Completion of the Development Work Clause Samples
The 'Completion of the Development Work' clause defines the requirements and conditions that must be met for a development project to be considered finished under the contract. It typically outlines the standards of completion, such as meeting agreed specifications, passing inspections, or obtaining necessary approvals. This clause ensures both parties have a clear understanding of when the developer’s obligations are fulfilled, thereby reducing disputes and providing a basis for final payment or project handover.
Completion of the Development Work. Developer hereby agrees to diligently use its commercially reasonable efforts and shall devote sufficient time and personnel to cause the Development Work to be completed in compliance with the time parameters established therefor by Owner as herein provided and in compliance with such contractual obligations of Owner, including obligations under loan agreements, mortgages and leases, and to cause the construction of those improvements approved by Owner within the Development Work to be completed on or before the projected completion date of the Development Work (as determined from the Project Development Schedule), in accordance with the Development Budget (as the same may be revised as contemplated herein) for the Development Work, and in compliance with applicable law and the Plans and Specifications, to the extent the Owner has provided funds therefore to the extent required under this Agreement, but in all instances, subject to delays caused by Force Majeure, no later than twenty four (24) months as determined by the issuance of a final certificate of occupancy for the Project, measured from Effective Date.
Completion of the Development Work. To the extent the Owner has provided funds therefor to the extent required under this Agreement, Developer hereby agrees to diligently use its commercially reasonable efforts to cause the Development Work to be completed (i) on or before the projected completion date as determined from the Project Development Schedule and in compliance with contractual obligations of Owner, including obligations under loan agreements, mortgages and leases, subject in all cases to delays caused by Force Majeure, (ii) in accordance with the Development Budget (as the same may be revised as contemplated herein) and (iii) in compliance with applicable law and the Plans and Specifications.
Completion of the Development Work. 4.1 The Development Work shall be regarded as being completed successfully once the efforts and activities as per the Statement of Work have been performed and the requirements set forth in the Acceptance Plan demonstrate the Product fulfills the requirements set forth in the SPECIFICATIONS.
4.2 The Parties undertake to record the results of the Development Work in a final protocol and workshop including the date of the successful completion of the Development Work.