This office lease clause lists a way to provide for variances between the rentable area of a "to be built" demised premises and the actual area after construction.
Maine Remeasurement Clause Used When Variances Exist Between the Rentable and Actual Area of a Space to be Built
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FAQ
There is a subtle difference between the term remeasurement and the term admeasurement, in that remeasurement refers to the entire process of measuring again the quantities of work undertaken, whereas admeasurement refers only to the difference between the estimated quantity and the actual quantity.
A Standard Clause defining the leased premises for a commercial real estate lease with language allowing the parties to remeasure the premises. A tenant's right to remeasure is generally a tenant-favorable concept, but this Standard Clause offers a landlord-friendly alternative for remeasurement.
A remeasurement contract is where the work is measured and valued against agreed rates. There is therefore no agreement as to a lump sum, but there is agreement as to the basis upon which the work will be valued.
What does Remeasurement contract mean? A contract where the amount to be paid for the work carried out is based on the remeasurement of work after it has been carried out, usually against a schedule of rates contained in the contract.
Disadvantages of re-measurable contract/remeasurement contract (unit price contracts) Can not predict the final value of the project. Delays in contractor's payments (assessment of the measurements takes time) Client's risk is comparatively high. Controlling and reporting will be a difficult task.
Re-measurable contracts calculate the final price of the project based on the actual quantity of work rather than an amount agreed upon at the start of the project. As with cost reimbursement projects, this arrangement is useful for projects with unclear variables that could change the cost as the work progresses.
