of Section 2.2.2.1 of this Tenant Work Letter, above, for Landlord’s approval, prior to Tenant paying such costs. All Tenant Improvements paid for by the Over-Allowance Amount shall be deemed Landlord’s property under the terms of the Lease.

  • Project Completion The Contractor agrees to schedule a final job walk with the County. If required, the County will prepare a list of incomplete items, the “Punch List”. The Contractor agrees to complete the “Punch List” corrections and schedule a final project completion job walk. The County will sign the “Punch List” as completed when determined, the project is finished. The Contractor agrees to submit the following along with its final payment request: