Establishment of Project Substantial Completion Date Sample Clauses

The "Establishment of Project Substantial Completion Date" clause defines the specific point in time when a construction project is considered substantially complete. This clause typically outlines the criteria for substantial completion, such as when the project is sufficiently finished for its intended use, and details the process for certifying this milestone, often involving inspections or formal notices. Its core function is to provide a clear and mutually agreed-upon benchmark that triggers important contractual events, such as the start of warranty periods, release of retainage, or transfer of risk, thereby reducing disputes and ensuring project clarity.
Establishment of Project Substantial Completion Date. At the time a Guaranteed Maximum Price (GMP) is established, the Project Substantial Completion Date for completion of the construction may be amended by Owner upon recommendation of Construction Team, if reasonably necessary, which Project Substantial Completion Date shall be subject to Force Majeure. An amendment to Substantial Completion Date under this section will not necessarily involve additional CM compensation. The CM agrees to complete the construction prior to the Project Substantial Completion Date. The CM acknowledges that failure to complete the PROJECT prior to the Project Substantial Completion Date will result in substantial damages to the Owner. The CM shall be assessed liquidated damages in the amount, (**Liquidated Damages will be established with Phase 2 amendment), per calendar day for each day completion is extended beyond the Project Substantial Completion Date, plus any fines and penalties directly imposed against Owner by any regulatory and/or governmental authority against Owner. Provided, however, CM and Owner shall cooperate with each other, and shall use best efforts and due diligence to avoid the imposition of any such fines and/or penalties.
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Related to Establishment of Project Substantial Completion Date

  • 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.

  • 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

  • Project Completion Date It is agreed between the Parties that the Project Completion Date is <END DATE, YEAR>. If the Project is not completed by such date then, subject to an amendment agreed to between the Parties, Alberta Innovates may elect to terminate this Investment Agreement. In such event, Alberta Innovates will notify the Applicant of its decision to terminate as soon as reasonably practical and shall advise the Applicant of the effective date of termination. Alberta Innovates will have no liability or obligation to reimburse the Applicant for any Project Costs incurred after the effective date of termination and may require the Applicant to return any portions of the Investment which were spent on Ineligible Expenses. Additionally, any portion of the Investment not used and accounted for in accordance with this Agreement as of the Project Completion Date or earlier termination is repayable by the Applicant to AI at AI’s request.

  • COMMENCEMENT AND COMPLETION OF THE PROJECT Section 3.01 The Project 8 Section 3.02 Diligent Completion 8 Section 3.03 Filings and Reports 8