LIQUIDATED DAMAGES, COMPLETION AND ACCEPTANCE. 5.1 Liquidated Damages. Contractor shall achieve Substantial Completion pursuant to Section 4.3 on or before the Guaranteed Completion Date. In the event CONTRACTOR does not achieve Substantial Completion by such date, CONTRACTOR shall be liable to OWNER for liquidated damages in the amount of [***] of such delay, [***], in each case for each day or partial day until Substantial Completion is achieved, provided that, in no event shall the aggregate amount of liquidated damages paid by [***]. CONTRACTOR and OWNER hereby acknowledge and agree that the terms, conditions and amount fixed under this Article V are reasonable, considering the reduction in value of the Work, and the costs and losses which OWNER will likely incur in the event of CONTRACTOR’s failure to achieve Substantial Completion by the Guaranteed Completion Date. The amounts of liquidated damages are agreed upon and fixed hereunder by the Parties because of the difficulty of ascertaining on the date hereof the exact amount of costs that will be actually incurred by OWNER and shall not be, or be deemed to be, a penalty or forfeiture. The obligation to pay or payment of any such liquidated damages hereunder shall not affect OWNER’s right to terminate this Agreement pursuant to Article XI hereof.
LIQUIDATED DAMAGES, COMPLETION AND ACCEPTANCE. 5.1 Liquidated Damages 16 5.2 Completion of Work 16 5.3 Notice of Final Acceptance 16 5.4 Extensions 17 ARTICLE 6. RESPONSIBILITIES OF OWNER 6.1 Engineering Data 17 6.2 Access and Cooperation 17 6.3 Permits 17 6.4 OWNER Representative 17 6.5 Notice to Proceed 17 ARTICLE 7. PRICE AND PAYMENT 7.1 Cost and Payment 17 7.2 Planned Drawdown Schedule 18 7.3 Retainage and Withholding 19 7.4 Punch List Holdback 19 7.5 Payments 19 i 7.6 Final Payment 20 7.7 Warranty Work 20 7.8 Undisputed Payments 21 7.9 Disputed Payments 21 7.10 Form and Manner of Payments 21 7.11 Effect of Payment 21 7.12 No Mechanics’ Liens 21 7.13 Set-off 21 ARTICLE 8. CHANGES IN THE WORK 8.1 Changes 21 8.2 Adjustment for Change in Law 22 8.3 Other Changes 22 8.4 Value Engineering 22 8.5 Performance of Change Work 23
LIQUIDATED DAMAGES, COMPLETION AND ACCEPTANCE. 5.1 Liquidated Damages 16 5.2 Completion of Work 16 5.3 Notice of Final Acceptance 16 5.4 Extensions 17
LIQUIDATED DAMAGES, COMPLETION AND ACCEPTANCE. 5.1 Liquidated Damages. Contractor shall achieve Substantial Completion pursuant to Section 4.5 on or before the Guaranteed Completion Date. In the event CONTRACTOR does not achieve Substantial Completion by such date, CONTRACTOR shall be liable to OWNER for liquidated damages in the amount of $2,000 per day for the first 15 days of such delay, $5,000 per day for the next 15 days and Ten Thousand per day thereafter, in each case for each day or partial day until Substantial Completion is achieved, provided that, in no event shall the aggregate amount of liquidated damages paid by Contractor hereunder exceed $500,000. CONTRACTOR and OWNER hereby acknowledge and agree that the terms, conditions and amount fixed under this Article 5 are reasonable, considering the reduction in value of the Work, and the costs which OWNER will likely incur in the event of CONTRACTOR’s failure to achieve Substantial Completion by the Guaranteed Completion Date. The amounts of liquidated damages are agreed upon and fixed hereunder by the Parties because of the difficulty of ascertaining on the date hereof the exact amount of costs that will be actually incurred by OWNER and shall not be, or be deemed to be, a penalty or forfeiture. The obligation to pay or payment of any such liquidated damages hereunder shall not affect OWNER’s rights to terminate this Agreement pursuant to Article 11 hereof.
