Common use of Established Clause in Contracts

Established. The Job Order Contractor and the City acknowledge that in the event that the Job Order Contractor fails to achieve Substantial Completion or Final Completion of the Project by the dates established therefore in the applicable Job Order Schedule, as adjusted, the City will incur substantial damages and the extent of such damages shall be incapable of accurate measurement. Nonetheless, the Parties acknowledge that on the date of this Contract, the amount of liquidated damages set forth below represents a good faith estimate as to the actual potential damages that the City would incur as a result of late Substantial Completion or Final Completion of the Job Order. Such liquidated damages shall be the sole and exclusive remedy of the City for late completion of the Job Order, and the City hereby waives all other remedies available at law or in equity with respect to losses resulting from late completion. The amount of the liquidated damages calculated hereunder does not include any penalty.