Substantial Completion Liquidated Damages. Should the Contractor fail to substantially complete the Work on or before the date stipulated for Substantial Completion (or such later date as may result from extension of time granted by Owner), he shall pay the Owner or the Owner may deduct and retain from the contract balance $_(amount or N/A) per day for each consecutive calendar day that terms of the Contract remain unfulfilled beyond the date allowed by the Contract, which sum is agreed upon as a reasonable and proper measure of damages which the Owner will sustain per day by failure of the Contractor to complete work within time as stipulated; it being recognized by the Owner and the Contractor that the injury to the Owner which could result from a failure of the Contractor to complete on schedule is uncertain and cannot be computed exactly. In no way shall costs for liquidated damages be construed as a penalty on the Contractor.
Substantial Completion Liquidated Damages. For failure to achieve Substantial Completion by the time specified for Construction Work in section 5.4 herein, Contractor shall pay Owner $ per day in liquidated damages for each and every calendar day from the date when Substantial Completion should have been achieved to the date Substantial Completion is effectively achieved.
Substantial Completion Liquidated Damages. OWNER and CONTRACTOR recognize that time is of the essence of this Agreement and that OWNER will suffer financial loss if the Work is not completed within the times specified in paragraph 3.1 above, plus any extensions thereof allowed in accordance with Article 12 of the General Conditions. They also recognize the delays, expense, and difficulties involved in proving the actual loss suffered by OWNER if the Work is not completed on time. Accordingly, instead of requiring any such proof, OWNER and CONTRACTOR agree that as liquidated damages for delay (but not as a penalty) CONTRACTOR shall pay OWNER One Thousand Dollars ($1,000.00) for each day that expires after the time specified in paragraph 3.1 for Substantial Completion until the Work is substantially complete. After Substantial Completion, if CONTRACTOR shall neglect, refuse, or fail to complete the remaining Work within the time specified in paragraph 3.1 for completion and readiness for final payment or any proper extension thereof granted by OWNER. CONTRACTOR shall pay OWNER One Thousand Dollars ($1,000.00) for each day that expires after the time specified in paragraph 3.1 for completion and readiness for final payment.
Substantial Completion Liquidated Damages. Contractor acknowledges and agrees that if Contractor fails to obtain Substantial Completion of the Work within the Agreement Time, City will sustain extensive damages and serious loss as a result of such failure. The exact amount of such damages will be extremely difficult to ascertain. Therefore, City and Contractor agree that if Contractor fails to achieve Substantial Completion of the Work within the Agreement Time, City will be entitled to retain or recover from Contractor, as liquidated damages and not as a penalty, the sum per calendar day as indicated in MAG § 108.9.
Substantial Completion Liquidated Damages. JOC Contractor acknowledges and agrees that if JOC Contractor fails to obtain Substantial Completion of the Work within the Agreement Time, City will sustain extensive damages and serious loss as a result of such failure. The exact amount of such damages will be extremely difficult to ascertain. Therefore, City and JOC Contractor agree that if JOC Contractor fails to achieve Substantial Completion of the Work within the Agreement Time, City will be entitled to retain or recover from JOC Contractor, as liquidated damages and not as a penalty, the sum per calendar day as indicated in MAG § 108.9.
Substantial Completion Liquidated Damages. If the Contractor fails to finally complete the work by the specified time for substantial completion, he shall pay the Authority as "Liquidated Damages", the amount of $XXX per day as specified in General Conditions, Paragraph 33.
Substantial Completion Liquidated Damages. For failure to achieve Substantial Completion for a given Component by the time specified for the Work as required by Section 5.4, Contractor will pay Owner liquidated damages as specified in Section 3.7 of the General Conditions for GC/CM Projects for each and every calendar day from the date when Substantial Completion for that Component was due under Section 5.4 to the date Substantial Completion for that Component is effectively achieved.
Substantial Completion Liquidated Damages. CM@Risk acknowledges and agrees that if CM@Risk fails to obtain Substantial Completion of the Work within the Agreement Time, City will sustain extensive damages and serious loss as a result of such failure. The exact amount of such damages will be extremely difficult to ascertain. Therefore, City and CM@Risk agree that if CM@Risk fails to achieve Substantial Completion of the Work within the Agreement Time, City will be entitled to retain or recover from CM@Risk, as liquidated damages and not as a penalty, the sum per calendar day as indicated in MAG § 108.9.
Substantial Completion Liquidated Damages. Contractor acknowledges and agrees that if Contractor fails to obtain Substantial Completion of the Work within the Contract Time, City will sustain extensive damages and serious loss as a result of such failure. The exact amount of such damages will be extremely difficult to ascertain. Therefore, City and Contractor agree that if Contractor fails to achieve Substantial Completion of the Work within the Contract Time, City shall be entitled to retain or recover from Contractor, as liquidated damages and not as a penalty, the following per diem amounts commencing from the Substantial Completion Date required under the Contract until the actual date of Substantial Completion: $ (to be reviewed by PM if Substantial Completion applies – per Liquidated Damages Table 108-1 of the MAG Uniform Standard Specifications & Details [dated January 2013]) per calendar day.
Substantial Completion Liquidated Damages. Contractor shall pay Authority the sum of five hundred ($500) Dollars per day for each and every calendar day of unexcused delay in achieving Substantial Completion. Any sums due and payable hereunder by Contractor shall be payable, not as a penalty, but as liquidated damages representing an estimate of delay damages likely to be sustained by Authority, estimated at or before the date of executing this Contract. Liquidated damages are used in this Agreement because time is of the essence. Any ensuring loss suffered by Authority for delay is not readily ascertainable as of the date of contract execution. Contractor agrees and recognizes that any delay to Substantial Completion shall constitute a material breach. When Authority reasonably believes that Substantial Completion will be inexcusably delayed, Authority shall be entitled to withhold from any amounts due Contractor an amount determined by Authority to be adequate to recover liquidated damages attributable to such delays. If or when Contractor remedies the delay in achieving Substantial Completion, or any part thereof, for which Authority has withheld payment, Authority shall promptly release to Contractor all or a portion of those funds withheld as liquidated damages.
