Refurbishment Work definition
Examples of Refurbishment Work in a sentence
On or prior to December 31 of each year after the Effective Time and prior to the Refurbishment Lock-in Date of the First Unit, the Generator will update such preliminary Basis of Estimate Report and work plan for such Unit and will deliver to the Counterparty an updated Base Estimate and Contingency determined in accordance with Section 2.6 for the Refurbishment Work for such Unit.
Such preliminary Basis of Estimate Report consists of a detailed breakdown of the estimated costs for the Refurbishment Work and the applicable One-Time Costs for the First Unit and describes the basis for the costs for each work breakdown item and the risk associated with that cost.
The Contingency provided for in this Section 2.6(e) shall not be added to the actual Refurbishment Costs of any activity comprising the Refurbishment Work of the subject Unit that has been fully completed prior to the Refurbishment Lock-in Date of such Unit.
If the cost of the Refurbishment Work exceeds the amount of the Allowance, such excess cost shall be paid by Tenant.
This estimate will consist of a detailed breakdown of the estimated costs for the Refurbishment Work and the applicable One-Time Costs for such Unit, including a preliminary Basis of Estimate Report that clearly describes the basis for the costs for each work breakdown item and the risk associated with that cost.
The Counterparty shall notify the Generator by the MCR Decision Date that: (i) it has verified such final Basis of Estimate Report and notice; or (ii) it is unable to verify the same due to an error by the Generator in the scope of the Refurbishment Work to be undertaken or in the calculation of the amount of the Fully-Scoped Refurbishment Cost as provided in Section 2.5(c), or due to an outstanding dispute as provided in Section 2.6(i) or (j).
If the Counterparty claims that the Generator has made an error in the scope of the Refurbishment Work to be undertaken or in the calculation of the amount of Fully-Scoped Refurbishment Costs the Counterparty shall notify the Generator together with a reasonably detailed explanation of the reasons therefor.
The Allowance or portions of the Allowance will be disbursed by Landlord to Tenant periodically within ten (10) days of Landlord’s receipt of copies of paid invoices representing the Refurbishment Work completed.
At any time and for any length of time, Landlord may change its construction representative by providing prior, written notice to Tenant, including the name, address and email address of the successor or temporary on-site construction representative with the authority to act as Landlord’s agent for matters pertaining to the Refurbishment Work.
Any portion of the Allowance not expended by Tenant in connection with Landlord approved Refurbishment Work will be credited against Base Rental first becoming due and payable under the Lease after the Abatement Period.