Common use of Late Completion Clause in Contracts

Late Completion. Time is of the essence of the Contract Documents. Contractor agrees that Owner will suffer damage or financial loss if the Work is not completed on time or within any time extensions allowed in accordance with Section 5.06 of the General Conditions. Contractor and Owner agree that proof of the exact amount of any such damage or loss is difficult to determine. Accordingly, instead of requiring any such proof of damage or specific financial loss for late completion, Contractor agrees to pay the following sums to the Owner as liquidated damages and not as a penalty.

Late Completion. Time is of the essence of the Contract Documents. Contractor CONTRACTOR agrees that Owner OWNER will suffer damage or financial loss if the Work is not completed on time or within any time extensions allowed in accordance with Section 5.06 Part 12 of the General ConditionsConditions (Document 00 72 00). Contractor CONTRACTOR and Owner OWNER agree that proof of the exact amount of any such damage or loss is difficult to determine. Accordingly, instead of requiring any such proof of damage or specific financial final loss for late completion, Contractor CONTRACTOR agrees to pay the following sums to the Owner OWNER as liquidated damages and not as a penalty.