Common use of Penalty for Late Deposits Clause in Contracts

Penalty for Late Deposits. Under Section 6.06 of this Contract, the Contractor shall deposit Operating Receipts in the Authority’s account as defined in Section 6.06(b). If the Contractor fails to deposit Operating Receipts in the Authority’s account in accordance with this Contract, the Authority may assess Liquidated Damages in the amount of One Thousand Dollars ($1,000) per day.

Penalty for Late Deposits. Under Section 6.06 6.05(b)(1) of this Contract, the Contractor shall deposit Operating Receipts in the Authority’s account as defined in Section 6.06(b)account. If the Contractor fails to deposit Operating Receipts in the Authority’s account in accordance with this Contractsection, the Authority may assess Liquidated Damages in the amount of One Thousand Dollars ($1,000) per dayday may be assessed for each day the Operating Receipts are not deposited.