Common use of Approval or Disapproval Clause in Contracts

Approval or Disapproval. The Lenders shall review the Draw Requests in a timely manner and shall use reasonable efforts to approve or disapprove a Draw Request within ten (10) business days after the receipt of the Draw Request and all required supporting invoices, documentation, which may include, without limitation, invoices, affidavits, certificates, and inspection reports. , affidavits, certificates, and inspection reports. If a Lender approves or disapproves of the Draw Request, it shall notify the other Lender and Borrower in writing, and any notice of disapproval shall specify, in reasonable detail, the amounts and items being disapproved and the reasons for the disapproval. The Lenders and Borrower shall diligently and in good faith attempt to resolve any dispute relating to a Draw Request, but Borrower has the burden of correcting any deficiency in the Work or the Draw Request.