Facility Substantial Completion Date definition

Examples of Facility Substantial Completion Date in a sentence

• Subject to acceptance of the Facility by Owner upon the Facility Substantial Completion Date, no payment shall: (i) be deemed a representation that Owner has inspected the Materials or the Work, (ii) constitute or be deemed an acceptance, in whole or in part, of any portion of the Work or (iii) operate to release Contractor from any obligations or liabilities hereunder.

• Such insurance shall be endorsed to include coverage for products and completed operations for ten (10) years after the Facility Substantial Completion Date or the statute of repose, whichever is less.

• The Payment Bond will be held by Owner until the Facility Substantial Completion Date.

• Contractor shall remain responsible for uninsured losses and deductible amounts under the policies to be provided by Contractor and, with respect to losses arising due to Contractor’s or its Subcontractor’s Gross Negligence or Willful Misconduct of Senior Supervisory Personnel, the policies to be provided by Owner until the Facility Substantial Completion Date, and Owner shall become responsible for such losses and deductibles occurring thereafter.

• Contractor shall pursue completion of (a) each LNG Production System Substantial Completion Date, (b) the Facility Substantial Completion Date and (c) the Final Completion Date.

• Upon successfully passing the Facility Performance Tests, Contractor shall be entitled to payment of its Direct Costs and Contractor’s G&A and Contractor’s Margin applicable thereto in connection with any Reimbursable Work performed after the Facility Substantial Completion Date.

• Contractor shall use commercially reasonable efforts to cause (a) each LNG Production System Substantial Completion Date to occur no later than the relevant LNG Production System Substantial Completion Deadline, (b) the Facility Substantial Completion Date to occur no later than the Facility Substantial Completion Deadline, and (c) the Final Completion Date to occur no later than the Final Completion Deadline.

• In the event the Target Price is increased or decreased by one or more Change Orders or otherwise in an aggregate amount equal to or greater than [***] in accordance with the terms of this Agreement prior to the Facility Substantial Completion Date, Contractor shall increase or decrease the amount of the Performance Bond to reflect the corresponding increase or decrease in the Target Price by [***] of such increase or decrease, within [***] Business Days of such increase or decrease in the Target Price.

• The Performance Bond shall have a face amount equal to a variable percentage of the then-current Target Price, as follows: (i) as of the Notice to Proceed Date, the face amount of the Performance Bond shall be equal to [***] of the then-current Target Price; and (ii) on the Facility Substantial Completion Date, the face amount of the Performance Bond shall be decreased to be equal to [***] of the then-current Target Price.