Examples of Stipulated Amount in a sentence
Except as otherwise provided in Section 8.5, neither Buyer nor Seller shall have any obligation to indemnify the other Party under this Article 9 with respect to any Indemnifiable Losses unless and until any aggregate Indemnifiable Losses incurred exceed $ (the “Stipulated Amount”), in which event the Indemnitee shall be entitled to and be indemnified under this Article 9 for the amount of Indemnifiable Losses in excess of the Stipulated Amount.
The insurance policies shall include an endorsement entitled "Average Clause (Stipulated Amount) and Waiver of Inventory and Appraisement Clause", and in the event such endorsement is not obtainable, Tenant shall not be responsible to Landlord for any coinsurance penalties assessed by any insurance company because of the failure of Landlord to carry sufficient insurance for the Building.
The Stipulated Amount is not to be considered as a penalty, but shall be deemed, taken, or treated as reasonable liquidated damages, fixed and agreed upon by and between the Contractor and the Owner because of the impracticality and extreme difficulty of fixing and ascertaining the actual damages the Owner would sustain in the event of the Contractor’s late completion of the Project, and the stipulated amount is agreed to be the daily amount of damages that the Owner would sustain.
In the event the portion of the Contract Sum retained by the Owner is insufficient to recover the Stipulated Amount, then the Contractor or the Contractor’s Surety shall pay to the Owner any additional liquidated damages due that are in excess of the funds remaining unpaid in the Contract Sum.
If the Scheduled Final Date has passed and the Stipulated Amount has not yet been paid, the Term is automatically extended until receipt of such amount.