Common use of Punchlist Items Clause in Contracts

Punchlist Items. Contractor shall provide to Company a list of all Punchlist Items and the estimated cost thereof prior to the issue of the Final Acceptance Notice which Punchlist Items and estimated cost thereof shall have been agreed to by the Independent Engineer. Within fifteen (15) Days following the receipt of this list of Punchlist Items, Company's Representative shall notify Contractor in writing whether Company (after consultation with the Independent Engineer) has any objections to that list or the estimates thereof. If Company's Representative has any objections, the parties shall use good faith efforts to resolve such objections. If no agreement can be reached, the provisions of Sections 14 and 24.3 shall be invoked to resolve the dispute. One hundred fifty percent (150%) of the estimated value of such Work, as decided by Contractor, the Independent Engineer and Company's Representative, shall be retained or deducted from the Contract Price by Company or, at Contractor's option, paid to Company by Contractor pending satisfactory rectification and/or completion. Contractor shall rectify or complete to the reasonable satisfaction of Company's Representative and the Independent Engineer within the time stated in the Final Acceptance Notice any such Punchlist Items listed. In the event Contractor fails to satisfactorily rectify or complete any Punchlist Items listed, Company may arrange for the outstanding work to be done and the cost thereof shall be certified by Company and deducted from the monies retained under this Section 7.3. Upon satisfactory rectification and/or completion of such Work, the money retained, deducted or paid under this Section 7.3 in relation thereto (other than retained amounts which were paid to third parties for the completion of the Work in the case of Contractor failure to do so as aforesaid) shall be reimbursed to Contractor by Company. During the period after Final Acceptance, Contractor and Company shall cooperate to ensure that the performance of the Work and the Defect Remedy Work does not unreasonably interfere with the commercial operation of the Facility and at the same time allowing the remaining Work and the Defect Remedy Work to be performed in a prompt and efficient manner. As soon as practicable after the completion of all Punchlist Items and Defect Remedy Work, Contractor shall remove all of its equipment and Materials and complete the removal of all Work-related waste material and rubbish from and around the Site.

Punchlist Items. Contractor shall provide to Company (a) The parties hereto have heretofore agreed upon a list of final punchlist items required to be completed in connection with the construction of the Project (the "Punchlist Items"), a copy of which is annexed hereto as Exhibit B. The parties acknowledge that certain mechanic's liens in favor of (i) Higd▇▇ ▇▇▇vator in the amount of $8,052.99, (ii) Bruc▇ ▇▇▇ply Company in the amount of $26,957.26 and (iii) Nordic Craft in the amount of approximately $100,000.00 have been filed as a result of certain disputes between these contractors and the LLC. The parties shall cooperate in all respects in order to arrange for the LLC to obtain appropriate surety bonds or full lien releases upon payment or settlement with respect to such mechanic's liens. Such claims shall be disposed of by the LLC in such manner as the parties shall reasonably approve. The resolution of the claims evidenced by such mechanic's liens shall be deemed additional Punchlist Items. The parties hereto agree that the Punchlist Items shall constitute the only items in respect of the construction of the Project which remain incomplete on the date hereof, subject to latent defects. The parties hereto (A) shall 5 cooperate with each other so as to cause the completion of the Punchlist Items prior to the Closing and (B) acknowledge that subject to the terms of Paragraph 7(b) and the terms of any contracts between the LLC and any contractor performing work in connection with construction of the Project, the cost of completion of the Punchlist Items shall be payable by the LLC. (b) If the Punchlist Items have not been completed on or prior to the Closing, then (i) Existing Castle shall, solely in its capacity as construction manager of the Project, cause the Punchlist Items to be completed, to ARV's reasonable satisfaction, as soon after the Closing as shall be practicable and (ii) at the Closing, a portion of the Construction Management Fee (the "Punchlist Holdback") equal to 150% of the estimated cost thereof prior to complete the issue of the Final Acceptance Notice which Punchlist Items and estimated cost thereof shall have been agreed (less any holdbacks due to by the Independent Engineer. Within fifteen (15) Days following the receipt of this list of subcontractors directly responsible for completing such incompleted Punchlist Items, Company's Representative shall notify Contractor in writing whether Company (after consultation with the Independent Engineer) has any objections to that list or the estimates thereof. If Company's Representative has any objections, the parties shall use good faith efforts to resolve such objections. If no agreement can be reached, the provisions of Sections 14 and 24.3 shall be invoked to resolve the dispute. One hundred fifty percent (150%) of the estimated value of such Work, as decided by Contractor, the Independent Engineer and Company's RepresentativeItem), shall be retained or deducted from held by Frie▇, ▇▇▇▇▇, ▇▇rris, Shriver, & Jaco▇▇▇▇, ▇▇ escrow, in an interest-bearing account, until the Contract Price by Company orcompletion, at Contractor's option, paid to Company by Contractor pending satisfactory rectification and/or completion. Contractor shall rectify or complete to the reasonable satisfaction of Company's Representative ARV of the Punchlist Items; provided, however, that if the parties hereto disagree as to whether the Punchlist Items have been substantially completed, then such parties shall immediately request that Fried, Frank, Harris, Shri▇▇▇ & ▇aco▇▇▇▇ ▇▇▇ Good▇▇▇, ▇▇octer & Hoar, ▇▇P, within five (5) days after such request, select an independent architect (the "Architect"), licensed by the State of New York, certified by the American Institute of Architects and the Independent Engineer within the time stated having its offices located in the Final Acceptance Notice any City of New York, to determine, on an expedited basis, whether such Punchlist Items listedhave been substantially completed. In The LLC shall pay, immediately upon rendering of an invoice therefor by such Architect, the event Contractor fails fees and expenses of such Architect, it being understood that ARV shall not be required to satisfactorily rectify or complete make any loans to the LLC in which the proceeds thereof would be used to pay such Architect's fees and expenses. For purposes of this Paragraph 7(b) the Punchlist Items listed, Company may arrange for the outstanding work shall be deemed to be done and "substantially completed" if such items are completed, other than with respect to minor details or adjustments which do not materially interfere with the use or occupancy of the Project. If the Punchlist Items are not completed, to ARV's or the Architect's reasonable satisfaction, as applicable, in timely fashion, ARV on behalf of the LLC shall have the right to cause the Punchlist Items to be completed at the earliest possible date. Although the LLC shall at all times shall bear the cost thereof of completing the Punchlist Items, Existing Castle shall be certified liable to the LLC to the extent of the Punchlist Holdback for any additional third party costs or expenses which may be incurred by Company ARV on behalf of the LLC in coordinating and deducted from supervising the monies retained under this Section 7.3. Upon satisfactory rectification and/or completion of such WorkPunchlist Items, as a result of the money retained, deducted or paid under this Section 7.3 in relation thereto (other than retained amounts which were paid failure of Existing Castle to third parties for coordinate and supervise the completion of the Work such Punchlist Items in the case of Contractor failure to do so as aforesaid) shall be reimbursed to Contractor timely fashion (including, without limitation, construction management, architect's and any other third party fees and expenses incurred by Company. During the period after Final Acceptance, Contractor and Company shall cooperate to ensure that the performance ARV on behalf of the Work and the Defect Remedy Work does not unreasonably interfere LLC in connection with the commercial operation of the Facility and at the same time allowing the remaining Work and the Defect Remedy Work to be performed in a prompt and efficient manner. As soon as practicable after the completion of all such Punchlist Items). When the Punchlist Items have been completed, the entire Punchlist Holdback 6 shall be paid over to Existing Castle, less the costs and Defect Remedy Work, Contractor shall remove all of its equipment and Materials and complete expenses described in the removal of all Work-related waste material and rubbish from and around the Siteimmediately preceding sentence.

