Failure to Complete. If the Contractor shall neglect, fail, or refuse to complete the Work within the specified Contract Time, as it may be extended by Change Order, then the Contractor does hereby agree, as a part of the consideration for receiving the award of the Agreement, to pay to Owner, not as a penalty, but as liquidated damages, the amount of money specified for each and every excess Calendar Day that is required to complete the Work.
Appears in 3 contracts
Sources: Construction Agreement, Owner Contractor Construction Agreement, Construction Contract