Common use of Project Improvements Clause in Contracts

Project Improvements. Owner shall design, develop and construct, or have designed, developed and constructed, the Project Improvements within the Complex Site in accordance with the terms and conditions of this Agreement and all Applicable Law, and shall adhere to the Project Construction Schedule (subject to any Excusable Owner Delay and/or City Party Delay permitted in accordance with the terms of this Agreement), in each case, at Owner’s sole cost, risk and expense. No additional contribution, back charge, payment, or charge shall be charged against, withheld from, or assessed against MEDC or the other City Parties for any Cost Overruns (as hereinafter defined). Owner shall be responsible for the payment of any Cost Overruns. The term “Cost Overruns” as used in the Agreement shall mean the amount by which the total costs and expenses required to be paid for the design, development, construction and furnishing of the Project Improvements included in the Complex Budget exceeds the Complex Budget; provided, that, Cost Overruns shall not include such excess costs and expenses to the extent such excess arises out of or is attributable to any acts, failure to act (or failure to act timely) or omissions of the City Parties or any of their respective agents, contractors or licensees.

Project Improvements. Owner shall design, develop and construct, or have designed, developed and constructed, the Project Improvements within the Complex Site in accordance with the terms and conditions of this Agreement and all Applicable Law, and shall adhere to the Project Construction Schedule (subject to any Excusable Owner Delay and/or City Party Delay permitted in accordance with the terms of this Agreement), in each case, at Owner’s sole cost, risk and expense. No additional contribution, back charge, payment, or charge shall be charged against, withheld from, or assessed against MEDC or the other City Parties for any Cost Overruns (as hereinafter defined). Owner shall be responsible for the payment of any Cost Overruns. The term “Cost Overruns” as used in the Agreement shall mean the amount by which the total costs and expenses required to be paid for the design, development, construction and furnishing of the Project Improvements included in the Complex Budget exceeds the Complex Budget; provided, that, Cost Overruns shall not include such excess costs and expenses to the extent such excess arises out of or is attributable to any acts, failure to act (or failure to act timely) or omissions of the City Parties or any of their respective agents, contractors or licensees.licensees.‌