Common use of Genuine Pre-estimate Clause in Contracts

Genuine Pre-estimate. 4.7.1 The Parties agree and acknowledge that the extension of time and amounts specified in Articles 4.5, Article 4.6 and 4.8, constitute a genuine pre-estimate of the loss and damage occurring to the non-defaulting Party, on account of a delay and/ or default of the defaulting Party in duly satisfying the Conditions Precedent, and are not by way of penalty.

Genuine Pre-estimate. 4.7.1 The Parties agree and acknowledge that the extension of time and amounts specified in Articles 4.4 and Article 4.5, Article 4.6 and 4.8, constitute a genuine pre-estimate of the loss and damage occurring to the non-defaulting Party, on account of a delay and/ or default of the defaulting Party in duly satisfying the Conditions Precedent, and are not by way of penalty.

Genuine Pre-estimate. 4.7.1 The Parties agree and acknowledge that the extension of time and amounts specified in Articles 4.5, 4.5 and Article 4.6 and 4.84.6, constitute a genuine pre-estimate of the loss and damage occurring to the non-defaulting Party, on account of a delay and/ or default of the defaulting Party in duly satisfying the Conditions Precedent, and are not by way of penalty.