Completion Milestone definition
Examples of Completion Milestone in a sentence
Closing will happen only when the Seller reaches the Substantial Completion Milestone, confirmed by the Inspector issuing the Substantial Completion Milestone Certificate.
Once the revised Substantial Completion Milestone Date is achieved, the Seller will promptly issue the Closing Notice, as described below and proceed accordingly with the Closing process as detailed below.
Within three (3) Business Days of Department receiving from Design-Builder documentation demonstrating Design-Builder’s achievement of the LNTP1 Completion Milestone, Department shall issue a limited notice to proceed (“LNTP3”) authorizing and obligating Design-Builder to commence the Early Work described in Section 2.C (LNTP3 – Early Work) of Exhibit 5.
If the Seller anticipates completing sooner, Seller will send a notice of early completion of the Substantial Completion Milestone Deadline at least three (3) months in advance, indicating the revised Substantial Completion Milestone.
Within three (3) Business Days of Department receiving from Design-Builder documentation demonstrating Design-Builder’s achievement of the LNTP1 Completion Milestone, Department shall issue a limited notice to proceed (“LNTP2”) authorizing and obligating Design-Builder to commence the Early Work described in Section 2.B (LNTP2 – Early Work) of Exhibit 5.
Closing Date will happen on a date agreed upon by both parties, within thirty (30) days after the Inspector issues the Substantial Completion Milestone Certificate (sections 5(c) and 5(d)) and the Seller sends the Closing Notice (section (4)d) to the Buyer and the Closing Agent (“Closing Period”).
Purchaser shall not permit any mechanic’s or materialmen’s liens or any other liens to attach to any Property by reason of the performance of any work or the purchase of any materials by Purchaser or any other party in connection with any Inspections conducted by or for Purchaser.
Pursuant to the C-70 Project Agreement, a failure to perform certain obligations by the Developer may result in a Substantial Completion Deduction Amount to the Substantial Completion Milestone Payment.
Accordingly, instead of requiring any such proof, Owner and Contractor agree that as liquidated damages for delay (but not as a penalty) Contractor shall pay Owner One thousand dollars ($1,000.00) for each day that expires after the time specified herein for each Intermediate Completion Milestone until the Work is otherwise substantially complete.
This Phase 3 and 4 Completion Milestone Fee shall be non-refundable and non-creditable towards royalties.