Damages for delay. Contractor shall complete the services within the time prescribed in Article V hereof. Should CONTRACTOR incur delay in its performance, Contractor shall pay a penalty of one-tenth of one percent (1/10 of 1%) of the total cost for each day of delay, including Sundays and Holidays, beyond the specific period. The maximum deduction shall be ten percent (10%) of the amount of the contract. Once the cumulative amount of liquidated damages reaches ten percent (10%) of the amount of the contract, PAGCOR shall have the option to rescind the contract, without prejudice to other courses of action and remedies open to it. In case Contractor still fails to deliver the services after the lapse of 30 days from the supposed date of delivery as provided for in Article V, in addition to the forfeiture of the bond and the penalties agreed upon, PAGCOR shall have the option to terminate the agreement.
Appears in 4 contracts
Samples: Service Contract, Subscription Agreement, Service Contract
