Common use of Delay Damages; Termination Upon Delay Clause in Contracts

Delay Damages; Termination Upon Delay. In the event that the conditions precedent to the occurrence of the Initial Delivery Date are not satisfied or waived on or prior to the Expected Initial Delivery Date, for each day beginning with the day after the Expected Initial Delivery Date through and including the date on which the Initial Delivery Date occurs, Seller will be required to pay liquidated damages in the amount of $250 per day multiplied by the Monthly Contract Capacity (measured in MWs) during the Summer Months and $62.25 per day multiplied by the Monthly Contract Capacity (measured in MWs) during the Non-Summer Months, up to a maximum of 365 days (any portion of which, or all, such payments are “Delay Damages”). If such amounts are due, then Buyer shall provide Notice to Seller of the amounts due and deduct such amounts due from the Delivery Date Security. In the event that Seller has not satisfied the conditions precedent to the Initial Delivery Date within 365 days of the Expected Initial Delivery Date, the Seller’s failure to satisfy such conditions will constitute an Event of Default pursuant to Section 5.1(a)(vii) of this Agreement. If such an Event of Default occurs, then any time prior to the satisfaction of the conditions precedent, Buyer may elect to exercise the remedies that are available upon an Event of Default pursuant to Article V, or in the alternative, Buyer will have the option to extend the end date of the Services Term by a period equal to the difference between the Expected Initial Delivery Date and actual Initial Delivery Date.

Delay Damages; Termination Upon Delay. In the event that the conditions precedent to the occurrence of the Initial Delivery Date are not satisfied or waived on or prior to the Expected Initial Delivery Date, for each day beginning with the day after the Expected Initial Delivery Date through and including the date on which the Initial Delivery Date occurs, Seller will be required to pay liquidated damages in the amount of $250 per day multiplied by the Monthly Contract Capacity (measured in MWs) during the Summer Months and $62.25 per day multiplied by the Monthly Contract Capacity (measured in MWs) during the Non-Summer Months, up to a maximum of 365 days (any portion of which, or all, such payments are “Delay Damages”). If such amounts are due, then Buyer shall provide Notice to Seller of the amounts due and deduct such amounts due from the Delivery Date Project Development Security. In the event that Seller has not satisfied the conditions precedent to the Initial Delivery Date within 365 days of the Expected Initial Delivery Date, the Seller’s failure to satisfy such conditions will constitute an Event of Default pursuant to Section 5.1(a)(vii) of this Agreement. If such an Event of Default occurs, then any time prior to the satisfaction of the conditions precedent, Buyer may elect to exercise the remedies that are available upon an Event of Default pursuant to Article V, or in the alternative, Buyer will have the option to extend the end date of the Services Term by a period equal to the difference between the Expected Initial Delivery Date and actual Initial Delivery Date.