Estimated TIR definition
Estimated TIR means and refer to the difference between the Estimated Cost of the Work and the Tenant Allowance. The portion of Estimated TIR invoiced on each monthly statement shall be equal to the product of (a) a fraction, the numerator of which is Landlord's Estimated TIR and the denominator of which is the Estimated Cost of the Work, multiplied by (b) the total construction, engineering and design costs shown on each such statement. Each monthly statement shall be accompanied by a certificate of Landlord's Contractor that all payments then due to laborers, material men and subcontractors, less required retainage, have been made. Landlord shall not be required to continue construction if Tenant fails to pay timely Estimated TIR and any delay in the preparation of the Premises shall be deemed to be a Tenant Delay for which Landlord shall have no liability. On the earlier of the occupancy by Tenant or the Substantial Completion Date (as defined in Section 3.2 hereof), Tenant shall pay to Landlord a sum sufficient to increase the total payments to Landlord on account of TIR to ninety-five percent (95%) of TIR (it being understood that actual TIR may be more or less than the Estimated TIR). The remaining five percent (5%) retainage withheld by Tenant shall be paid by Tenant within ten (10) days after delivery to Tenant of (i) a permanent Certificate of Occupancy from the City of Cambridge, and (ii) a certificate of Landlord's Architect and Tenant's Architect certifying that all Punch List Items (as defined in Section 3.2 hereof) have been reasonably satisfied after consultation between Landlord's Architect and Tenant. Landlord shall withhold from Landlord's Contractor retainage in the amount of five percent (5%) of the cost of the work until such time as Landlord's Architect, after consultation with Tenant's Architect, shall have delivered said certificate to Tenant (provided, however, that Landlord may release any retainage held with respect to any supplier or subcontractor which is finally and fully completed the portion of the work for which it was responsible prior to the delivery of said certificate.) All change orders or cost overruns shall first be subject to reasonable approval by Tenant within two (2) business days of receipt of said change order. In addition to paying TIR as above provided, Tenant shall pay an amount equal to all costs incurred by Landlord as a result of any change orders signed by Tenant and Landlord affecting the Complete Plans, including th...