BUILDING DEPOSIT Clause Samples

A Building Deposit clause requires one party, typically the buyer or tenant, to pay a specified sum as security for the completion of certain building works or improvements. This deposit is usually held by the seller, landlord, or an independent stakeholder until the agreed construction or repairs are finished to a satisfactory standard. The clause outlines the conditions under which the deposit may be released, retained, or forfeited, such as successful completion or failure to meet requirements. Its core function is to ensure that the obligated party has a financial incentive to complete the building works as agreed, thereby protecting the interests of the other party and reducing the risk of incomplete or substandard work.
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BUILDING DEPOSIT. The OWNER shall pay to the WBHOA a cash deposit in the amount of 2% of the value of the builder’s contract subject to a minimum deposit of R 20 000 and a maximum deposit of R 50 000 which shall constitute a security deposit for damage of whatever nature, including but not limited to, damage to roads, ▇▇▇▇▇, trees, vegetation, landscaping, private or public spaces, which may be caused by the CONTRACTOR, employees, sub-CONTRACTORs and suppliers, to any part of the ESTATE. 6.3.1 Any claim arising as contemplated in this clause is not limited to the amount of the deposit and the WBHOA shall be entitled to recover from the OWNER, in addition to the deposit, the amount by which the reasonable costs of reinstatement resulting from such damage exceeds the said deposit. 6.3.2 The cost of any excess damage referred to in sub-clause 6.3.1 above shall be quantified by the WBHOA and the amount so determined shall be final and binding on the OWNER. 6.3.3 If the WBHOA finds that the conduct of the CONTRACTOR, whether by way of commission or omission, to be the cause of damage to any portion of the ESTATE, the OWNER shall be presumed to be liable therefore. 6.3.4 Upon final completion of all work by the CONTRACTOR, as certified by the BCO, provided there is no claim pending against the OWNER in terms of the above, the OWNER shall be entitled to claim the refund of the deposit, or the balance thereof should any portion have been appropriated for payment of a claim. 6.3.5 Should a claim be made against the OWNER pursuant to the provisions of this clause 6.3.1, the WBHOA shall, in addition to the rights aforementioned, be entitled to recover from the OWNER any legal costs incurred on the scale as between attorney and own client. No interest is payable by the WBHOA on this deposit.
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BUILDING DEPOSIT. The contractor shall, before commencing any work of whatever nature on the erf, pay to the account of the SBHOA for the account of the contractor an amount of R10,000.00 (Ten thousand Rand) which shall constitute a security deposit for damage of whatever nature, including but in no way limited to, damage to roads, ▇▇▇▇▇, trees, vegetation, landscaping, animals and private or public spaces, which may be caused by the contractor to any portion of the development. Any claim arising as contemplated hereby is not limited to the amount of the deposit and the SBHOA shall be entitled to recover from the owner and contractor, in addition to the deposit, the amount by which the reasonable costs of reinstatement resulting from such damage exceeds the said deposit. The cost of any damage attributable to the contractor shall be quantified by the SBHOA and the amount so determined shall be final and binding on the owner and contractor. If the SBHOA alleges that the conduct of the contractor, whether by way of commission or omission, is the cause of any damage to any portion of the development then the owner and contractor shall be presumed to be liable therefore unless they are able to prove to the contrary. If the owner/contractor fails to dispute any claim made in terms of the foregoing within 10 (TEN) days of receiving notice thereof, they shall be liable for payment of the cost arising there from as determined by the SBHOA in terms of the foregoing. If the claim is disputed, the SBHOA shall be entitled to forthwith institute proceedings against the owner/contractor for recovery of the amount of the claim. Upon final completion of all work by the contractor on the erf and provided there is no claim pending against the contractor in terms of the a foregoing, the contractor shall be entitled to receive payment of refund of the deposit or the balance of the deposit if any portion was appropriated for payment of a claim. Should any dispute not be resolved between the affected parties, such a dispute will be resolved by an arbitrator. Any cost arising from such a matter shall be carried by the guilty party.
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BUILDING DEPOSIT. The Parties agree that the Building Deposit shall be disbursed in the following manner:
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BUILDING DEPOSIT. 3.12.1 A building deposit of R6 000,00 (Six thousand Rand) must also be paid by the owner at the GREHOA offices, and it will be held in trust (interest free) in their account. Once all documentation, verification and deposit is complied with, a construction board will be issued, this board must be fixed to the site’s screening, visible to all homeowners. 3.12.2 The deposit amount will be used in the event if there is a breach on as set out above or make good any damage caused by the contractor or his sub-contractors or suppliers, including curbing, landscaping, community services, roads irrigation etc. and for any outstanding spot fines. This is the responsibility of the owner and not . the contractor, even though breaches are made by the contractor. 3.12.3 In the case of the R6000.00 deposit being depleted by breaches or repairs, all work on site will be stopped and all contractor/sub-contractor access revoked, until a further R3000.00 deposit is paid. 3.12.4 The building performance deposit shall be released subject to the submission to the Local Authority’s Certificate of Completion and Occupancy, then only may the construction board be removed. 3.12.5 The deposit or balance thereof shall be refunded within 14 days of all the above documents being correctly . completed and submitted. 3.12.6 In the case of building time (2 years) that has expired as per the sales agreement and addition levies are being charged, these additional levies will be charged until the occupancy certificate has been submitted.
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Related to BUILDING DEPOSIT

