Venue Construction Contract Clause Samples

Venue Construction Contract. The agreement to be executed by City with respect to the construction of the Venue Improvements (the “Venue Construction Contract”) shall (a) contain price and schedule terms acceptable to the City in its discretion, (b) establish a substantial completion deadline not later than the Substantial Completion Deadline, and (c) cause the Contractor to obtain, keep and maintain performance and payment bonds, along with dual obligee riders in favor of the Club and BSD, from a Qualified Surety in a total amount equal to one hundred percent (100%) of the costs of the Venue Improvements Work, such performance and payment bonds to be held by and firmly bound unto City and as required by law or City ordinance, to the extent the law or ordinance imposes stricter requirements, (d) comply with the terms of Section 6.4.5 below, and (e) be approved by Club and BSD. Since the Air Rights Infrastructure is being constructed concurrently with the Venue Improvements, the Venue Construction Contract shall allocate costs, rights and responsibilities, including the Venue Cost and the cost of the Air Rights Infrastructure, respectively, between City and BSD in a manner acceptable to each of City and BSD in their respective discretion. The allocation of costs between Venue Improvements and Air Rights Infrastructure shall be established by the Venue Construction Contract.