Punchlist Holdback definition

Punchlist Holdback means an amount equal to [***] of the Punchlist Amount for each Punchlist item. “PV” means photovoltaic.
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Punchlist Holdback from the Closing proceeds due to Seller the sum of one hundred twenty five percent (125%) of the total Punchlist Estimate (whether determined by agreement between the parties or by the Independent Consultant). The Punchlist Holdback shall be placed by Escrow Holder in an interest-bearing, government-insured account for the benefit of the party ultimately entitled thereto. The applicable Seller shall, within ten (10) days after the Closing commence the completion of the Punchlist Items, Seller shall thereafter diligently pursue completion of the Punchlist Items, and Seller shall have until the date that is sixty (60) days after the Closing in order to complete each of the Punchlist Items to Buyer's reasonable satisfaction (as determined above) and, if Seller fails to timely complete any of the Punchlist Items in accordance with this Section 5.8(c), then Buyer shall deliver written notice to Seller of the incomplete Punchlist Item(s) and the corresponding line item amount identified on the Punchlist Estimate due to Buyer. Buyer and Seller shall endeavor to agree upon which Punchlist Item(s) are incomplete and the cost to complete the same within five (5) business days following delivery of such notice. Upon such agreement, Buyer and Seller shall direct Escrow Holder to release to Buyer from the Punchlist Holdback an amount equal to the agreed upon cost to complete any incomplete Punchlist Items, and such amount shall be immediately released by Escrow Holder to Buyer. In the event that Buyer and Seller are unable to agree upon which Punchlist Item(s) are incomplete and the cost to complete the same within such five (5) business day period, such matters shall be referred to the Independent Consultant, who shall determine such matters and notify Buyer and Sellers in writing of such determination within five (5) business days following such referral. At any time following Buyer's receipt of such notice from Independent Consultant, Buyer may deliver a notice to Escrow Holder, which notice shall include a copy of Independent Consultant's determination written by the Independent Consultant, directing Escrow Holder to immediately deliver to Buyer a portion of the Punchlist Holdback in the amount of one hundred and twenty-five percent (125%) of the amount determined by Independent Consultant to be the cost of completing any incomplete Punchlist Items, and Escrow Holder shall immediately comply with such direction. During the period between the Closing and the date wh...
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Punchlist Holdback means an amount equal to one hundred fifty percent (150%) of the Punchlist Amount attributable to each item of Punchlist Work.
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Examples of Punchlist Holdback in a sentence

  • After Mechanical Completion, as Contractor completes the items on the Punchlist (or is deemed to have completed items on the Punchlist), the Parties shall confirm which items have been completed (or deemed completed) pursuant to the terms of Section 13.1.2, and Owner shall release to Contractor on a weekly basis the Punchlist Amounts from the Punchlist Holdback for such completed (or deemed completed) items in accordance with the applicable Punchlist.

  • The Punchlist Holdback shall be compiled in a line item format in respect to major segments for completing such incomplete items and shall set forth the reasonable cost of completing each such line item.

  • If Seller and Purchaser, within fifteen (15) days prior to the date the foregoing payments hereunder are due, are unable to agree on the scope or amount of each applicable Punchlist Holdback line item, Seller and Purchaser shall appoint a third party contractor to make such determination, and the scope and amount so determined by the third party contractor shall be binding upon the Parties.

  • The following categories will be emphasized during network reviews.

  • Upon achievement of Final Completion, Contractor shall submit to Owner a Milestone Payment Invoice for all remaining amounts due to it pursuant to this Agreement, including any remaining Punchlist Holdback Amount (the “Final Payment Invoice”).

  • If ARV is the Purchasing Member, the Construction Management Fee, less the Punchlist Holdback, if any, shall be paid by ARV to Existing Castle at the Closing, simultaneously with the payment of the Purchase Price, to the extent such Construction Management Fee has not theretofore been paid to Existing Castle by the LLC.

  • Unless the Punchlist Items Terms and Conditions provide otherwise, within ten (10) Business Days following the satisfaction in accordance herewith of all Punchlist Items, Buyer shall pay to Seller the Punchlist Holdback (less any amounts set off against such amount as provided above) by wire transfer of immediately available funds to such account or Attachment ML-5 Page 25 of 216 Case No. 19-00170-UT -20- accounts as Seller will have notified Buyer of no later than two (2) Business Days prior to such date.

  • Completion Date for a period exceeding *** days, then Owner shall release the Retention for the subject Block less any applicable Punchlist Holdback.

