Substantial Completion & Liquidated Damages for Delay Clause Samples

Substantial Completion & Liquidated Damages for Delay. (a) Supplier shall deliver to Owner a proposed Punch List not later than fifteen (15) days prior to the anticipated date of Substantial Completion, and Owner agrees to review and provide preliminary feedback on Supplier’s proposed Punch List within a reasonable period after receipt thereof, and thereafter the Parties agree to work diligently towards the finalization of a Punch List reasonably acceptable to Owner. Provided that the other conditions to Substantial Completion have been satisfied, Substantial Completion will occur notwithstanding that the Punch List items remain to be completed by Supplier, provided that Supplier shall commence promptly and diligently pursue to completion such Punch List items, and Supplier shall minimize interference with Owner’s commercial operation of the Equipment while performing any Punch List work after the Substantial Completion Date. (b) Supplier shall deliver to Owner its proposed estimate of Substantial Completion Liquidated Damages with reasonable supporting documentation not later than fifteen (15) days prior to the anticipated date of Substantial Completion, and Owner agrees to review and provide preliminary feedback on Supplier’s estimate within a reasonable period after receipt thereof. Supplier shall provide Owner with any other information reasonably requested by Owner to enable Owner to make its good faith estimate of Substantial Completion Liquidated Damages. Owner’s good faith estimate of Substantial Completion Liquidated Damages shall be used for purposes of determining the proper face amount of LOC-3 to be delivered by Supplier in accordance with clause (xii) of the definition of Substantial Completion. (c) When Supplier believes that Substantial Completion has been achieved, Supplier shall so notify Owner and Owner’s Engineer in writing and shall deliver a draft Certificate of Substantial Completion to Owner. Immediately thereafter, Owner shall conduct those investigations and inspections as it deems necessary or appropriate to determine if Substantial Completion has in fact been achieved. Within five (5) Business Days after the receipt of Supplier’s notice to Owner, Owner shall either (i) notify Supplier that Substantial Completion has been achieved, or (ii) notify Supplier that Substantial Completion has not been achieved and stating the reasons therefor. In the event Owner provides written notice that Substantial Completion has been achieved, Supplier and Owner shall execute a “Certificate of Substan...