Common use of Substantial Completion Delay Liquidated Damages Clause in Contracts

Substantial Completion Delay Liquidated Damages. 5 Owner and Contractor acknowledge and agree that any failure of Contractor to cause Project Substantial Completion to occur by the applicable Guaranteed Substantial Completion Date will directly cause substantial damage to Owner, which damage cannot be ascertained with reasonable certainty. Thus, if such failure occurs, Contractor shall pay to Owner, as liquidated and agreed damages and not as a penalty, the following amount (collectively, “Substantial Completion Liquidated Damages”): $ per Day that Project Substantial Completion is delayed beyond the Guaranteed Substantial completion Date.6