Common use of Liquidated Damages for Delay in Substantial Completion Clause in Contracts

Liquidated Damages for Delay in Substantial Completion. Subject to extension for force majeure as provided in this Agreement, Professional/Contractor shall pay Corporation the sum of FOUR HUNDRED AND NO/100 Dollars ($400.00) per day for each and every calendar day of unexcused delay in achieving Substantial Completion beyond the Scheduled Completion Date. Any sums due and payable hereunder by Professional/Contractor shall be payable, not as a penalty, but as liquidated damages representing an estimate of delay damages likely to be sustained by Corporation, estimated at the time of executing this Agreement. Such liquidated damages shall apply regardless of whether Professional/Contractor has been terminated by Corporation prior to Substantial Completion so long as Professional/Contractor's actions or inactions contributed to the delay. Such liquidated damages shall be in addition to, and not in preclusion of, the recovery of actual damages resulting from other defects in Professional/Contractor's performance hereunder for matters other than delays in Substantial Completion. When Corporation reasonably believes that Substantial Completion will be inexcusably delayed, Corporation shall be entitled, but not required, to withhold from any amounts otherwise due to Professional/Contractor an amount then believed by Corporation to be adequate to recover liquidated damages applicable to such delays. If and when Professional/Contractor overcomes the delay in achieving Substantial Completion, or any part thereof, for which Corporation has withheld payment, Corporation shall promptly release to Professional/Contractor those funds withheld, but no longer applicable as liquidated damages.

Liquidated Damages for Delay in Substantial Completion. Subject to extension for force majeure Landlord acknowledges that, if the Substantial Completion Date is delayed beyond the “Scheduled Completion Date” of July 1, 2007 or such alternative Scheduled Completion Date as provided the Landlord and Tenant may agree upon in writing in the final approved Project Schedule or in a Change Order executed in accordance with this Improvement Agreement, Professional/Contractor shall pay Corporation for reasons other than a Force Majeure Delay or a Tenant Delay, Tenant will incur costs not compensated by the sum of FOUR HUNDRED AND NO/100 Dollars ($400.00) per day for each and every calendar day of unexcused mere delay in achieving the Commencement Date for the payment of Rent under the Lease caused thereby and that the exact amount of such costs will be extremely difficult to ascertain. Accordingly, if such a delay occurs, then, in addition to Tenant’s other rights and remedies, upon Commencement of the Lease, then, in addition to the delay in commencement of Rent under the Lease due to the delay in the Commencement Date, Landlord shall waive additional Tenant’s Base Rent equal to the corresponding number of days of delay in the Substantial Completion of the Work beyond the Scheduled Completion DateDate (as the same may be so adjusted) times the per diem Base Monthly Rent payable for the first month of the Lease term, to the extent such delay is not due to Force Majeure or Tenant Delay. Any sums due The parties agree that such amount represents a fair and payable hereunder reasonable estimate of the cost Tenant will incur by Professional/Contractor shall reason of the late completion of the work to be payableperformed under the Improvement Agreement and that such costs are difficult to estimate at this time. Notwithstanding the foregoing, not as a penalty, but as acceptance of liquidated damages representing an estimate for delay by Tenant shall not constitute a waiver of delay damages likely to be sustained by Corporation, estimated at Landlord’s breach of any provision of this Improvement Agreement or the time of executing this Agreement. Such liquidated damages shall apply regardless of whether Professional/Contractor has been terminated by Corporation prior to Substantial Completion so long as Professional/Contractor's actions or inactions contributed to the delay. Such liquidated damages shall be in addition to, and not in preclusion of, the recovery of actual damages resulting from other defects in Professional/Contractor's performance hereunder for matters other than delays in Substantial Completion. When Corporation reasonably believes that Substantial Completion will be inexcusably delayed, Corporation shall be entitled, but not required, to withhold from any amounts otherwise due to Professional/Contractor an amount then believed by Corporation to be adequate to recover liquidated damages applicable to such delays. If and when Professional/Contractor overcomes the delay in achieving Substantial Completion, or any part thereof, for which Corporation has withheld payment, Corporation shall promptly release to Professional/Contractor those funds withheld, but no longer applicable as liquidated damagesLease.

