Punch List Item definition

Punch List Item means any item of uncompleted Work that (considered individually or in the aggregate) does not or will not adversely affect the performance or safety of the ▇▇▇▇ (or any portion thereof) or the ability of Owner to operate the ▇▇▇▇ (or any portion thereof) in the ordinary course of business in accordance with Prudent Industry Practices.

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Punch List Item means any uncompleted or deficient part of the IT System as specified in a Provisional Acceptance Certificate, the lack of which or the failure to complete which, considered individually or in aggregate with all other Punch List Items, does not adversely affect:

Punch List Item means each item identified by the Company or by a contractor pursuant to an EPC Contract that, as of the Commercial Operations Date, remains to be completed, which shall consist only of those items of work (a) that are associated with, and were intended to have been completed prior to the Commercial Operations Date, (b) that do not preclude the Project or a system of the Project from operating or functioning as the Project or such system was designed and intended to operate, (c) the absence of which does not create any occupational hazard or hazard that precludes the safe and reliable operation of the Project or a system of the Project in accordance with Prudent Industry Practices, and (d) the completion of which will not unreasonably interrupt or interfere with the commercial operation of the Project.

Examples of Punch List Item in a sentence

• Upon completion of a Seller Punch List Item, Purchaser shall release the corresponding portion of the Punch List Holdback to Seller within five (5) Business Days.

• If Contractor does not promptly complete any remaining Punch List Item, Owner shall have the right to complete such item and Owner’s costs associated with such activities shall be included in the calculation of Total Costs.

• Thereafter, Owner shall pay to the Contractor monthly the amounts retained for such Punch List Items to the extent that each Punch List Item is satisfactorily completed by Contractor and accepted by Owner.

• The Proposed Project Punch List may only contain Punch List Items, and shall include a Punch List Estimate for the completion or repair of each such Punch List Item and Contractor's estimated schedule for completion therefor.

• The Proposed Punch List shall include only Punch List Items for such Block, and shall include a Punch List Estimate for the completion or repair of each such Punch List Item and Contractor's estimated schedule for completion therefor.

• Upon Owner making such election, Contractor's obligation to perform such Punch List Item shall be deemed satisfied.

• Upon substantial completion (as reasonably determined by Lender) of any Punch List Item or Deferred Maintenance Condition, and provided no Event of Default is then continuing, Lender shall, on the first following Payment Date, release to Borrower the remainder of the portion of the Punch List and Deferred Maintenance Reserve Funds held for such Punch List Item or Deferred Maintenance Condition.

• Any disputes as to the nature or existence of any Punch List Item or as to the substantial completion of the Landlord Improvements shall be resolved by reasonable and joint decision of the Architect and a duly licensed Minnesota architect selected by Tenant.

• As each Punch List item is completed, the Development Entity may invoice the Department for the portion of the Punch List Holdback attributable to the completed Punch List Item, and the Department shall pay the undisputed portion of all such amounts within thirty (30) days after receipt of such invoice.

• No later than five Business Days prior to the Closing Date, Transferor will prepare and deliver to Transferee a list of all Punch List Items and the approximate costs and expenses necessary to complete or correct each such Punch List Item that has not been completed or corrected prior to such date.

More Definitions of Punch List Item

Punch List Item means a portion or element of the Work whose lack of completion does not interfere with complete use of and access to the Project, as determined by the Owner in its reasonable discretion.

Punch List Item means an item within the Specifications which is not completed on the Ready for Service Date but which will not significantly interfere with commencement of the use of the Project or any part of the Premises.