  • Contractor shall have the right to withhold from the milestone payment an amount equal to one hundred fifty percent (150%) of the value of the Punchlist items or remaining Punchlist Work (the “Punchlist Holdback”), with such Punchlist Holdback due and payable upon achievement and confirmation of Final Acceptance.

  • Prior to Substantial Completion, Contractor shall submit its good faith proposal, for Owner’s review and written approval, of the Punchlist, including the schedule for completion of each item included therein, and the Punchlist Holdback Amount.

Related to Punchlist Holdback

  • Punchlist means a list of items of Work to be completed or corrected by Contractor after Substantial Completion. Punchlists indicate items to be finished, remaining Work to be performed, or Work that does not meet quality or quantity requirements as required in the Contract Documents.

  • Punchlist Items means any items necessary at the time of the issuance of a temporary certificate of occupancy to complete fully the renovation of the Project Facilities in accordance with the Plans and Specifications for the Project Facilities, or required for the issuance of a final certificate of occupancy or its equivalent.

  • Adjustment Escrow Funds means, at any time, the portion of the Adjustment Escrow Amount then remaining in the Adjustment Escrow Account.

  • Escrow Deposit has the meaning set forth in Section 2.1.

  • Holdback has the meaning set forth in Section 4.1(d)(i).

  • Escrow Fund means the escrow fund established pursuant to the Escrow Agreement.

  • Adjustment Escrow Fund means the Adjustment Escrow Amount deposited with the Escrow Agent, as such amount may be increased or decreased as provided in this Agreement and the Escrow Agreement, including any interest or other amounts earned thereon.

  • Adjustment Escrow Amount means $1,000,000.

  • Escrow Amount has the meaning set forth in Section 2.1(c).

  • Punch List Items means such items (i) as are reasonably necessary or appropriate to fully complete the construction, equipping and furnishing of the Hotel in accordance with this Contract and (ii) that, unless otherwise agreed by Buyer in its sole discretion, (a) individually and in the aggregate do not and will not prohibit, cause a delay in or otherwise adversely affect, under applicable Legal Requirements, the Franchise Agreement or otherwise, the opening of the Hotel for business to the public or the continued occupancy and operation of the Hotel as contemplated under the Brand and (b) may be corrected or completed, subject to delays caused by Force Majeure, within not more than sixty (60) days.

  • Indemnity Escrow Amount means $3,000,000.

  • Professional Fee Escrow Amount means the aggregate amount of Professional Fee Claims and other unpaid fees and expenses Professionals estimate they have incurred or will incur in rendering services to the Debtors prior to and as of the Confirmation Date, which estimates Professionals shall deliver to the Debtors as set forth in Article II.C hereof.

  • Adjustment Escrow Account means the escrow account established by the Escrow Agent pursuant to the Escrow Agreement for purposes of holding the Adjustment Escrow Amount and any interest or earnings accrued thereon or in respect thereof.

  • Indemnity Escrow Fund means the Indemnity Escrow Amount deposited with the Escrow Agent, as such sum may be increased or decreased as provided in this Agreement and the Escrow Agreement, including any remaining interest or other amounts earned thereon.

  • Indemnity Escrow Account means the escrow account established by the Escrow Agent pursuant to the terms of the Escrow Agreement for purposes of holding the Indemnity Escrow Amount.

  • Punch List means the list of items, prepared in connection with the inspection of the Project by the Owner’s Representative or Architect in connection with Substantial Completion of the Work or a portion of the Work, which the Owner’s Representative or Architect has designated as remaining to be performed, completed or corrected before the Work will be accepted by the Owner.

  • Required Repair Fund shall have the meaning set forth in Section 7.1.1 hereof.

  • Retainage means that portion of the purchase price of an Export Order that a Buyer is not obligated to pay until the end of a specified period of time following the satisfactory performance under such Export Order.

  • Escrow Property means the Escrow Funds and the Certificates delivered to the Escrow Agent as contemplated by Section 1(c) hereof.

  • Holdback Amount has the meaning set forth in Section 2.1(c).

  • Working Capital Escrow Amount means $2,000,000.

  • Earnest Money Deposit (EMD) means the refundable amount to be submitted by the Bidder along with RFP documents to NMRC

  • Indemnity Escrow Agreement means the Indemnity Escrow Agreement substantially in the form attached hereto as Exhibit B, among the Sellers, the Buyers and the Escrow Agent.

  • Release Amount means, for a Property, the following applicable amount together with any other amounts specified in Section 2.4.4:

  • Escrow End Date has the meaning specified in the Escrow Agreement.

  • Escrow Cash is defined in Section 4.1(a).