Common use of TIME OF COMPLETION, DELAYS, EXTENSION OF TIME Clause in Contracts

TIME OF COMPLETION, DELAYS, EXTENSION OF TIME. a. Contractor shall commence work to be performed under this agreement on a date to be specified in a written Notice to Proceed from CM and shall fully complete all work hereunder within the time of completion stated in the Contract. Time is of the essence and Contractor acknowledges Owner will likely suffer financial damage for failure to complete the work within the time of completion. For each day in excess of the above number of days, Contractor shall pay Owner the sum of $250.00 per day as liquidated damages reasonably estimated in advance to cover the losses to be incurred by Owner by reason of failure of said Contractor to complete the work within the time specified, such time being in the essence of this contract and a material consideration thereof. If Contractor disputes the calculation of liquidated damages, then Owner may recover actual damages.

TIME OF COMPLETION, DELAYS, EXTENSION OF TIME. a. Contractor shall commence work to be performed under this agreement on a date to be specified in a written Notice to Proceed from CM and shall fully complete all work hereunder within the time of completion stated in the Contract. Time is of the essence and Contractor acknowledges Owner will likely suffer financial damage for failure to complete the work within the time of completion. For each day in excess of the above number of days, Contractor shall pay Owner the sum of $250.00 per day shall be deducted from Contractor’s next draw request as liquidated damages reasonably estimated in advance to cover the losses to be incurred by Owner by reason of failure of said Contractor to complete the work within the time specified, such time being in the essence of this contract and a material consideration thereof. If Contractor disputes the calculation of liquidated damages, then Owner may recover actual damages.

TIME OF COMPLETION, DELAYS, EXTENSION OF TIME. a. Contractor shall commence work to be performed under this agreement on a date to be specified in a written Notice to Proceed from CM and shall fully complete all work hereunder within the time of completion stated in the Contract. Time is of the essence and Contractor acknowledges Owner will likely suffer financial damage for failure to complete the work within the time of completion. For each day in excess of the above number of days, Contractor shall pay Owner the sum of $250.00 per day shall be deducted from Contractor’s next draw request as liquidated damages reasonably estimated in advance to cover the losses to be incurred by Owner by reason of failure of said Contractor to complete the work within the time specified, such time being in the essence of this contract and a material consideration thereof. If Contractor disputes the calculation of liquidated damages, then Owner may recover actual damages.