Common use of Preliminary Budget Clause in Contracts

Preliminary Budget. Once the Preliminary Plans have been approved by both Tenant and Landlord, Landlord shall co-ordinate having a construction budget prepared with a detailed line item breakdown of all costs and contractor fees. Such budget shall hereinafter be referred to as "Preliminary Budget". Landlord shall have the Preliminary Budget completed for review by Tenant within fifteen (15) days after the Preliminary Plans have been approved. Tenant shall have fifteen (15) days upon receipt of the Preliminary Budget to review and approve the Preliminary Budget. If Tenant does not respond within the fifteen (15) day review period, the Preliminary Budget shall be considered approved by Tenant. If Tenant does not approve the budget, in writing, Landlord and Tenant shall have thirty (30) days from the date that Tenant informs Landlord of its disapproval to work with Landlord and Tenant Architect to approve the Preliminary Plans accordingly. If Tenant does not approve the Preliminary Budget within this thirty (30) day period, it shall be considered a Tenant Delay Factor for each day thereafter that the Preliminary Budget is not approved.