Liquidated Damages and Penalty Sample Clauses

Liquidated Damages and Penalty. 10.1 If the Agency fails to commence the services within the prescribed timeline of 30 days from the date of signing the contract, then 1% per week LD of annual contract value shall be imposed with an overall cap of 5% of the contract price. After arriving at maximum penalty (i.e., 5%), Contracting entity (i.e., Procuring Entity) may terminate the contract with forfeiture of PBG.
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Liquidated Damages and Penalty. Liquidated damages are a genuine pre-estimate of the probable loss which might occur as a breach of contract. Penalty is something which is disproportionate to the actual loss. It is fixed in terrorism, to make the other party so much frightened so that he should not even thing of making a breach of contract. For e.g.: If somebody does not pay the amount on a due date, it is OK to charge interest from that date on a market sale of interest. But if we charge 50% interest per year it is in the nature of penalty which will not be allowed by the Court.
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Liquidated Damages and Penalty. Sometimes parties to a contract stipulate at the time of its formation that on the breach of the contract by either of them a certain specified sum be payable as damages. Such a sum may amount to either liquidated damages or a penalty. Liquidated damages represent a sum fixed or ascertained by the parties in the contract which is a fair and genuine pre-estimate of the probable loss that as a result of the breach. If it takes place. A penalty is a sum named in the contract at the time of its formation, which is dispropoetionate to the damages likely to fdgdfgd as a result of the breach. It is fixed up with a view to securing the performance of the contract. Payment of Interest The largest number of cases decided under Sec. 74 relate to stipulation if a contract providing for payment of interest. The following rules are observed with regard to payment of interest.
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Liquidated Damages and Penalty. 4.5.1 Liquidated damages for delayed Mobilization: Time is the essence of this Contract. In the event the Contractor fails to mobilize the tankers (both) within the time specified in the Notification of Award of Contract, Liquidated Damages equal to the rate of 1% of the Contract Price for delay of each week or part thereof, subject to a maximum of 10% of the Contract Price shall be payable by the Contractor. Any delay beyond 5 weeks from the date of Mobilization shall result in termination of the Contract with no payment to the Contractor and Company shall have the right to invoke the Performance Bank Guarantee.
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Liquidated Damages and Penalty 
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Related to Liquidated Damages and Penalty

  • Liquidated Damages Security The Board may require that a Member that has two (2) or more NMFS fishing regulation violations, or which has breached this Agreement or another sector’s operations plan on two (2) or more occasions, post a bond or obtain a letter of credit securing such Member’s payment and performance obligations under this Agreement in such amounts as the Board deems appropriate, or may require such Member to personally guaranty, and/or have other Members or third parties personally guaranty, such Member’s payment and performance obligations under this Agreement.

  • Liquidated Damages The Company’s obligations to pay any partial liquidated damages or other amounts owing under the Transaction Documents is a continuing obligation of the Company and shall not terminate until all unpaid partial liquidated damages and other amounts have been paid notwithstanding the fact that the instrument or security pursuant to which such partial liquidated damages or other amounts are due and payable shall have been canceled.

  • Withholding for unpaid wages and liquidated damages The FHWA or the contacting agency shall upon its own action or upon written request of an authorized representative of the Department of Labor withhold or cause to be withheld, from any moneys payable on account of work performed by the contractor or subcontractor under any such contract or any other Federal contract with the same prime contractor, or any other federally-assisted contract subject to the Contract Work Hours and Safety Standards Act, which is held by the same prime contractor, such sums as may be determined to be necessary to satisfy any liabilities of such contractor or subcontractor for unpaid wages and liquidated damages as provided in the clause set forth in paragraph (2.) of this section.

  • Liquidated Damages for Delay In addition to the Contractor bearing the actual cost of correcting any non-compliant work or any other actual damages resulting from Contractor’s breach of this Agreement, the Contractor agrees to pay the Contractor delay damages in the amount of $500.00 per day for every day that the goods and/or services to be provided pursuant to this Agreement have not been timely delivered to the District in compliance with the Scope of Services set forth above, unless the delay has been properly excused by the terms of this Agreement. The parties agree that the District’s actual damages for delay are difficult to estimate and that this $500.00 per day sum is a reasonable pre-estimate of the District’s actual damages for each day of delay and that the is $500.00 per day sum is intended by the parties to be in the nature of liquidated damages, not a penalty. It is not the parties’ intent for this provision to limit either party’s remedies against the other for the breach of this Agreement, except for the District’s money damages for unexcused delays caused by the Contractor.

  • Fines and Penalties Qwest shall be liable to pay to CLEC fines and penalties for resold services in accordance with the Commission's retail service requirements that apply to Qwest retail services, if any. Such credits shall be limited in accordance with the following:

  • Violation; liability for unpaid wages; liquidated damages In the event of any violation of the clause set forth in paragraph (1.) of this section, the contractor and any subcontractor responsible therefor shall be liable for the unpaid wages. In addition, such contractor and subcontractor shall be liable to the United States (in the case of work done under contract for the District of Columbia or a territory, to such District or to such territory), for liquidated damages. Such liquidated damages shall be computed with respect to each individual laborer or mechanic, including watchmen and guards, employed in violation of the clause set forth in paragraph (1.) of this section, in the sum of $10 for each calendar day on which such individual was required or permitted to work in excess of the standard workweek of forty hours without payment of the overtime wages required by the clause set forth in paragraph (1.) of this section.

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