Construction Costs definition
Examples of Construction Costs in a sentence
Each Written Order shall be delivered to the Owner and shall be signed by an officer of the Development Manager and shall state that all Construction Costs set forth in such Written Order, payment or reimbursement of which is requested in such Written Order, are Construction Costs incurred in accordance with the Approved Development Budget and this Agreement.
Prepare and submit for the Approval of the Owner the proposed budget with respect to the completion of the Project, setting forth in detail all development costs, including the breakdown of total estimated Construction Costs into all appropriate categories which categories include, without limitation, Construction Related Hard Costs, Construction Related Soft Costs and appropriate contingency amounts as necessary for the financing of the Project.
In the event of the termination of this Agreement pursuant to Section 5.2, at any stage, all Construction Costs and other reasonable expense incurred by the Development Manager in connection with the Project or arising out of such termination will be payable by the Owner within thirty (30) days from the date of invoice.
The Development Manager shall endeavour at all times to contemporaneously make such requests of the Project Lender, if any (and supply all required material in support of such request) for mortgage draws to pay the Construction Costs, it being the intention of the parties that payment of all Construction Costs, after third party financing of the Project has been arranged, shall be funded from mortgage draws without necessity of funding being required from the Owner.
Within five (5) business days of the receipt of such Written Order together with such supporting documentation and to the extent that such amounts are not available from the project lender(s) for which the Owner has obtained financing for the Project (the “Project Lender”), the Owner shall cause to be paid to, or as directed by, the Development Manager, the amount of the Construction Costs set forth in such Written Order and in respect of which payment is requested by the Development Manager.