Common use of Liquidated Damages and Early Completion Bonus Clause in Contracts

Liquidated Damages and Early Completion Bonus. Should the Construction Manager fail, neglect, or refuse to complete the Work on or before the Substantial Completion date or any proper extension thereof documented in a duly executed written Change Order, then the Construction Manager does hereby agree, as a part of the consideration for the awarding of this contract, to pay the University as liquidated damages, and not as a penalty, the sum of [ENTER DOLLAR VALUE] dollars ($ ) per day for each and every calendar day or partial day that the Construction Manager may be in default of Substantial Completion of the Work embraced under this contract. The University shall be entitled to retain from the Construction Manager those liquidated damages incurred upon the Construction Manager's default of Substantial Completion, as provided above. Should the Construction Manager achieve and receive certification for Substantial Completion ahead of the Substantial Completion date, then the Construction Manager shall receive an early completion bonus of [ENTER DOLLAR AMOUNT] per calendar day for each day of early completion. Such early completion bonus shall be capped and not exceed [ENTER DOLLAR VALUE] and such payment shall only be from GMP contingency reserves, if any, remaining at final completion. The Construction Manager further agrees to complete 100% of all punchlist items, documented on the Substantial Completion certificate, within forty-five (45) days of the date of Substantial Completion. The Construction Manager's failure to complete all punchlist items within 45 days of Substantial Completion may, at the University discretion, result in the imposition of liquidated damages and/or nullify any eligibility for early completion bonus. LIMITED MUTUAL WAIVER OF CONSEQUENTIAL DAMAGES Except for damages mutually agreed as liquidated damages in paragraph 3.04.8 and claims covered by insurance policies and programs required in the Contract Documents, the University and Construction Manager agree to waive all claims against each other for any consequential damages that may arise out of or relate to this Agreement. The University agrees to waive consequential and indirect damages for loss of use of the Project, any rental expenses incurred, loss of income, profit or financing related to the Project, as well as the loss of business, loss of financing, principal office overhead and expenses, loss of profits not related to this Project, loss of reputation, or insolvency. The Construction Manager agrees to waive consequential and indirect damages including but not limited to loss of business, income, profit, financing, principal office overhead and expenses, and/or loss of profits not related to this Project, loss of or damage to reputation, or insolvency. The provision of this Paragraph shall also apply to the termination of this Agreement and shall survive such termination.

Liquidated Damages and Early Completion Bonus. Should the Construction Manager fail, neglect, or refuse to complete the Work on or before the Substantial Completion date or any proper extension thereof documented in a duly executed written Change Order, then the Construction Manager does hereby agree, as a part of the consideration for the awarding of this contract, to pay the University as liquidated damages, and not as a penalty, the sum of [ENTER DOLLAR VALUE] One Thousand dollars ($ $_1,000_) per day for each and every calendar day or partial day that the Construction Manager may be in default of Substantial Completion of the Work embraced under this contract. The University shall be entitled to retain from the Construction Manager those liquidated damages incurred upon the Construction Manager's default of Substantial Completion, as provided above. Should the Construction Manager achieve and receive certification for Substantial Completion ahead of the Substantial Completion date, then the Construction Manager shall receive an early completion bonus of [ENTER DOLLAR AMOUNTN\A] per calendar day for each day of early completion. Such early completion bonus shall be capped and not exceed [ENTER DOLLAR VALUEN\A] and such payment shall only be from GMP contingency reserves, if any, remaining at final completion. The Construction Manager further agrees to complete 100% of all punchlist items, documented on the Substantial Completion certificate, within forty-five (45) days of the date of Substantial Completion. The Construction Manager's failure to complete all punchlist items within 45 days of Substantial Completion may, at the University discretion, result in the imposition of liquidated damages and/or nullify any eligibility for early completion bonus. LIMITED MUTUAL WAIVER OF CONSEQUENTIAL DAMAGES Except for damages mutually agreed as liquidated damages in paragraph 3.04.8 and claims covered by insurance policies and programs required in the Contract Documents, the University and Construction Manager agree to waive all claims against each other for any consequential damages that may arise out of or relate to this Agreement. The University agrees to waive consequential and indirect damages for loss of use of the Project, any rental expenses incurred, loss of income, profit or financing related to the Project, as well as the loss of business, loss of financing, principal office overhead and expenses, loss of profits not related to this Project, loss of reputation, or insolvency. The Construction Manager agrees to waive consequential and indirect damages including but not limited to loss of business, income, profit, financing, principal office overhead and expenses, and/or loss of profits not related to this Project, loss of or damage to reputation, or insolvency. The provision of this Paragraph shall also apply to the termination of this Agreement and shall survive such termination.