Common use of Punch List Work Clause in Contracts

Punch List Work. Following issuance of the Project Architect’s certificate of Final Completion with respect to the Expansion Space Tenant Improvements, Tenant may inspect the Expansion Space Tenant Improvements and prepare a punch list setting forth all incomplete, defective or other items of construction not in conformity with the Expansion Space T.I. Plans and Specifications and if such punch list is delivered to Landlord, and Landlord is in agreement with such list, Landlord shall complete or correct all items on the punch list within thirty (30) days of receipt thereof (or within a reasonable period of time if thirty (30) days is insufficient time during which to complete such item). In the event Landlord fails to complete or correct any or all agreed upon items on the punch list as herein provided, Tenant may complete or correct any or all such items and Landlord shall reimburse Tenant for the cost thereof plus interest, at commercially reasonable rates, thereon within thirty (30) days after receipt from Tenant of written demand for such payment and in the event Landlord fails to reimburse Tenant for such cost and interest within such thirty (30) day period, Tenant may deduct such cost and interest from the next ensuing installments of rent coming due under the Lease Agreement until such costs plus interest are recovered. In the event of any dispute over a punchlist item, the parties agree to use commercially reasonable efforts to resolve the dispute and, if such fails, to submit the matter to expedited arbitration. Unless the parties mutually agree otherwise, any such arbitration shall be in accordance with the Construction Industry Arbitration Rules of the American Arbitration Association currently in effect. The demand for arbitration shall be filed in writing with the other party. Any arbitration hearing necessary hereunder shall be conducted in Nashville, Tennessee. This agreement to arbitrate shall be specifically enforceable under applicable law in any court having jurisdiction thereof. The award rendered by the arbitrator or arbitrators shall be final, and judgment may be entered upon it in accordance with applicable law in any court having jurisdiction thereof.

Punch List Work. Following issuance of the Project Architect’s certificate Certificate of Final Completion with respect to the Expansion Space Tenant Improvements, Tenant may inspect the Expansion Space Tenant Improvements and prepare a punch list setting forth all incomplete, defective or other items of construction not in conformity with to the Expansion Space T.I. Plans and Specifications and if such punch list is delivered to Landlord, and Landlord is in agreement with such list, Landlord shall complete or correct all items on the punch list within thirty (30) days of receipt thereof (or within a reasonable period of time if thirty (30thirty(30) days is insufficient time during which to complete such item). In the event Landlord fails to complete or correct any or all agreed upon items on the punch list as herein provided, Tenant may complete or correct any or all such items and Landlord shall reimburse Tenant for the cost thereof plus interest, at commercially reasonable rates, interest thereon within thirty (30) days after receipt from Tenant of written demand for such payment and in m the event Landlord fails to reimburse Tenant for such cost and 12% interest within such thirty (30) day period, Tenant may either deduct such cost and interest from the next ensuing installments of rent coming due under the Lease Agreement until such costs cost plus interest are recoveredrecovered or pursue whatever remedies Tenant may have against Landlord at law or in equity. In Landlord shall complete and correct each item set forth on the event punch list even if the determination of any dispute over a punchlist item, whether the parties agree to use commercially reasonable efforts to resolve the dispute and, if such fails, to submit the matter to expedited arbitration. Unless the parties mutually agree otherwise, any such arbitration shall be Tenant Improvements have been constructed in accordance substantial conformity with the Construction Industry Arbitration Rules of the American Arbitration Association currently in effect. The demand for T.I. Plans and Specifications has been submitted to arbitration shall be filed in writing with the other party. Any arbitration hearing necessary hereunder shall be conducted in Nashville, Tennessee. This agreement to arbitrate shall be specifically enforceable under applicable law in any court having jurisdiction thereof. The award rendered by the arbitrator or arbitrators shall be final, and judgment may be entered upon it in accordance with applicable law in any court having jurisdiction thereofLitigation.