Off-site Materials Sample Clauses
The Off-site Materials clause governs the ownership, storage, and risk allocation for materials or equipment purchased for a project but stored away from the actual construction site. Typically, it outlines the conditions under which the contractor can be paid for such materials, such as requiring proof of purchase, insurance, and secure storage. This clause ensures that both parties are clear on when ownership and risk transfer, protecting the owner's investment in materials not yet delivered to the site and reducing disputes over payment and responsibility.
Off-site Materials. Lender shall not be obligated to approve, and Lender shall not be obligated to fund, any Advance covering in whole or in part any equipment or materials not stored at the Project without the prior approval of Lender, which approval shall be in Lender’s sole discretion.
Off-site Materials. To the extent any amounts disbursed pursuant to a Disbursement Request are used to purchase materials or property to be used in the construction or furnishing of the Resort and such materials or property are to be stored at locations off the construction site of the Resort prior to their incorporation into the Resort pursuant to the Plans ("OFF-SITE STORED MATERIAL"), prior to any such Off-Site Stored Material being so stored, the Issuer shall ensure that such Off-Site Stored Materials are covered by the insurance policies insuring such Off-Site Stored Materials for the replacement cost thereof; PROVIDED that such aggregate purchase price shall in no event exceed $5.0 million.