Critical Milestone Guarantee Liquidated Damages Sample Clauses

Critical Milestone Guarantee Liquidated Damages. ‌ (a) The Project Schedule designates certain times as critical milestones (each a “Critical Milestone”) by which Seller represents that each such Critical Milestone will occur by its respective Target Date. While timely completion of each step in the Project Schedule is important to the success of the project, the occurrence of each Critical Milestone by its respective Target Date is of critical importance to completion of the Project in a timely manner consistent with Buyer’s vital business interests. (b) The Parties agree that it will be very difficult to determine the cost to Buyer for late delivery of Critical Milestones; therefore, the Parties agree upon the amounts set forth below, as liquidated damages for such late delivery and not a penalty, as consideration for delay in delivery and the resulting loss of beneficial use of the Work associated with each Critical Milestone. Such amounts being Critical Milestones Liquidated Damages (“Critical Milestone LDs”). (c) For each day of delay after the relevant Target Date in achieving any Critical Milestone, the amounts otherwise payable to Seller pursuant to this Agreement shall be reduced by $[ ] per day for each day of delay beyond the relevant Target Date in achieving any Critical Milestone (“Reduction Amount”). (d) The Reduction Amount (i) shall arise independently with respect to each such delay and (ii) shall arise independently with respect to Late Substantial Completion LDs as defined in Section 24.3 (“Liquidated Damages for Delay in Substantial Completion”). At Buyer’s option and in its sole discretion, Buyer may either require Seller to pay to Buyer the Reduction Amount or may deduct the Reduction Amount from any monies subsequently payable to Seller. (e) Nothing in this Article, including without limitation Buyer's full payment of amounts owed hereunder, diminishes or impairs Buyer's other rights and remedies against Seller.

Critical Milestone Guarantee Liquidated Damages. (a) The Project Schedule designates certain times as critical milestones (each a “Critical Milestone”) by which Contractor represents that each such Critical Milestone will occur by its respective Target Date. While timely completion of each step in the Project Schedule is important to the success of the project, the occurrence of each Critical Milestone by its respective Target Date is of critical importance to completion of the Project in a timely manner consistent with Company’s vital business interests. (b) The Parties agree that it will be very difficult to determine the cost to Company for late delivery of Critical Milestones; therefore, the Parties agree upon the amounts set forth below, as liquidated damages for such late delivery and not a penalty, as consideration for delay in delivery and the resulting loss of beneficial use of the Work associated with each Critical Milestone. Such amounts being Critical Milestones Liquidated Damages (“Critical Milestone LDs”). (c) For each day of delay after the relevant Target Date in achieving any Critical Milestone, the amounts otherwise payable to Contractor pursuant to this Contract shall be reduced by $[ ] per day for each day of delay beyond the relevant Target Date in achieving any Critical Milestone (“Reduction Amount”). (d) The Reduction Amount (i) shall arise independently with respect to each such delay and (ii) shall arise independently with respect to Late Substantial Completion LDs as defined in Section