Punchlist Items. Contractor shall provide to Company a list of all Punchlist Items and the estimated cost thereof prior to the issue of the Final Acceptance Notice which Punchlist Items and estimated cost thereof shall have been agreed to by the Independent Engineer. Within fifteen (15) Days following the receipt of this list of Punchlist Items, Company's Representative shall notify Contractor in writing whether Company (after consultation with the Independent Engineer) has any objections to that list or the estimates thereof. If Company's Representative has any objections, the parties shall use good faith efforts to resolve such objections. If no agreement can be reached, the provisions of Sections 14 and 24.3 shall be invoked to resolve the dispute. One hundred fifty percent (150%) of the estimated value of such Work, as decided by Contractor, the Independent Engineer and Company's Representative, shall be retained or deducted from the Contract Price by Company or, at Contractor's option, paid to Company by Contractor pending satisfactory rectification and/or completion. Contractor shall rectify or complete to the reasonable satisfaction of Company's Representative and the Independent Engineer within the time stated in the Final Acceptance Notice any such Punchlist Items listed. In the event Contractor fails to satisfactorily rectify or complete any Punchlist Items listed, Company may arrange for the outstanding work to be done and the cost thereof shall be certified by Company and deducted from the monies retained under this Section 7.3. Upon satisfactory rectification and/or completion of such Work, the money retained, deducted or paid under this Section 7.3 in relation thereto (other than retained amounts which were paid to third parties for the completion of the Work in the case of Contractor failure to do so as aforesaid) shall be reimbursed to Contractor by Company. During the period after Final Acceptance, Contractor and Company shall cooperate to ensure that the performance of the Work and the Defect Remedy Work does not unreasonably interfere with the commercial operation of the Facility and at the same time allowing the remaining Work and the Defect Remedy Work to be performed in a prompt and efficient manner. As soon as practicable after the Substantial Completion Date, but in no event more than five (5) days thereafter, representatives of Landlord and Tenant shall make a joint inspection of Landlord's Work. The existence of any "punchlist"‑type items shall not postpone the Commencement Date of this Lease. Any "punchlist" items which Landlord and Tenant agree have not been completed according to the Construction Documents shall be remedied and completed by Landlord as soon as practicable, but in any event within thirty (30) days of such inspection unless completion is impossible or impracticable within such thirty (30) day period, in which event such work will be completed as quickly as reasonably practicable. Tenant, if then in possession of the Premises, agrees to allow Landlord and its employees, contractors, architect, space planner and agents working on Landlord's Work reasonable access for the purposes of completing Landlord's obligations under this Section 2.6, and Tenant agrees to cooperate in all respects to facilitate such remedial actions. Within two (2) business days following Landlord's completion of all Punchlist Items its obligations (if any) under this Section 2.6, Landlord and Defect Remedy WorkTenant shall jointly re‑inspect Landlord's Work to confirm that Landlord has complied with its obligations under this Section 2.6. Upon such confirmation, Contractor Landlord and Tenant shall remove all evidence such confirmation in writing (the "Completion Certificate"). Landlord's obligations with respect to construction of its equipment and Materials and complete Landlord's Work shall be deemed to have been fully satisfied on that date that is the removal later to occur of all Work-related waste material and rubbish from and around the Sitedate of issuance of the Completion Certificate or the date of issuance of a final occupancy certificate by the appropriate government agency.