Agreements for lease for construction lawyers—time issues
Published by a LexisNexis Construction expert
Practice notesAgreements for lease for construction lawyers—time issues
Published by a LexisNexis Construction expert
Practice notesDelay in Completion of the landlord’s works can be of far greater concern to a tenant than whether the works have been built in accordance with the specification or if the collateral warranties or contract assignments will be delivered as promised. Usually, the tenant's primary objective is to get into the premises and begin trading. As such, the date for completion of the developer/landlord’s works is key—the target Completion date will usually, however, be subject to extensions of time. This Practice Note looks at how the Target date for completion may be pushed out and what happens if the landlord does not complete the works on time (including the potential for Liquidated Damages). It also considers how the tenant may be given early access to the property to carry out its own fitting out works.
Extensions of time
The usual position under an agreement for lease is that the tenant will be required to enter into the lease once practical completion, as defined under the agreement for lease, has been achieved. Practical completion under the agreement
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