Delay in Development Clause Samples
The 'Delay in Development' clause defines the procedures and consequences when a project or product development does not proceed according to the agreed timeline. Typically, this clause outlines what constitutes a delay, the responsibilities of each party in notifying and addressing delays, and any remedies or penalties that may apply, such as extensions of time or liquidated damages. Its core practical function is to allocate risk and provide a clear framework for managing setbacks, ensuring that both parties understand their obligations and the steps to take if development milestones are not met as scheduled.
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Delay in Development. If the Operator fails to comply with Clause 12.1 for reasons other than those set out in Clause 12.2, the Operator shall pay to the Authority the Liquidated Damages for such delay (which sum shall be the only monies due from the Operator for such delay) for every day which shall elapse between the relevant Time for Completion and the date stated in the relevant Performance Certificate, provided that the total of all Liquidated Damages payable by the Operator pursuant to this Clause 13.1 shall not exceed the total maximum sum of [ ]7 If the delay exceeds 12 (twelve) months, then the Authority shall be entitled to Terminate this Agreement in accordance with the provisions of Clause 29.
Delay in Development. 13.1 If the Private party fails to comply with Clause 12.1 for reasons other than those set out in Clause12.2, the Private party shall pay to the Contracting Authority the Liquidated Damages for such delay (which sum shall be the only monies due from the Private party for such delay) for every day which shall elapse between the relevant Time for Completion and the date stated in the relevant Performance Certificate, provided that the total of all Liquidated Damages payable by the Private party pursuant to this Clause 13.1 shall not exceed the amount of performance security []7.
13.2 If the Private party delays by the number of days for which the maximum amount of liquidated damages can be deducted, the Contracting Authority shall be entitled to terminate this Agreement in accordance with the provisions of Clause22.
Delay in Development. The Proposed Development is currently in its inception stage. Similar to other property development projects, the Proposed Development is subject to various regulatory approvals and timely completion. It is also dependent on many external factors such as obtaining approvals as scheduled, changes in government legislation, shortages in the availability of construction materials, availability of financing at viable terms, the satisfactory performance of contractors, availability of manpower and weather condition. Although NewCo will seek to limit these potential delays through, amongst others, efficient project management and long-term relationships with reliable suppliers or contractors, there can be no assurance that these factors will not lead to delays in the completion of the Proposed Development.