Reasonableness of Liquidated Damages Sample Clauses

Reasonableness of Liquidated Damages. It is understood and agreed between the parties that the terms, conditions and amounts fixed pursuant to Article 13 for liquidated damages are reasonable, considering the damages that Owner will sustain in the event of Contractor's failure to meet the requirements set forth in Article 13 and that these amounts are agreed upon and fixed as liquidated damages because of the difficulty of ascertaining the exact amount of damages that may be sustained by Owner and shall be applicable regardless of the actual amount of damages sustained. Once the Guaranteed Lump Sum Price has been adjusted for liquidated damages as provided in Section 13.6 and all refunds, if any, completed, Contractor shall be relieved of any further liability but only with respect to the obligation(s) for which such damages are assessed. Subject to the termination rights of Owner pursuant to Section 18.1(c), if the limits set forth in Section 14.1 have been reached and the Guaranteed Lump Sum Price has been adjusted for liquidated damages as provided in Section 13.6 and all refunds, if any, completed, Contractor shall be relieved of any further liability for damages arising out of excessive heat rate, output short falls and/or delay in achieving Commercial Operation. Nothing in this Section 13.8 is intended to limit the damages provided for in Section 14.2(a). 87 Article 13

Reasonableness of Liquidated Damages. The Contractor acknowledges and agrees that the foregoing damages have been set based on an evaluation by the Authority of damages which it will incur in the event of late completion, including additional administrative costs. The Contractor and the Authority agree that the amount of such damages is impossible to ascertain as of the date of execution hereof and the parties have agreed to such Liquidated Damages in order to fix the Contractor’s costs and to avoid later disputes over which items are properly chargeable to the Contractor. It is understood and agreed by the Contractor that any Liquidated Damages payable in accordance with this Section are in the nature of liquidated damages and not a penalty and that such sums are a reasonable approximation of actual damages that the Authority will sustain and not manifestly unreasonable under the circumstances existing as of the date of execution and delivery of the Contract. The Contractor acknowledges and agrees that Liquidated Damages may be owing even though no Event of Default has occurred.

Reasonableness of Liquidated Damages. Fabricator acknowledges and agrees that the foregoing damages have been set based on an evaluation by TxDOT of damages to TxDOT caused by late completion. Fabricator and TxDOT agree that the amount of such damages are impossible to ascertain as of the date of execution hereof and the parties have agreed to such Liquidated Damages in order to fix Fabricator’s costs and to avoid later disputes over which items are properly chargeable to Fabricator. It is understood and agreed by Fabricator that any Liquidated Damages payable in accordance with this Section 14 are in the nature of liquidated damages and not a penalty and that such sums are reasonable in light of the anticipated or actual harm caused by the breach, the difficulties of the proof of loss, and the inconvenience or nonfeasibility of otherwise obtaining an adequate remedy. Fabricator further acknowledges and agrees that Liquidated Damages may be owing even though no Event of Default has occurred.

Reasonableness of Liquidated Damages. Bxxxx agrees the amount of Liquidated Damages is reasonable in the light of the anticipated or actual harm caused by the Buyer to Seller in light of the nature of the transactions contemplated by this Agreement, the difficulties of proof of loss, and the inconvenience or nonfeasibility of otherwise obtaining an adequate remedy.