  • Disbursement of the Tenant Improvement Allowance Except as otherwise set forth in this Work Letter, the Tenant Improvement Allowance shall be disbursed by Landlord (each of which disbursements shall be made pursuant to Landlord’s disbursement process, which disbursement process shall require the Architect to make field verifications and written certifications as required by Landlord in connection with Landlord’s disbursements to Contractor (as defined below)) only for the following items and costs (collectively the “Tenant Improvement Allowance Items”): (a) Payment of (i) the fees of the Architect and the Engineers (as defined below), (ii) charges for Landlord’s construction consultant and Building engineer, and (iii) the fees incurred by, and the cost of documents and materials supplied by, Landlord and Landlord’s consultants in connection with the preparation and review of the Construction Drawings (as defined below); (b) The payment of plan check, permit and license fees relating to construction of the Tenant Improvements; (c) The cost of construction of the Tenant Improvements, including, without limitation, any cost of after-hours freight elevator usage; (d) The cost of any changes in the Base, Shell, and Core when such changes are required by the Construction Drawings, such cost to include all direct architectural and/or engineering fees and expenses incurred in connection therewith; (e) The cost of any changes to the Construction Drawings or Tenant Improvements required by applicable laws and building codes (collectively, “Code”); (f) Sales and use taxes; and (g) All other costs to be expended by Landlord in connection with the construction of the Tenant Improvements. In no event shall the Tenant Improvement Allowance Items include any costs of procuring or installing in the Premises any trade fixtures, equipment, furniture, furniture partitions or systems, furnishings, telephone, telecommunications, data and security wiring, cabling and equipment, or other personal property (“Personal Property”) to be used in the Premises by Tenant, and the cost of such Personal Property shall be paid by Tenant.

  • Disbursement of Tenant Improvement Allowance During the construction of the Tenant Improvements, Landlord shall make monthly disbursements of the Tenant Improvement Allowance for Tenant Improvement Allowance Items for the benefit of Tenant and shall authorize the release of monies for the benefit of Tenant as follows.