Liquidated Damages for Delay in Substantial Completion. Subject Design-Builder acknowledges and agrees that City would be damaged by a delay in substantial completion and that such damages are uncertain and difficult to extension for force majeure as provided in this Agreementascertain. If Design-Builder fails to achieve Substantial Completion by the Substantial Completion Date, Professional/Contractor shall pay Corporation the sum Parties further agree that the stipulated amount of FOUR HUNDRED AND NO/100 Dollars ($400.00) $ ), per day for each and every calendar day of unexcused delay in achieving Substantial Completion beyond the Scheduled Completion DateDate is a reasonable stipulated amount. Any sums due and payable hereunder by Professional/Contractor Design- Builder shall be payable, not as a penalty, but as liquidated damages Liquidated Damages representing an estimate of delay damages likely to be sustained by Corporationdamages, estimated at the time of executing this AgreementContract. Such liquidated damages Liquidated Damages shall apply regardless of whether Professional/Contractor Design-Builder has been terminated by Corporation City prior to Substantial Completion Completion, so long as Professional/ContractorDesign-Builder's actions or inactions contributed to the delay. Such liquidated damages Liquidated Damages shall be in addition to, to and not in preclusion of, of the recovery of actual damages resulting from other defects in Professional/ContractorDesign-Builder's performance hereunder for matters other than delays in performing the Work, including achieving Substantial Completion. When Corporation City reasonably believes that Substantial Completion will be inexcusably delayed, Corporation City shall be entitled, entitled but not required, required to withhold from any amounts otherwise due to Professional/Contractor Design-Builder an amount then believed by Corporation City to be adequate to recover liquidated damages Liquidated Damages applicable to such delays. If and when Professional/Contractor Design-Builder overcomes the delay in achieving Substantial Completion, or any part thereof, for which Corporation City has withheld payment, Corporation City shall promptly release to Professional/Contractor Design-Builder those funds withheld, but no longer applicable as liquidated damagesLiquidated Damages. In the event Design-Builder fails to meet the established or revised date for Substantial Completion for the Project, beginning on the next pay application submitted to City, Design-Builder shall include a specific line item on each subsequently submitted pay application, following the date established for Substantial Completion, deduction the Liquidated Damages accrued each month from the amount due Design-Builder for Work performed until Design- Builder is granted Substantial Completion on the Project. Any claim by City for consequential damages resulting from a delay in substantial completion shall be only for damages incurred by City in excess of the amount of Liquidated Damages paid by Design-Builder for such delay in substantial completion pursuant to this Contract.

Liquidated Damages for Delay in Substantial Completion. Subject to extension for force majeure Landlord acknowledges that, if the Substantial Completion Date is delayed beyond the “Scheduled Completion Date” as provided defined in the Project Schedule, or such alternative Scheduled Completion Date as the Landlord and Tenant may agree upon in writing in the final approved Project Schedule or in a Change Order executed in accordance with this Improvement Agreement, Professional/Contractor shall pay Corporation for reasons other than a Force Majeure Delay or a Tenant Delay, Tenant will incur costs not compensated by the sum of FOUR HUNDRED AND NO/100 Dollars ($400.00) per day for each and every calendar day of unexcused mere delay in achieving the Commencement Date for the payment of Rent under the Lease caused thereby and that the exact amount of such costs will be extremely difficult to ascertain. Accordingly, if such a delay occurs, then, in addition to Tenant’s other rights and remedies, upon Commencement of the Lease, then, in addition to the delay in commencement of Rent under the Lease due to the delay in the Commencement Date, Landlord shall waive additional Tenant’s Base Rent equal to the corresponding number of days of delay in the Substantial Completion of the Work beyond the Scheduled Completion DateDate (as the same may be so adjusted) times the per diem Base Monthly Rent payable for the first month of the Lease term, to the extent such delay is not due to Force Majeure or Tenant Delay. Any sums due The parties agree that such amount represents a fair and payable hereunder reasonable estimate of the cost Tenant will incur by Professional/Contractor shall reason of the late completion of the work to be payableperformed under the Improvement Agreement and that such costs are difficult to estimate at this time. Notwithstanding the foregoing, not as a penalty, but as acceptance of liquidated damages representing an estimate for delay by Tenant shall not constitute a waiver of delay damages likely to be sustained by Corporation, estimated at Landlord’s breach of any provision of this Improvement Agreement or the time of executing this Agreement. Such liquidated damages shall apply regardless of whether Professional/Contractor has been terminated by Corporation prior to Substantial Completion so long as Professional/Contractor's actions or inactions contributed to the delay. Such liquidated damages shall be in addition to, and not in preclusion of, the recovery of actual damages resulting from other defects in Professional/Contractor's performance hereunder for matters other than delays in Substantial Completion. When Corporation reasonably believes that Substantial Completion will be inexcusably delayed, Corporation shall be entitled, but not required, to withhold from any amounts otherwise due to Professional/Contractor an amount then believed by Corporation to be adequate to recover liquidated damages applicable to such delays. If and when Professional/Contractor overcomes the delay in achieving Substantial Completion, or any part thereof, for which Corporation has withheld payment, Corporation shall promptly release to Professional/Contractor those funds withheld, but no longer applicable as liquidated damagesLease.