For Both Delay In Substantial Completion and For Delay In Final Completion Clause Samples

For Both Delay In Substantial Completion and For Delay In Final Completion. If the Contractor fails to achieve Substantial Completion of the Work within the Contract Time for Substantial Completion, the Owner shall be entitled to retain or recover from the Contractor as liquidated damages and not as a penalty, the sum of <<Printed Dollar Amount>> Dollars (U.S.) ($<<Numerical Dollar Amount)>> per calendar day commencing upon the first day following expiration of the Contract Time for achieving Substantial Completion and continuing until the actual date of Substantial Completion. In addition to any liquidated damages for delay in achieving Substantial Completion, if the Contractor fails to achieve Final Completion of the Work within the Contract Time specified for Final Completion, the Owner also shall be entitled to retain or recover from the Contractor as liquidated damages and not as a penalty, the sum of <<Printed Dollar Amount>> Dollars (U.S.) ($<<Numerical Dollar Amount>>) per calendar day commencing upon the first day following expiration of the Contract Time specified for Final Completion and continuing until the actual date of Final Completion. Contractor and Owner agree that all amounts payable hereunder by Contractor shall be payable, not as a penalty, but as liquidated damages representing an estimate of delay damages likely to be sustained by Owner, estimated at the time of executing this Agreement, as a result of delayed Substantial and Final Completion of the Work. When Owner reasonably believes that Substantial or Final Completion will be inexcusably delayed, Owner shall be entitled, but not required, to withhold from any amounts otherwise due Contractor an amount then believed by Owner to be adequate to recover liquidated damages applicable to the delay in achieving Substantial and/or Final Completion, or any part thereof. Any liquidated damages not so withheld shall be payable by Contractor to Owner upon demand by Owner plus interest from the date of demand at the highest legal rate.