Punch List Holdback definition
Punch List Holdback has the meaning set forth in Section 9.4.
Punch List Holdback means an amount equal to one hundred fifty percent (150%) of the Punch List Amount for each Punch List Item.
Punch List Holdback means an amount equal to *** percent (***%) of the Punch List Amount for each Punch List Item.
Examples of Punch List Holdback in a sentence
Upon completion of a Seller Punch List Item, Purchaser shall release the corresponding portion of the Punch List Holdback to Seller within five (5) Business Days.
Upon the completion of a Punch List item to the reasonable satisfaction of OWNER, OWNER shall pay CONTRACTOR the portion of the Punch List Holdback Amount applicable to such Punch List item.
Within thirty (30) days after receipt of such statement OWNER shall pay CONTRACTOR the outstanding balance of the Punch List Holdback Amount and any other withheld funds then due CONTRACTOR.
In addition to any amounts withheld pursuant to Section 7.3, OWNER shall be entitled to withhold the Punch List Holdback Amount.
Upon attainment of Substantial Completion, the accumulated Retainage, after reduction for exercise of OWNER’s setoff and withholding rights in accordance with the provisions of this Agreement (including the Punch List Holdback Amount), shall be released to CONTRACTOR in conjunction with the next payment made to CONTRACTOR in accordance with Section 7.1.
More Definitions of Punch List Holdback
Punch List Holdback means any amount that may be necessary, in the reasonable opinion of Purchaser, to satisfactorily complete or correct the Punch List Work.
Punch List Holdback shall have the meaning assigned thereto in Section 3.3(j) below.
Punch List Holdback shall have the meaning assigned thereto in subsection 14.32(c).
Punch List Holdback means an amount equal to *** percent (***%) of the Punch List Amount for each Punch List Item. “Punch List Items” means those finishing items with respect to a Block or the Facility, as applicable, that (a) consistent with
Punch List Holdback shall have the meaning assigned thereto in Section 3.3(j) below. “Punch List Holdback Agreement” shall have the meaning assigned thereto in Section 3.3(j) below. “Punch List Items” shall mean, with respect to any Construction Project, any portion of the Improvements being constructed thereon, which as of the date of the Closing for such Construction Project, are not yet completed in accordance with the Approved Plans and Specifications, which (i) are of a minor, cosmetic nature, and not reasonably anticipated to cost in excess of $20,000 in the aggregate to complete for such Construction Project), and (ii) do not prevent the lawful occupancy and use of the Improvements for their intended purpose. “Purchase Price” shall have the meaning assigned thereto in subsection 2.2(a). “Refusal Notice” shall have the meaning assigned thereto in subsection 3.2(h). 9 “Rents” shall have the meaning assigned thereto in Section 8.2. “Rent Roll” shall mean that certain rent roll dated as of September 6, 2013 attached hereto as Schedule 3.2(b). “Requirements” shall have the meaning assigned thereto in subsection 3.3(g). “Reporting Person” shall have the meaning assigned thereto in subsection 12.2(c). “Second Final Closing” shall mean either (i) the last in time to occur of (a) the Closing of the purchase and sale of the 1160 ▇▇▇▇▇▇▇ Property or (b) the Closing of the purchase and sale of the ▇▇▇▇▇▇ Property, or (ii) the simultaneous Closing of both the 1160 ▇▇▇▇▇▇▇ Property and the ▇▇▇▇▇▇ Property. “Second Final Closing ▇▇▇▇▇▇▇ Money” shall mean the Allocated ▇▇▇▇▇▇▇ Money applicable to both the 1160 ▇▇▇▇▇▇▇ Property and the ▇▇▇▇▇▇ Property. “Seller-Related Entities” shall have the meaning assigned thereto in Section 9.2. “Seller” shall have the meaning assigned thereto in the Preamble to this Agreement. “Seller Consultant” shall mean, Criterium Engineers, a construction consultant chosen by Seller, who has previous experience with construction similar to the construction planned for the Properties. “Seller's Knowledge” shall mean, for each Seller, the actual knowledge of one or more of ▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇, and ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, without any duty of inquiry. “St. Mary's Square Property” shall mean that certain land, as more particularly described on Schedule A-7 attached hereto, together with the buildings and other Improvements thereon. “Survey” shall mean, for each Property, that certain ALTA/ACSM Land Title Survey described on Schedule B. “Tenants” shall mean the tenant...
Punch List Holdback. The Punch-List Holdback shall be deposited by the Escrow Agent in an interest-bearing account, with interest accruing for Seller’s benefit, pursuant to a holdback escrow agreement consistent with the terms hereof and otherwise in form and substance reasonably acceptable to Seller and Buyer. The Punch-List Holdback shall be released to Seller upon the completion and satisfaction of the following: (a) completion of all of the Punch-List Items by Seller, which completion thereof has been reasonably approved by the Perimeter Architect and the Buyer Architect; (b) delivery of the certificate of completion and, to the extent applicable, the final certificate of occupancy for the Perimeter Improvements for the shell, and a temporary certificate of occupancy for any tenant improvements; and (c) delivery of final lien waivers from all of the contractors, subcontractors and materialmen that have performed work at or delivered materials to the Perimeter Improvements (collectively, (a), (b) and (c) above shall be referred to as “Punch-List Holdback Conditions”). If Seller has a good faith dispute with a contractor or material supplier who has filed a lien against the Property, Seller shall have the right to satisfy the Punch-List Holdback Conditions by bonding over such lien or having the Title Company insure over such lien, in each case in a manner reasonably acceptable to Buyer. If Seller has not satisfied the foregoing Punch-List Holdback Conditions within ninety (90) days after the Perimeter Closing or such longer time as may be reasonably required for long-lead items (but in no event longer than an additional thirty (30) days), despite being given reasonable access to the Perimeter Improvements in accordance herewith, subject to Force Majeure Delays, then Buyer shall have the right, but not the obligation, to undertake to complete the Punch-List Holdback Conditions by delivering written notice of such election to Seller, in which event Seller shall promptly reimburse Buyer for the reasonable and actual, out of pocket costs and expenses incurred by Buyer in connection with completion of such Punch-List Items to the extent Buyer is not reimbursed from the Punch-List Holdback for the same. Buyer shall have the right to draw upon the Punch-List Holdback to pay for such costs and expenses and Seller shall receive the balance of the Punch-List Holdback, if any, following final completion of all Punch-List Holdback Conditions in accordance with the Perimeter Plans and S...
Punch List Holdback means an amount equal to *** of the Punch List Amount for each Priority B Item. “PV” means photovoltaic.