Common use of GUARANTEED COMPLETION DATE Clause in Contracts

GUARANTEED COMPLETION DATE. 23.1 The Design-Builder will commence the Work within 10 days of the date set by the Owner in a written Notice to Proceed. The Design-Builder will achieve Substantial Completion of the Work no later than the Guaranteed Completion Date of October 1, 2017, subject to authorized adjustments and in accordance with the Contract Documents. The completion date for the final striping Work in this Contract will be November 15, 2017. 23.2 It is mutually agreed between the parties hereto that time is of the essence of this Contract and in the event the Work has not achieved Substantial Completion by the Guaranteed Completion Date herein specified, it is agreed that from any money due or to become due the Design-Builder or the Design-Builder’s Surety, the Owner may retain the sum of Twenty- Five Thousand Dollars ($25,000.00) per day, for each day thereafter, Sundays and holidays included, until the Work is substantially completed, not as a penalty but as liquidation of a reasonable portion of loss that will be incurred by the Owner if Work is not completed on or before the Guaranteed Completion Date. Multiple Substantial Completion Dates may be defined as part of this Contract. In addition, the Owner may retain different sums as liquidated damages if Work is not completed on or before the Substantial Completion Dates. 23.3 In addition, It is mutually agreed between the parties hereto that time is of the essence of this Contract and in the event the final striping Work has not achieved Substantial Completion by the Completion Date for the final striping herein specified, it is agreed that from any money due or to become due the Design-Builder or the Design-Builder’s Surety, the Owner may retain the sum of Eight Thousand Dollars ($8,000.00) per day, for each day thereafter, Sundays and holidays included, until the final striping Work is substantially completed, not as a penalty but as liquidation of a reasonable portion of loss that will be incurred by the Owner if Work is not completed on or before the final striping Completion Date.

GUARANTEED COMPLETION DATE. 23.1 The Design-Builder Contractor will commence the Work within 10 days of the date set by the Owner in a written Notice to Proceed. The Design-Builder Contractor will achieve Substantial Completion of the Contract Work for the Work included in the Contract dated November 4, 2021 no later than the Guaranteed Completion Date of October 1March 26, 20172025, subject to authorized adjustments and in accordance with the Contract Documents. The completion date for the final striping Work in this Contract will be November 15, 2017. 23.2 The Contractor will commence the Work within 10 days of the date set by the Owner in a written Notice to Proceed. The Contractor will achieve Substantial Completion of the Supplemental Contract A Work included in Attachment 1 no later than the Guaranteed Completion Date of August 30, 2025, subject to authorized adjustments and in accordance with the Contract Documents. 23.3 It is mutually agreed between the parties hereto that time is of the essence of this Contract and in the event the Contract Work has not achieved Substantial Completion by the Guaranteed Completion Date herein specified, it is agreed that from any money due or to become due the Design-Builder Contractor or the Design-BuilderContractor’s Surety, the Owner may retain the sum of Twenty- Five Thousand Hundred Dollars ($25,000.00500.00) per day, for each day thereafter, Sundays and holidays included, until the Contract Work is substantially completed, not as a penalty but as liquidation of a reasonable portion of loss that will be incurred by the Owner if the Contract Work is not completed on or before the Guaranteed Completion Date. Multiple Substantial Completion Dates may be defined as part of this Contract. In addition, the Owner may retain different sums as liquidated damages if Work is not completed on or before the Substantial Completion Dates. The maximum amount of liquidated damages shall not exceed 10% of the Contract Sum. 23.3 In addition, 23.4 It is mutually agreed between the parties hereto that time is of the essence of this Contract and in the event the final striping Supplemental Contract A Work has not achieved Substantial Completion by the Guaranteed Completion Date for the final striping herein specified, it is agreed that from any money due or to become due the Design-Builder Contractor or the Design-BuilderContractor’s Surety, the Owner may retain the sum of Eight Thousand Five Hundred Dollars ($8,000.00500.00) per day, for each day thereafter, Sundays and holidays included, until the final striping Supplemental Contract A Work is substantially completed, not as a penalty but as liquidation of a reasonable portion of loss that will be incurred by the Owner if the Supplemental Contract A Work is not completed on or before the final striping Guaranteed Completion Date. Multiple Substantial Completion Dates may be defined as part of this Contract. In addition, the Owner may retain different sums as liquidated damages if Work is not completed on or before the Substantial Completion Dates. The maximum amount of liquidated damages shall not exceed 10% of the Supplemental Contract A Sum.

GUARANTEED COMPLETION DATE. ‌ Delete Paragraphs 23.1 and 23.2 in their entirety from the existing Part 2 Contract and replace with the below: 23.1 The Design-Builder will commence the Work within 10 days of the date set by the Owner in a written Notice to Proceed. The Design-Builder will achieve Substantial Completion of the Work no later than the Guaranteed Completion Date of October 1July 31, 20172016, subject to authorized adjustments and in accordance with the Contract Documents. The completion date for the final striping Work in this Contract will be November 15, 2017. 23.2 It is mutually agreed between the parties hereto that time is of the essence of this Contract and in the event the Work has not achieved Substantial Completion by the Guaranteed Completion Date herein specified, it is agreed that from any money due or to become due the Design-Builder or the Design-Builder’s Surety, the Owner may retain the sum of Twenty- Five Three Thousand and No One Hundredth Dollars ($25,000.003,000.00) per day, for each day thereafter, Sundays and holidays included, until the Work is substantially completed, not as a penalty but as liquidation of a reasonable portion of loss that will be incurred by the Owner if Work is not completed on or before the Guaranteed Completion Date. Multiple Substantial Completion Dates may be defined as part of this Contract. In addition, the Owner may retain different sums as liquidated damages if Work is not completed on or before the Substantial Completion Dates. 23.3 In addition, It is mutually agreed between the parties hereto that time is of the essence of this Contract and in the event the final striping Work has not achieved Substantial Completion by the Completion Date for the final striping herein specified, it is agreed that from any money due or to become due the Design-Builder or the Design-Builder’s Surety, the Owner may retain the sum of Eight Thousand Dollars ($8,000.00) per day, for each day thereafter, Sundays and holidays included, until the final striping Work is substantially completed, not as a penalty but as liquidation of a reasonable portion of loss that will be incurred by the Owner if Work is not completed on or before the final striping Completion Date.

