Common use of Penalty for Delay in Equipment Turnover Clause in Contracts

Penalty for Delay in Equipment Turnover. If there is a delay in Equipment Turnover, the Buyer shall be entitled to liquidated damages from the date on which Equipment Turnover should have taken place. The liquidated damages shall be payable at a rate of 0.75% of the purchase price per day with a maximum liquidated damages of 20% of Purchase Price. Seller failing to deliver beyond maximum liability above, will entitle Buyer to cancel the order and Seller shall pay additional 10% of the Purchase Price towards all expenses incurred by the Buyer due to Seller’s delay.

Penalty for Delay in Equipment Turnover. If there is a delay in Equipment Turnover, the Buyer shall be entitled to liquidated damages from the date on which Equipment Turnover should have taken place. The liquidated damages shall be payable at a rate of 0.75% of the purchase price per day with a maximum liquidated damages of 20% of Purchase Price. Seller failing to deliver beyond maximum liability above, will entitle Buyer to cancel the order and Seller shall pay additional 10% of the Purchase Price towards all expenses incurred by the Buyer due to Seller’s delay. 9.