Outstanding Items definition
Examples of Outstanding Items in a sentence
Each Party acknowledges that any such Working Outstanding Items List is not a Punchlist, regardless of any title or moniker written thereon.
Contractor shall then update the Working Outstanding Items List or create a new list to reflect the result of such joint walk down and deliver the same to Owner for its review and approval, which submitted list shall be explicitly designated as the “Proposed Punchlist”.
Landlord covenants to maintain all such systems (including any such systems that are Outstanding Items) in good order, working condition, and repair and performing in accordance with reasonable commercial standards for the permitted use of Tenant under this Lease through the initial Term of the Agreement and any extensions thereof.
Seller agrees to fund and to maintain a balance in the Clearing Account equal to the aggregate amount of the Outstanding Items, and Purchaser agrees to clear all Outstanding Items with funds held in the Clearing Account.
Additionally, the Clearing Account funded by Seller at the Closing Date with amounts equal to all of Seller’s Outstanding Items will be administered as a positive pay system, whereby Purchaser will clear all presented checks meeting positive pay criteria and reject all other checks drawn on the account not matching positive pay.