GUARANTEED COMPLETION DATE. 23.1 The Design-Builder will commence the Work within 10 days of the date set by the Owner in a written Notice to Proceed. The Design-Builder will achieve Substantial Completion of the Work no later than the Guaranteed Completion Date of October 1April 19, 20172019, subject to authorized adjustments and in accordance with the Contract Documents. The completion date for the final striping Work in this Contract will be November 15, 2017. 23.2 It is mutually agreed between the parties hereto that time is of the essence of this Contract and in the event the Work has not achieved Substantial Completion by the Guaranteed Completion Date herein specified, it is agreed that from any money due or to become due the Design-Builder or the Design-Builder’s Surety, the Owner may retain the sum of Twenty- Five Seven Thousand Eight Hundred Fifty Dollars ($25,000.007,850.00) per day, for each day thereafter, Sundays and holidays included, until the Work is substantially completed, not as a penalty but as liquidation of a reasonable portion of loss, inclusive of a loss of revenue of the Long Term Parking Garage parking revenues, that will be incurred by the Owner if Work is not completed on Levels 1 or 2 in order to open either Level in their entirety to the public for parking on or before the Guaranteed Completion Date. If only Level 2 is open in its entirety to the public for parking and if the Work on Level 1 is not completed on or before the Guaranteed Completion Date, the Owner may retain the sum of Two Thousand Five Hundred Dollars ($2,500.00) per day, for each day thereafter, Sundays and holidays included, until the Work is substantially completed, not as a penalty but as liquidation of a reasonable portion of loss that will be incurred by the Owner if Work is not completed on or before the Guaranteed Completion DateOwner. Multiple Substantial Completion Dates may be defined as part of this Contract. In addition, the Owner may retain different sums as liquidated damages if Work is not completed on or before the Substantial Completion Dates. 23.3 In addition, It is mutually agreed between the parties hereto that time is of the essence of this Contract and in the event the final striping Work has not achieved Substantial Completion by the Completion Date for the final striping herein specified, it is agreed that from any money due or to become due the Design-Builder or the Design-Builder’s Surety, the Owner may retain the sum of Eight Thousand Dollars ($8,000.00) per day, for each day thereafter, Sundays and holidays included, until the final striping Work is substantially completed, not as a penalty but as liquidation of a reasonable portion of loss that will be incurred by the Owner if Work is not completed on or before the final striping Completion Date.

GUARANTEED COMPLETION DATE. 23.1 The For the Work included in the GMP for the Part 2 Contract, the Design-Builder will commence the Work within 10 days of the date set by the Owner in a written Notice notice to Proceedproceed. The Design-Builder will achieve Substantial Completion of the Work no later than the Guaranteed Completion Date of October 1December 29, 2017, 2022 subject to authorized adjustments and in accordance with the Contract Documents. The completion date for With the final striping Work in this Contract will be November 15establishment of the above Guaranteed Completion Date of December 29, 20172022. 23.2 For the Work included in the GMP for Part 2 Supplemental Contract A, the Design- Builder will commence the Work within 10 days of the date set by the Owner in a written notice to proceed. The Design-Builder will achieve Substantial Completion of the Work no later than the Guaranteed Completion Date of January 5, 2024 subject to authorized adjustments and in accordance with the Contract Documents. With the establishment of the above Guaranteed Completion Date of January 5, 2024. 23.3 It is mutually agreed between the parties hereto that time is of the essence of this Contract and in the event the Work has not achieved Substantial Completion by the Guaranteed Completion Date herein specified, it is agreed that from any money due or to become due the Design-Builder or the Design-Builder’s Surety, the Owner may retain the sum of Twenty- Five Two Thousand Four Hundred and No One Hundredth Dollars ($25,000.002,400.00) per day, for each day thereafter, Sundays and holidays included, until the Work is substantially completed, not as a penalty but as liquidation of a reasonable portion of loss that will be incurred by the Owner if Work is not completed on or before the Guaranteed Completion Date. Multiple Substantial Completion Dates may be defined as part of this Contract. In addition, the Owner may retain different sums as liquidated damages if Work is not completed on or before the Substantial Completion Dates. 23.3 In addition, It is mutually agreed between the parties hereto that time is of the essence of this Contract and in the event the final striping Work has not achieved Substantial Completion by the Completion Date for the final striping herein specified, it is agreed that from any money due or to become due the Design-Builder or the Design-Builder’s Surety, the Owner may retain the sum of Eight Thousand Dollars ($8,000.00) per day, for each day thereafter, Sundays and holidays included, until the final striping Work is substantially completed, not as a penalty but as liquidation of a reasonable portion of loss that will be incurred by the Owner if Work is not completed on or before the final striping Completion Date.