Liquidated Damages in General. Owner and Design Builder recognize that, since time is of the essence for this Agreement, Owner will suffer financial loss if the Work associated with the Phase 2 is not substantially completed within the Contract Time specified in the Guaranteed Maximum Price Amendment, as said time may be adjusted as provided for herein. In such event, the total amount of Owner’s damages, will be difficult, if not impossible, to definitely ascertain and quantify. Should Design Builder fail to achieve Substantial Completion within the number of calendar days established herein, Owner shall be entitled to assess, as liquidated damages, but not as a penalty, One Thousand-Eight Hundred and Eighty Four dollars ($1,884.00) for each calendar day thereafter until Substantial Completion is achieved. Further, after Substantial Completion has been achieved, but Design Builder fails thereafter to achieve Final Completion within the required time period, Owner shall be entitled to assess and Design Builder shall be liable for all actual damages incurred by Owner as a result of such failure. The Project shall be deemed to be substantially completed on the date the Design Professional issues a Certificate of Substantial Completion (after a Certificate of Occupancy has been issued by the local building official) pursuant to the terms hereof. Design Builder hereby expressly waives and relinquishes any right which it may have to seek to characterize the above noted liquidated damages as a penalty, which the parties agree represents a fair and reasonable estimate of the Owner’s actual damages at the time of contracting if Design Builder fails to Substantially or Finally Complete the Work within the required time periods.
Liquidated Damages in General. The City and Contractor recognize that, since time is of the essence for this Agreement, the City will suffer financial loss if Contractor fails to achieve Substantial Completion within the time specified above, as said time may be adjusted as provided for herein. In such event, the total amount of the City’s damages, will be difficult, if not impossible, to definitively ascertain and quantify. Should contractor fail to achieve Substantial Completion within the number of calendar days established herein, the City shall be entitled to assess, as liquidated damages, but not as a penalty, One
Liquidated Damages in General
