Common use of TIME OF COMMENCEMENT AND SUBSTANTIAL COMPLETION Clause in Contracts

TIME OF COMMENCEMENT AND SUBSTANTIAL COMPLETION. 6.1 At the time a Guaranteed Maximum Price (GMP) is established in the Project Agreement, a project substantial completion date, a project final completion date and an Owner Occupancy date for completion of the project in accordance with the master project schedule, shall also be established by the Construction Team. Contractor agrees to complete the construction in accordance with the agreed upon substantial completion date, final completion date and owner occupancy date. Contractor acknowledges that failure to complete the project within the construction time set forth in the approved schedule will result in substantial damages to the Owner. Failure to complete the work on time. It is mutually agreed by and between parties hereto that time shall be an essential part of this contract, and that in case of the failure on the part of the Construction Manager to achieve contractually scheduled completion of the milestones established in the Construction Managers project schedule within the time specified and agreed upon, the Owner will be damaged thereby; and the amount of said damages, inclusive of expenses for inspection(s), Architect’s additional fees, as well as additional personnel superintendence, and necessary traveling expenses, being difficult if not impossible of definite sum, are set forth below in the Schedule of Liquidated Damages as liquidated damages for every calendar day’s delay in finishing the work in excess of the number of calendar days prescribed; and the Construction Manager hereby agrees that said sum shall be deducted from monies due Construction Manager and hereby agrees to pay to the Owner as liquidated damages, and not by way of penalty, such total sum as shall be due for such duly computed aforesaid. Liquidated Damages: Prior to/After Substantial Completion Less than $2,500,000 $500/$125 per day Between $2,500,000 and $10,000,000 $1000/$250 per day Between $10,000,000 and $20,000,000 $2500/$625 per day Over $20,000,000 $5000/$1250 per day Liquidated damages daily rates after Substantial Completion are at 25% of the daily rate prior to Substantial Completion. Warranties called for by this Agreement or by the drawings and specifications shall begin on the date of owner occupancy of the project as set forth in the Project Agreement.

TIME OF COMMENCEMENT AND SUBSTANTIAL COMPLETION. 6.1 At the time a Guaranteed Maximum Price (GMP) GMP is established established, as provided for in Article 6, the Project Agreement, Team shall establish a project substantial completion date, a project final completion date and an Owner Occupancy date for completion of the project in accordance with the master project schedule, shall also be established by the . The Construction Team. Contractor Manager agrees to complete the construction in accordance with the agreed upon substantial completion date, final completion date and owner occupancy Owner Occupancy date. Contractor The Construction Manager acknowledges that failure to complete the project within the construction time set forth in the approved schedule will may result in substantial damages to the Owner. Failure to complete the work on time. It is mutually agreed by and between parties hereto that time shall be an essential part , for all of this contract, and that in case of the failure on the part of which damages the Construction Manager shall be liable. The parties agree to achieve contractually scheduled completion rely on the liquidated damages provided in the Standard Specifications for Road and Bridge Construction (YEAR) as the sole remedy for such delay. Mechanical Completion of a Project shall be deemed to occur when: The Construction Manager has completed all Work except the installation of insulation, painting, final clean‑up, final grading and any portion of the milestones established in Work not affecting the Construction Managers project schedule within operability or safety or the time specified and agreed uponmechanical, electrical or structural integrity of the Owner will be damaged thereby; and the amount of said damages, inclusive of expenses for inspection(s), Architect’s additional fees, as well as additional personnel superintendenceWork, and necessary traveling expenses, being difficult if not impossible of definite sum, are set forth below in the Schedule of Liquidated Damages as liquidated damages for every calendar day’s delay in finishing the such remaining work in excess of the number of calendar days prescribed; and the Construction Manager hereby agrees that said sum shall be deducted from monies due described on a Mechanical Completion Punch list prepared by Construction Manager and hereby agrees to pay accepted by Owner; The Work is structurally, mechanically, electrically and functionally constructed in accordance with the requirements of the Contract Documents; The Construction Manager has provided Owner with a report of the results of required tests performed pursuant to the Contract Documents complete with sufficient detail to enable Owner to determine if Mechanical Completion has in fact been achieved; All Pre-Commissioning activities, including alignment, balancing, lubrication and First-Fill have been completed; The Work may be operated without damage to the Work or to the Facility; The Work is capable of being operated within manufacturers’ recommended limits and in compliance with Applicable Laws; The Work is ready for commissioning, adjustment and performance testing; and Construction Manager has corrected all defects, deficiencies and/or discrepancies to the entire Work as liquidated damagesidentified by Owner and Owner has accepted such corrections in writing. Upon Owner’s determination that Construction Manager has satisfactorily corrected all defects, and not deficiencies and/or discrepancies to the entire Work as identified by way Owner, Owner will issue a Notice of penaltyMechanical Acceptance, such total sum as dated to reflect the actual date of Mechanical Acceptance. Substantial Completion of a Project shall be due for such duly computed aforesaid. Liquidated Damagesdeemed to occur when: Prior to/After Substantial Mechanical Completion Less than $2,500,000 $500/$125 per day Between $2,500,000 and $10,000,000 $1000/$250 per day Between $10,000,000 and $20,000,000 $2500/$625 per day Over $20,000,000 $5000/$1250 per day Liquidated damages daily rates after Substantial Completion are at 25% of the daily rate prior to Substantial Completion. Warranties called for has been achieved; Operational testing, whether by this Agreement Subcontractor, or by the drawings and specifications shall begin on the date of owner occupancy of the project as set forth in the Project Agreement.Construction Manager, or both, has been successfully completed; Performance Guaranties, if any, have been demonstrated;