Owner’s Punchlist Option Clause Samples

Owner’s Punchlist Option. At any time after the Substantial Completion Date, Owner and Contractor may jointly elect that Owner perform one or more uncompleted items on the Punchlist and to invoice Contractor for an amount equal to the cost to complete the uncompleted items on the Punchlist in lieu of requiring Contractor to complete such items. If the Parties shall agree on any such items and costs, Contractor shall be relieved of the obligation to perform such items subject to Contractor payment to Owner or agreement to Owner to offset from amounts payable to Contractor an amount equal to the amount of such agreed costs. If Contractor fails to pay any such amounts, Owner shall be entitled to subtract an amount equal to the cost to complete the corresponding items on the Punchlist which the Parties have agreed to have Owner perform from the release of that portion of the Retainage that Owner continues to withhold after Substantial Completion pursuant to Section 7.6.2.
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Owner’s Punchlist Option. At any time after the one hundred eightieth (180th) day after the Substantial Completion Date of a Unit, Owner may elect, by Notice to Contractor to deduct and keep from the Retainage or draw from the Letter of Credit an amount equal to one hundred fifty percent (150%) of the estimated cost to complete the uncompleted items on the Punchlist for such Unit in lieu of requiring Contractor to complete such items. Following Contractor’s receipt of such Notice, Owner shall determine, which items on such Punchlist have not been completed and Contractor shall prepare an estimate of the cost to complete such items. Owner shall then be permitted to deduct and keep from the Retainage, or draw from the Letter of Credit, such amount in satisfaction of Contractor’s obligation to complete such items.
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Owner’s Punchlist Option. At any time after the Final Completion Guaranteed Date, Owner may elect by Notice to Contractor to draw an amount from the Retainage Security, or withhold or retain all or such portion of any payment due to Contractor, in an amount equal to one hundred fifty percent (150%) of the estimated cost to complete the uncompleted items on the Punchlist in lieu of requiring Contractor to complete such items. Owner shall determine which items on the Punchlist have not been completed and, within fifteen (15) days of Owner’s written request, Contractor shall reasonably estimate in writing the cost to complete such items. Owner may thereafter draw such amount from the Retainage Security or withhold or retain such amount from any payment due to Contractor in satisfaction of Contractor’s obligation to complete such items.
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Related to Owner’s Punchlist Option

  • Punchlist Promptly after the Project reaches Substantial Completion, the Design-Builder shall cause the Architect to develop a punchlist. Once the punchlist is prepared, the Design-Builder shall inspect the work along with representatives from the Department. The punchlist shall be revised to reflect additional work items that are discovered during such inspection. The Design-Builder shall correct all punchlist items no later than ninety (90) days after Substantial Completion is achieved.

  • Completion Schedule 6.1 The proposed schedule for the completion of the Project is presented in “Attachment D” and is made a part hereof. 6.2 ENGINEER shall adhere to all time limits stated in this Agreement or included in any accepted time schedule. All such time limits shall be of the essence to this Agreement. 6.3 In all events the various stages and phases of ENGINEER’S services are to be completed in such sequence and at such times, and with approved or agreed upon time limits, as may be required to assure the timely, continuous, efficient and diligent prosecution of the work and services provided for by this Agreement. 6.4 OWNER may at any time, by written order, make changes within the general scope of the Agreement in the services of work to be performed. If ENGINEER believes that such a change justifies an increase in ENGINEER’S contract time or contract price required to perform the series under this Agreement it must assert such claim in writing within thirty (30) days of receipt of OWNER’S written order giving rise to the claim. No claim for adjustment in the contract time or contract price will be valid if not submitted in accordance with this paragraph. No services for which ENGINEER will charge additional compensation shall be furnished without the written authorization of OWNER. 6.5 ENGINEER shall carry on all work required under this Agreement and maintain the schedule for services during all disputes or disagreements with OWNER. No work shall be delayed or postponed pending resolution of any disputes or disagreements except as permitted in Article 8, or as ENGINEER and OWNER may otherwise agree in writing. 6.6 If the commencement, prosecution or completion of the services under this Agreement, or of the construction of the Project is delayed by any act, omission, delay, neglect or default of ENGINEER, or anyone employed by ENGINEER, or by any damage or acts caused by the negligent acts or omission by ENGINEER, then ENGINEER shall be liable to OWNER for any and all costs, assessments, expense, liabilities or damages caused thereby, in accordance with Section 4.8. 6.7 ENGINEER shall not be responsible for any time delays in the Project, or in the performance of services under this Agreement, to the extent such delays are caused solely by any act, omission, neglect or default of OWNER or anyone employed by OWNER, or by the unreasonable delay of any review agency or utility, or for any delay or damage caused by fire or the combined action of workers and which are in no way chargeable, in whole or in part, to ENGINEER, or by any other conditions or circumstances beyond the control of ENGINEER, its employee, agent, or other persons for whose acts or omissions ENGINEER is responsible. In the event of such delay, ENGINEER shall be entitled to an adjustment in the schedules or agreed time limitations for the performance of services, and this Agreement shall be modified in writing accordingly. Any claim of ENGINEER for adjustment under this cause must be asserted in writing within thirty (30) days from the date of the occurrence of the event giving rise to the claim, unless OWNER grants a further period of time before the date of final payment to ENGINEER. The adjustment of time for the performance of services, as provided in this paragraph, shall be ENGINEER’s sole exclusive right, entitlement and remedy in the event of such delays, and ENGINEER shall have no claim against OWNER for adjustment for increase in costs of performance, or other damages occurred in connection therewith.

  • Contract Schedule The information set forth in the Contract Schedule is true and correct.

  • Construction Schedule The progress schedule of construction of the Project as provided by Developer and approved by District.

  • Project Schedule Construction must begin within 30 days of the date set forth in Appendix A, Page 2, for the start of construction, or this Agreement may become null and void, at the sole discretion of the Director. However, the Recipient may apply to the Director in writing for an extension of the date to initiate construction. The Recipient shall specify the reasons for the delay in the start of construction and provide the Director with a new start of construction date. The Director will review such requests for extensions and may extend the start date, providing that the Project can be completed within a reasonable time frame.