Common use of Renewal Work under Handback Requirements Clause in Contracts

Renewal Work under Handback Requirements. Developer shall diligently perform and complete all Renewal Work required to be performed and completed prior to reversion of the Project to TxDOT, based on the required adjustments and changes to the Renewal Work Schedule resulting from the inspections and analysis under the Handback Requirements. Developer shall complete all such work (a) prior to the Termination Date, if transfer of the Project is to occur at the expiration of the full Term, or (b) as close as possible to the Early Termination Date. If Developer, despite diligent efforts, is unable to complete such work prior to the Early Termination Date, then, in lieu of completion of such work, any applicable measure of Termination Compensation based on (i) Fair Market Value shall take into consideration such non-completion and (ii) other than Fair Market Value shall be adjusted as provided in Section 31.4.4(b)(vi) and comparable provisions of Article 31.

Renewal Work under Handback Requirements. Developer shall diligently perform and complete all Renewal Work required to be performed and completed prior to reversion of the Project to TxDOT, based on the required adjustments and changes to the Renewal Work Schedule resulting from the inspections and analysis under the Handback Requirements. Developer shall complete all such work (a) prior to the Termination Date, if transfer of the Project is to occur at the expiration of the full Term, or (b) as close as possible to the Early Termination Date. If Developer, despite diligent efforts, is unable to complete such work prior to the Early Termination Date, then, in lieu of completion of such work, any applicable measure of Termination Compensation based on (i) Fair Market Value shall take into consideration such non-completion and (ii) other than Fair Market Value shall be adjusted as provided in Section 31.4.4(b)(vi31.4.4(a)(vi) and comparable provisions of Article 31.