Common use of Damages for delay Clause in Contracts

Damages for delay. Subject to the provisions of Clause 12.4, if COD of Bus Terminal or COD of Commercial Complex does not occur prior to the 91st day after the Scheduled Completion Date or Scheduled Completion Date of Commercial Complex, as the case may be, unless the delay is on account of reasons solely attributable to the Authority or due to Force Majeure, the Concessionaire shall pay Damages to the Authority in a sum calculated at the rate of 0.1% (zero point one per cent) of the amount of Performance Security or Performance Guarantee, as the case may be, for delay of each day until COD of Bus Terminal or COD of Commercial Complex is achieved.