  • Tenant Improvement Allowance Commencing as of January 1, 2011, Tenant shall be entitled to use the “Tenant Improvement Allowance”, as defined in Section 2 of this Amendment, for the costs relating to the design and construction of Tenant’s improvements or which are otherwise “Tenant Improvement Allowance items,” as that term is defined in Section 2.2.1, below (collectively, the “Tenant Improvements”). In no event shall Landlord be obligated to make disbursements pursuant to this Tenant Work Letter or otherwise in connection with Tenant’s construction of the Tenant Improvements or any Tenant Improvement Allowance Items, as defined below, in a total amount which exceeds the sum of the Tenant Improvement Allowance. All Tenant Improvements for which the Tenant Improvement Allowance has been made available shall be deemed Landlord’s property under the terms of the Lease; provided, however, Landlord may, by written notice to Tenant given concurrently with Landlord’s approval of the “Final Working Drawings”, as that term is defined in Section 3.3, below, require Tenant, prior to the end of the Lease Term or promptly following any earlier termination of this Lease, at Tenant’s expense, to remove any Tenant Improvements and to repair any damage to the Premises and Building caused by such removal and return the affected portion of the Premises to a Building standard general office condition; provided, however, that Landlord shall not require Tenant to remove upon termination or expiration of this Lease, or condition its approval upon Tenant’s agreement to remove upon termination or expiration of this Lease, any Tenant Improvements constructed pursuant to this Tenant Work Letter (including, without limitation, Larc improvements) which constitute standard, non-extraordinary improvements for ordinary office, laboratory and/or Larc uses in biotech facilities. Any portion of the Tenant Improvement Allowance that is not disbursed or allocated for disbursement by December 31, 2013, shall revert to Landlord and Tenant shall have no further rights with respect thereto.

  • Improvement Allowance Subject to the terms hereof, Landlord shall grant an allowance to Tenant in an amount not to exceed the aggregate of (a) Six Million Eight Hundred Seventy Thousand Dollars ($6,870,000.00) (the “Basic Improvement Allowance”) to be used solely to reimburse the Tenant for the Itemized Costs, and (b) One Million Three Hundred Thousand Dollars ($1,300,000.00) (the “HVAC Allowance” and together with the Basic Improvement Allowance, the “Improvement Allowance”) to be used solely to reimburse the Tenant for that portion of the Itemized Costs of replacing the HVAC units serving the Premises and related control systems . The Improvement Allowance shall be available for disbursement subject to and in accordance with the terms and conditions hereof (including the Work Letter), provided that at no time shall Landlord be required to make a disbursement of any of the Improvement Allowance if following such advance the aggregate amount of the Improvement Allowance advanced by Landlord would exceed Landlord’s Share of the aggregate amount of the Itemized Costs incurred by Tenant through such date. As used herein, “Landlord’s Share” means and refers to a fraction (expressed as a percentage), the numerator of which is the original amount of the Improvement Allowance and the denominator of which is the total amount of the Approved Budget (taking into account any increases in the Approved Budget, including increases as a result of change orders requested by Tenant and approved by Landlord in accordance with the terms of the Work Letter). Conditioned upon and provided that the Conditions Precedent (as defined below) are satisfied for each reimbursement request, and satisfied for each request no later than the date which is two (2) years after the Term Commencement Date (the “Required Completion Date”), Landlord shall pay to Tenant within thirty (30) days of satisfaction of the Conditions Precedent Landlord’s Share of the Itemized Costs The “Conditions Precedent” are: (a) Tenant is not in default under this Lease beyond any applicable notice and cure period provided in this Lease, and Tenant is in full compliance with all requirements under this Section 3.3 concerning Tenant’s Initial Work, (b) Tenant has complied with all of the terms and conditions of the Work Letter that are conditions precedent that required to be satisfied prior to the disbursement of any portion of the Improvement Allowance, and (c) Tenant has provided Landlord an itemized accounting of Tenant’s costs for such Tenant’s Initial Work for which it seeks reimbursement (“Itemized Costs”), of which not more than twenty-five (25%) percent shall be laboratory case work and soft costs, as more particularly set forth in the Work Letter.

  • Building Access The authorized representatives of the Union shall have access to the District’s premises at any reasonable time for the purpose of adjusting grievances, investigating working conditions, or ascertaining the provisions of this Agreement are being adhered to; provided the representatives notify the supervisor of their presence and that they do not interfere with employees in the performance of their duties. The Union shall furnish the District with the names of its authorized representatives.