Definition of Tenant Improvement Budget


Tenant Improvement Budget means, the design and construction costs of the Tenant Improvements to be constructed and completed by September 1, 2012 through a guaranteed maximum price budget not to exceed $7,426,613, as approved in writing by Tenant. The Tenant Improvements' Budget must be composed through a competitive bid process of the Contractors.
Sample 1

Examples of Tenant Improvement Budget in a sentence

Upon Tenant's written approval of the Tenant Improvement Budget, which approval shall not be unreasonably withheld or delayed, Landlord and Tenant shall be deemed to have given their respective approvals of the final Tenant Improvement Plans and Specifications on which the cost estimate was made, and General Contractor shall proceed with the construction of the Tenant Improvements in accordance with the terms of Section 5.G below.
Landlord shall cause the General Contractor to utilize the low bid in each case unless Tenant approves General Contractors use of another subcontractor, and the cost of the Tenant Improvements shall be based upon construction expenses equal to (i) the bid amounts as approved by Tenant, and (ii) the general contractor fee specified in Section 5.H below (Tenant Improvement Budget).
The Tenant Improvement Budget, and all revisions thereto, shall be subject to Landlord's approval, which shall not be unreasonably withheld or delayed.
Landlord shall cause the General Contractor to utilize the low bid in each case unless Tenant approves General Contractor's use of another subcontractor, and the cost of the Tenant Improvements shall be based upon construction expenses equal to (i) the bid amounts as approved by Tenant, (ii) a reasonable contingency approved by Tenant to protect the General Contractor against cost overruns, and (iii) the general contractor fee specified in Section 5.H below ("Tenant Improvement Budget").
If Tenant does not specifically approve or disapprove the Tenant Improvement Budget within ten (10) business days of submission, Tenant shall be deemed to have approved the bids.