Common use of Amount of Liquidated Damages Clause in Contracts

Amount of Liquidated Damages. If the Design/Builder fails to achieve Substantial Completion of the Work on or before the date of Substantial Completion set forth in the Schedule, as adjusted, for any reason other than Excusable Delays, the Design/Builder shall pay to the Owner liquidated damages in the amount of Two Hundred Dollars ($200.00) per Day for each Day the date of Substantial Completion is delayed beyond the date of Substantial Completion set forth in the Schedule. To the extent the Owner takes occupancy of the Project and begins using the Project for the purpose for which it was intended after the scheduled date of Substantial Completion, during the period commencing on the date of use and ending on the date of Substantial Completion, the Design/Builder shall be liable for the lesser of (I) the increased costs of use of the Project and lost net income attributable to incomplete Work or (ii) the daily rate set forth above. Payment of liquidated damages shall be made contemporaneously with the Owner's required payment to the Design/Builder at Substantial Completion, and such payments may be offset against each other.