Common use of Reasonable Amount; Exclusive Remedy Clause in Contracts

Reasonable Amount; Exclusive Remedy. The Parties agree that the sum of the amounts fixed as Construction Commencement Liquidated Damages and Substantial Completion Liquidated Damages (“Delay Liquidated Damages”) are fair and reasonable, considering the damages that Owner would sustain in the described event, and that these amounts are agreed upon and fixed as liquidated damages because of the difficulty of ascertaining the exact amount of damages that would be sustained. Except as set forth in Article XII, collection of Delay Liquidated Damages shall constitute Owner’s exclusive remedy and Contractor’s exclusive liability for Contractor’s failure to cause, as applicable, Project Substantial Completion to occur by the Guaranteed Substantial Completion Date, as such date may be extended by any executed Change Order. The foregoing sentence shall not relieve Contractor from its obligations (nor limit Owner’s ability to seek other available remedies in connection with Contractor’s failure to comply with its obligations) to perform the Work in accordance with this Agreement or from its Warranty or other obligations under this Agreement.

Reasonable Amount; Exclusive Remedy. The Parties agree that the sum of the amounts fixed as Construction Commencement Liquidated Damages and Substantial Substantial‌ Completion Liquidated Damages (“Delay Liquidated Damages”) are fair and reasonable, considering the damages that Owner would sustain in the described event, and that these amounts are agreed upon and fixed as liquidated damages because of the difficulty of ascertaining the exact amount of damages that would be sustained. Except as set forth in Article XII, collection of Delay Liquidated Damages shall constitute Owner’s exclusive remedy and Contractor’s exclusive liability for Contractor’s failure to cause, as applicable, Project Substantial Completion to occur by the Guaranteed Substantial Completion Date, as such date may be extended by any executed Change Order. The foregoing sentence shall not relieve Contractor from its obligations (nor limit Owner’s ability to seek other available remedies in connection with Contractor’s failure to comply with its obligations) to perform the Work in accordance with this Agreement or from its Warranty or other obligations under this Agreement.