Common use of FAILURE TO ACCEPT DELIVERY Clause in Contracts

FAILURE TO ACCEPT DELIVERY. The Buyer hereby agrees that if the Buyer fails to accept delivery within the time specified in paragraph (5) hereof, or any extension thereof, the Buyer will pay to the government as liquidated damages, and not as a penalty, the sum of $500 per day, in addition to any other actual damages, for each day it fails to accept delivery of the vessel. The Buyer shall be liable for the amount thereof, provided, however, that in the event of such default or failure of the Buyer in accepting delivery, the Contracting Officer shall also have the right, upon giving ten (10) days written notice to the Buyer (a) to store the Obsolete Vessel for the account and at the risk and expense of the Buyer, or (b) to resell such Obsolete Vessel for the account of the Buyer upon such terms and conditions as the Contracting Officer may deem proper, charging against the Buyer in either of such cases any excess cost occasioned the Government thereby, together with any liquidated damages accrued on account of such default or failure. The exercise by the Contracting Officer of one or more of the rights herein specified will not preclude the Contracting Officer from exercising any other rights the Contracting Officer may have against the Buyer.

FAILURE TO ACCEPT DELIVERY. The Buyer hereby agrees that if the Buyer fails to accept delivery within the time specified in paragraph (5) hereof, or any extension thereof, the Buyer will pay to the government as liquidated damages, and not as a penalty, the sum of $500 per day, in addition to any other actual damages, day for each day it fails to accept delivery of and the vessel. The Buyer shall be liable for the amount thereof, provided, however, that in the event of such default or failure of the Buyer in accepting delivery, the Contracting Officer shall also have the right, upon giving ten (10) days written notice to the Buyer (a) to store the Obsolete Vessel Vessel(s) for the account and at the risk and expense of the Buyer, or (b) to resell such Obsolete Vessel Vessel(s) for the account of the Buyer upon such terms and conditions as the Contracting Officer may deem proper, charging against the Buyer in either of such cases any excess cost occasioned the Government thereby, together with any liquidated damages accrued on account of such default or failure. The exercise by the Contracting Officer of one or more of the rights herein specified will not preclude the Contracting Officer from exercising any other rights the Contracting Officer may have against the Buyer.