Common use of Completion Guarantee Clause in Contracts

Completion Guarantee. (a) Subject to the further provisions of this Article XI, Contractor hereby guarantees that Interim Completion will occur no later than the Guaranteed Interim Completion Date. In the event that Interim Completion occurs after the applicable Guaranteed Interim Completion Date, (i) the Schedule Liquidated Damages, provided for in Section 11.02, and Performance Liquidated Damages, provided for in Section 11.05 shall be Owner’s exclusive remedy for damages for such occurrence if and in the event the Ethanol Plant ultimately achieves Interim Completion before Contractor has reached its maximum liability for Schedule Liquidated Damages as provided in Section 11.07(c), and that all amounts due hereunder are actually paid; and (ii) Owner’s right to terminate this Agreement for Contractor’s failure to pay such Schedule Liquidated Damages or Performance Liquidated Damages when due, shall be governed by Article XV. (b) Subject to the further provisions of this Article XI, Contractor hereby guarantees that Substantial Completion will occur no later than the Guaranteed Substantial Completion Date. In the event that Substantial Completion occurs after the applicable Guaranteed Substantial Completion Date, (i) the Schedule Liquidated Damages, provided for in Section 11.03, and Performance Liquidated Damages, provided for in Section 11.05 shall be Owner’s exclusive remedy for damages for such occurrence if and in the event the Ethanol Plant ultimately achieves Substantial Completion before Contractor has reached its maximum liability for Liquidated Damages as provided in Section 11.07(c), and all amounts due hereunder are actually paid and (ii) Owner’s right to terminate this Agreement for Contractor’s failure to pay such Schedule Liquidated Damages or Performance Liquidated Damages when due, shall be governed by Article XV.

Completion Guarantee. (a) Subject to the further provisions of this Article XI, Contractor hereby guarantees that Interim Completion will occur no later than the Guaranteed Interim Completion Date. In the event that Interim Completion occurs after the applicable Guaranteed Interim Completion Date, (i) the Schedule Liquidated Damages, provided for in Section 11.02, and Performance Liquidated Damages, provided for in Section 11.05 shall be Owner’s exclusive remedy for damages for such occurrence if and in the event the Ethanol Plant Facility ultimately achieves Interim Completion before Contractor has reached its maximum liability for Schedule Liquidated Damages as provided in Section 11.07(c), and that all amounts due hereunder are actually paid; and (ii) Owner’s right to terminate this Agreement for Contractor’s failure to pay such Schedule Liquidated Damages or Performance Liquidated Damages when due, shall be governed by Article XV. (b) Subject to the further provisions of this Article XI, Contractor hereby guarantees that Substantial Completion will occur no later than the Guaranteed Substantial Completion Date. In the event that Substantial Completion occurs after the applicable Guaranteed Substantial Completion Date, (i) the Schedule Liquidated Damages, provided for in Section 11.03, and Performance Liquidated Damages, provided for in Section 11.05 shall be Owner’s exclusive remedy for damages for such occurrence if and in the event the Ethanol Plant Facility ultimately achieves Substantial Completion before Contractor has reached its maximum liability for Liquidated Damages as provided in Section 11.07(c), and all amounts due hereunder are actually paid and (ii) Owner’s right to terminate this Agreement for Contractor’s failure to pay such Schedule Liquidated Damages or Performance Liquidated Damages when due, shall be governed by Article XV.