Risk of Loss After Substantial Completion Clause Samples

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Risk of Loss After Substantial Completion. Risk of loss to the Project shall pass to Owner from and after the Substantial Completion Date; provided, however, Contractor shall be responsible for damage to the Project that is (i) caused by Contractor or one of its Subcontractors or (ii) a defect covered by the Warranties provided by Contractor pursuant to Section 16.
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Risk of Loss After Substantial Completion. Owner shall take possession and control and shall assume and shall bear the risk of loss and responsibility in respect of the Facility completed and transferred to Owner upon the Substantial Completion Date or the earlier termination of this Agreement, unless the loss or damage to the Facility is (a) caused by any Contractor Party, Subcontractor or other Person over whom Contractor has control or (b) a defect covered by the Warranties provided by Contractor under this Agreement.
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Risk of Loss After Substantial Completion. Principal shall bear the risk of loss for, and full responsibility for, the cost of replacing or repairing any damage to the Plant from and including the Substantial Completion Date or the earlier termination of this Agreement.
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Risk of Loss After Substantial Completion. Subject to Contractor’s obligations hereunder to satisfy the Performance Guarantees and pursuant to Articles 15, 17 and 23, Owner shall bear the risk of loss for, and full responsibility for, the cost of replacing or repairing any damage to a Unit or the Project from and after Substantial Completion. Notwithstanding the foregoing, if any portion of a Unit or the Project is lost or damaged after Substantial Completion due to any negligent act or omission of Contractor, any Affiliate of Contractor or any Subcontractor, or anyone directly or indirectly employed by any of them, Contractor’s liability for replacing or repairing such loss or damage shall be limited in amount to the amount of such loss or damage, not to exceed $250,000 per occurrence and $250,000 in any given year, regardless of whether or not Owner carries insurance coverage for such loss or damage. In any event, the care, custody, and control of each Unit shall pass to Owner no later than the Substantial Completion Date of such Unit. From and after the Substantial Completion Date of such Unit, Owner shall assume all risks of physical loss or damage thereto, subject to Contractor’s obligation to pay the costs of losses or damage to the Unit to the extent caused by any negligent act or omission of Contractor or any of its Subcontractors, not to exceed $250,000 per occurrence and $250,000 in any given year.
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Risk of Loss After Substantial Completion. Subject to Section 25.1, Owner shall bear the risk of loss for, and full responsibility for, the cost of replacing or repairing any damage to the Power Plant from and after Substantial Completion.
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Related to Risk of Loss After Substantial Completion

  • Substantial Completion 9.8.1 When the Contractor considers that the Work, or a designated portion thereof which has been accepted in writing to by the State, is substantially complete as defined in Subparagraph

  • Substantial Completion Date Substantial Completion of the Work as defined in Article 6.1.2 of the General Conditions to the Continuing Contract for Construction Management shall be achieved by July 31, 2022.

  • Upon Substantial Completion of the Work or designated portion thereof and upon application by the Contractor and certification by the Architect, the State shall make payment, reflecting adjustment in retainage, if any, for such Work or portion thereof, as provided in the Contract Documents.

  • Certificate of Substantial Completion The certificate prepared by the Designer and approved by the Owner to the effect that the Work has reached Substantial Completion.

  • DATE OF COMMENCEMENT AND SUBSTANTIAL COMPLETION § 3.1 The date of commencement of the Work shall be: § 3.2 The Contract Time shall be measured from the date of commencement of the Work.