Uncompleted Work definition
Examples of Uncompleted Work in a sentence
Upon determining the project is substantially complete, the Professional shall prepare the Punch List of Uncompleted Work Items that shall be attached to the Certificate of Substantial Completion.
The Professional shall participate in all inspections of the project necessary to inspect the Punch List of Uncompleted Work Items, and to determine whether or not the Project has been completed in accordance with contract requirements.
Uncompleted Work Agreements will only be considered at the time of Contract Final Acceptance and shall not be utilized for partially accepted work, as defined above.
Following Buyer’s exercise of its Step In Right, Buyer shall have the right to obtain reimbursement from the Holdback Funds, pursuant to a Draw Request given in accordance with Section 3, for Buyer’s reasonable costs to complete the Uncompleted Work, as well as from Seller to the extent the Holdback Funds are not sufficient.
Uncompleted Work is the City’s obligation under the Lease §3.2(c)(iii) and listed in §1.1. The projects are addressed as Capital Improvements and funded by the City.
Should the County make demand on Buyer pursuant to the Letter Agreement to perform or pay for any of the Uncompleted Work under the Letter Agreement, Buyer may step in and complete such Uncompleted Work and obtain a reimbursement from the Holdback Funds for same, in accordance with the terms of the Escrow Agreement, with recovery from Seller for reasonable costs incurred in excess of the Holdback Funds in the Escrow Agreement.
Provided, however, that if the Uncompleted Work is substantially complete for one or more (but not all) specific Lot(s) subject to this Escrow Agreement, as evidenced by initial acceptance by the County of such Uncompleted Work required to obtain COs for such Lot(s), Seller may deliver to Title Company and Buyer an individual Draw Request specific to such Lot(s) and directing Escrow Agent to disburse from the Escrow Account to Seller the sum of $7,000.00 per such Lot(s).
Upon Escrow Agent’s receipt of notice from Buyer and Seller of the completion of all Uncompleted Work which is required to obtain COs for all the Lots subject to the applicable Letter Agreement and this Escrow Agreement and following Buyer’s reimbursement of all its reasonable costs to complete any Uncompleted Work undertaken by Buyer, the balance of the Holdback Funds remaining in the Escrow Account shall be disbursed to Seller and this Escrow Agreement shall thereafter terminate.
Further, the nature of exceptions will be considered in the competitive range determination if one is conducted.
Upon substantial completion evidenced by initial acceptance by the County of the Uncompleted Work which is required to obtain COs for the applicable homes for all the Lots subject to the applicable Letter Agreement and associated Escrow Agreement, the balance of the Holdback Funds in escrow shall be released to Seller.