Common use of Completion of Premises Clause in Contracts

Completion of Premises. Within five business days after substantial completion, Lessee shall conduct a walk-through inspection of the Premises with Lessor and complete a punch-list of items needing correction or additional work, which punch-list shall be approved in writing by Lessor and Lessee. Lessee shall submit to the Lessor a final punch-list within 60 days after substantial completion, which shall include all items requiring correction or additional work and which shall be approved in writing by Lessor and Lessee. Neither punch-list shall include any damage to the Premises caused by Lessee or by Lessee's agents, employees, servants, or independent contractors, which damage shall be repaired or corrected by Lessee at its expense. If Lessee fails to submit any punch-list to Lessor within such 60 day period, it shall be deemed that there are no items needing additional work or repair (excluding latent defects). Lessor's contractor shall complete all Lessor-approved punch-list items within 30 days after submission of the final punch-list or as soon as practicable thereafter. Upon completion of such punch-list items, Lessee shall approve such corrected or completed items in writing to Lessor. If Lessee fails to notify Lessor of its approval or disapproval of such items within ten business days of completion, such items shall be deemed approved by Lessee.