Common use of Completion by Purchaser Clause in Contracts

Completion by Purchaser. If the Seller Punch List Items are not completed by the Punch List Completion Deadline, Purchaser may complete the Seller Punch List Items without further involvement by Seller or its Subcontractors upon prior written notice to Seller. All reasonably documented costs and expenses incurred by Purchaser in so completing the Seller Punch List Items shall be borne by Seller, and Purchaser shall be entitled to draw, first, on the Punch List Holdback and second, in the event the Punch List Holdback is insufficient, on the Credit Support, in order to reimburse itself for all such costs and expenses. To the extent the aggregate amount of the costs and expenses incurred by Purchaser to so complete the Seller Punch List Items is less than the amount of the Punch List Holdback, the remaining balance of such holdback shall be returned to Seller promptly after completion of the final Seller Punch List Item. 32

Completion by Purchaser. If the Seller Punch List Items are not completed by the Punch List Completion Deadline, Purchaser may complete the Seller Punch List Items without further involvement by Seller or its Subcontractors upon prior written notice to Seller. All reasonably documented costs and expenses incurred by Purchaser in so completing the Seller Punch List Items shall be borne by Seller, and Purchaser shall be entitled to draw, first, on the Punch List Holdback and second, in the event the Punch List Holdback is insufficient, on the Credit Support, in order to reimburse itself for all such costs and expenses. To the extent the aggregate amount of the costs and expenses incurred by Purchaser to so complete the Seller Punch List Items is less than the amount of the Punch List Holdback, the remaining balance of such holdback shall be returned to Seller promptly after completion of the final Seller Punch List Item. 3234