Final Construction Clause Samples
The "Final Construction" clause defines the point at which a construction project or a specific phase is considered fully completed according to the contract terms. It typically outlines the criteria that must be met for the work to be deemed finished, such as passing inspections, obtaining necessary certifications, or completing all punch list items. This clause ensures that both parties have a clear understanding of when contractual obligations regarding construction are fulfilled, thereby reducing disputes over project completion and facilitating the release of final payments or warranties.
Final Construction. Finally, the screened and weighted portfolio is tested to assure appropriate representation in each of the 12 S&P 500 industry sectors (as set forth in Annex B). If any sector of the Portfolio is less than 65% of the S&P 500 weight, Aeltus will increase its investment in that sector sufficiently to meet this criterion. Similarly, if any sector is greater than 135% of the S&P weight, Aeltus will decrease its investment in that sector sufficiently to meet this criterion. The portfolio is generally rebalanced monthly to reflect changes in rank and/or weighting components. Use of Futures Transaction efficiency is improved by using S&P 500 futures. They will represent no more than 20% of the equity portfolio, and will not be leveraged or used for speculative purposes. ANNEX B SECTOR LIST Sector Abbreviation Sector Name ------------------- ----------- CAPG CAPITAL GOODS TECH TECHNOLOGY CONC CONSUMER CYCLICALS CONN CONSUMER NON-CYCLICALS ▇▇▇▇ HEALTH CARE RETL RETAILERS RAWM RAW MATERIALS ▇▇▇▇ TRANSPORTATION ENGY ENERGY ▇▇▇▇ FINANCIAL TELF TELEPHONE UTILITIES ELUT ELECTRIC UTILITIES ANNEX C SAMPLE CALCULATION OF HYPOTHETICAL TOTAL ASSET VALUE If Actual Data Based Then Hypothetical on Actual Expense Data if Higher Ratio in Asset Covered Expense Allocation Model Ratio had been used were: would be: ---------------------- ---------------------- Business Day Preceding Permanent Deficit Event: - Equity Percentage 30.0% 19.7% (a) - Discount Rate 5.50% 5.50% - Remaining Time to Maturity (in Years) 4.00 4.00 - Actual Expense Ratio in Asset Allocation Model 1.40% 1.40% - Higher Covered Expense Ratio 2.25% 2.25% - Gross Principal Guarantee $ 100,000,000 $ 100,000,000 - Present Value of Aggregate Guarantee Amount plus $ 85,093,654 $ 85,093,654 Present Value of Covered Expenses using Actual Expense Ratio - Present Value of Aggregate Guarantee Amount plus $ 87,982,971 $ 87,982,971 Present Value of Covered Expenses using Higher Covered Expense Ratio - Cash Equivalent Value $ 0 $ 0 - Equity Portfolio Value $ 28,052,853 $ 18,421,799 (b) - Fixed Income Portfolio Value $ 65,456,657 $ 75,087,712 (c) - Total Asset Value $ 93,509,510 $ 93,509,510 (d) - Adjusted Total Asset Value $ 85,093,654 $ 87,982,971 Date on Which Permanent Deficit Event Occurs - Change in Equity Portfolio Value -40.00% -40.00% (e) - Change in Disc. Rate -0.50% -0.50% - Change in Fixed Income Portfolio Value 2.00% 2.00% (f) - Cash Equivalent Value $ 0 $ 0 - Equity Portfolio Value $ 16,831,712 $ 11,053,079 (g) - Fix...
Final Construction. Finally, the screened and weighted portfolio is tested to assure appropriate representation in each of the 12 S&P 500 industry sectors (as set forth in Annex B). If any sector of the Portfolio is less than 65% of the S&P 500 weight, Aeltus will increase its investment in that sector sufficiently to meet this criterion. Similarly, if any sector is greater than 135% of the S&P weight, Aeltus will decrease its investment in that sector sufficiently to meet this criterion. The portfolio is generally rebalanced monthly to reflect changes in rank and/or weighting components. Use of Futures Transaction efficiency is improved by using S&P 500 futures. They will represent no more than 20% of the equity portfolio, and will not be leveraged or used for speculative purposes.