Major Milestone Liquidated Damages Sample Clauses

Major Milestone Liquidated Damages. The Parties agree that it would be extremely difficult and impracticable under the presently known and anticipated facts and circumstances to ascertain and fix the actual damages that Owners would incur should Contractor fail to meet the due dates for Major Milestones set forth in Exhibit B, Section 013216, Article 105.1, Table 1-1, Items No. A1 through A7, inclusive, and A11 through A16, inclusive. Accordingly, the Parties hereby agree that if Contractor fails to achieve any of the Major Milestones by the date therefor set forth in Exhibit B, Section 013216, Article 105.1, Table 1-1, Items No. A1 through A7, inclusive, and A11 through A16, inclusive, then Contractor shall pay Owners, as Owners’ sole and exclusive remedy for such failure, as liquidated damages, and not as a penalty, the sum of [**] Dollars ($[**]) for each of the first [**] Days, or portion thereof, of delay and [**] Dollars ($[**]) for each Day of delay, or portion thereof, thereafter that such Major Milestone is delayed beyond the due date therefor. Notwithstanding the foregoing, if Contractor achieves Mechanical Completion by the Guaranteed Mechanical Completion Date, then any liquidated damages accrue pursuant to this Section 7.4 for the failure to achieve one or more Major Milestones by the required date therefor shall be deemed waived by Owners. [**] Represents text deleted pursuant to a confidentiality treatment request filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended