Documenting Costs of Improvements Sample Clauses

Documenting Costs of Improvements. Lessee shall document costs and expenses of Work by means of detailed receipts and invoices for materials and labor, including receipts for barter goods and services, or by other documentation reasonably acceptable to Lessor. If Lessee contributes some or all of the labor for an improvement or repair, the documentation therefor shall state the number of hours spent on each of the major phases of the Work, and Lessee’s valuation of the labor. Such labor shall be valued at a rate relative to the level of skill and experience of the person performing the work as if such person were an unrelated independent contractor less overhead. Lessor may perform a site visit to verify the quality and status of completion of the Work. Lessor reserves the right to use an independent appraisal of the Work where costs are much in excess of the trade standards for similar work in the local area.
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Documenting Costs of Improvements. The Homeowner shall document costs and expenses of work by means of detailed receipts and invoices for materials and labor, including receipts for barter goods and services, or by other documentation reasonably acceptable to IAP. The costs of labor performed by the Homeowner may not exceed the rate charged by individuals of comparable skills and experience. IAP may inspect the improvement to verify the quality and state of completion of work. IAP reserves the right to use an independent appraisal of work where costs are in excess of the trade or other reasonable standards for similar work in the local area. The Homeowner shall present such documentation to IAP by the close of the year in which the improvement becomes functional. IAP shall determine by March 1 of the following year the amount to be allowed as a qualified improvement, and shall communicate its decision to the Homeowner in writing. Only amounts so allowed shall be used in the formula set out in Appendix A.
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Related to Documenting Costs of Improvements

  • Operating Costs Tenant shall pay to Landlord the Tenant’s Percentage of Operating Costs (as hereinafter defined) incurred by Landlord in any calendar year. Tenant shall remit to Landlord, on the first day of each calendar month, estimated payments on account of Operating Costs, such monthly amounts to be sufficient to provide Landlord, by the end of the calendar year, a sum equal to the Operating Costs, as reasonably estimated by Landlord from time to time. The initial monthly estimated payments shall be in an amount equal to 1/12th of the Initial Estimate of Tenant’s Percentage of Operating Costs for the Calendar Year. If, at the expiration of the year in respect of which monthly installments of Operating Costs shall have been made as aforesaid, the total of such monthly remittances is greater than the actual Operating Costs for such year, Landlord shall promptly pay to Tenant, or credit against the next accruing payments to be made by Tenant pursuant to this subsection 4.2.3, the difference; if the total of such remittances is less than the Operating Costs for such year, Tenant shall pay the difference to Landlord within twenty (20) days from the date Landlord shall furnish to Tenant an itemized statement of the Operating Costs, prepared, allocated and computed in accordance with generally accepted accounting principles. Any reimbursement for Operating Costs due and payable by Tenant with respect to periods of less than twelve (12) months shall be equitably prorated.

  • Construction Costs Under no circumstances shall the Consultant be liable for extra costs or other consequences due to unknown conditions or related to the failure of contractors to perform work in accordance with the plans and specifications. Consultant shall have no liability whatsoever for any costs arising out of the Client’s decision to obtain bids or proceed with construction before the Consultant has issued final, fully-approved plans and specifications. The Client acknowledges that all preliminary plans are subject to substantial revision until plans are fully approved and all permits obtained.

  • Project Costs Simultaneously with the execution of this Agreement, the Company shall disclose to the Department all of the Project Costs which the Company seeks to include for purposes of determining the limitation of the amount of the Credit pursuant to Section 5-30 of the Act and provide to the Department a Schedule of Project Costs in the form as attached hereto as Exhibit C.

  • Recording Costs Seller shall pay the cost of recording all documents necessary to place record title in the condition required by this Agreement other than the cost of recording the Deed which shall be paid by Purchaser.

  • Construction Cost Budget The total cost to District of all elements of the Project designed or specified by the Architect, as adjusted at the end of each design phase in accordance with this Agreement. The Construction Cost Budget does not include the compensation of the Architect and the Architect’s Consultants, the cost of land, rights-of-way, financing or other costs which are the responsibility of the District, including construction management.