Failure to Meet Substantial Completion Date Sample Clauses
The "Failure to Meet Substantial Completion Date" clause defines the consequences and procedures that apply if a contractor does not finish a project or a specified portion of work by the agreed-upon substantial completion date. Typically, this clause outlines the assessment of liquidated damages, the process for notifying the contractor of delays, and any potential remedies or extensions that may be available. Its core function is to incentivize timely project completion and provide a clear framework for addressing delays, thereby protecting the interests of the project owner and minimizing disruptions.
Failure to Meet Substantial Completion Date. The failure of the Contractor to meet the Substantial Completion date for any portion of the Work in accordance with the approved Work schedule under Article 9, Construction Schedules, Texas Uniform General Conditions for Construction Contracts with HHSC Supplementary General Conditions, Versions, 2.2, may result in the assessment of liquidated damages in the sum of $150.00 for each calendar day, or part of a day, after the Substantial Completion Date that the Work remains incomplete. This sum is not construed in any sense as a penalty
Failure to Meet Substantial Completion Date. If the DB Contractor fails to achieve the Substantial Completion Date, the DB Contractor agrees to pay the District Liquidated Damages in the following amount: $33,000 per Day or portion of a Day for the DB Contractor’s failure to achieve Substantial Completion Date if not the fault of the District, and the DB Contractor agrees and acknowledges that such amount is an accurate estimate of the actual damages the District would incur in the event of such a delay.
Failure to Meet Substantial Completion Date. City will be substantially damaged if ▇▇▇▇ fails to accomplish Substantial Completion of the Work by the Substantial Completion Date, and it will be extremely difficult and impractical to ascertain the actual damages resulting from such delay; therefore:
(1) ▇▇▇▇ will pay City liquidated damages ("Liquidated Damages") in the event of a delay.
(2) Accordingly, if ▇▇▇▇ fails to accomplish Substantial Completion by the Substantial Completion Date, as it is extended in a signed writing by both parties, in accordance with this Agreement, City may assess, and ▇▇▇▇ must pay to City as Liquidated Damages, $1420 for each day of delay until ▇▇▇▇ accomplishes Substantial Completion.
(3) ▇▇▇▇ acknowledges that these sums:
(a) Will be paid as Liquidated Damages and not as a penalty;
(b) Are reasonable under the circumstances existing as of the Effective Date; and
(c) Are based on the parties' best estimate of damages City would likely suffer in the event of a delay.
(4) ▇▇▇▇ must pay City any Liquidated Damages within ten (10) days after demand, or City may deduct these sums from any monies due or that may become due to ▇▇▇▇ under this Agreement.
(5) City’s collection of Liquidated Damages will not affect its rights to seek other remedies in law or at equity, including but not limited to exercising its rights under the Payment and Performance Bonds.
Failure to Meet Substantial Completion Date. If Substantially Completion is not achieved by November 1, 1998 as such date may be extended for force majeure and Tenant Delays (the "Substantial Completion Date") then the Tenant shall have the right to elect to exercise one of the following remedies by sending written notice to the Landlord and the Guarantors within fifteen (15) days of the Substantial Completion Date:
(a) to have the Landlord continue to construct the Work, in which case the Landlord must give a credit to the Tenant towards the payment of Base Rent. Such credit shall be two days' worth of free Base Rent (at the rate of Base Rent set for the first Lease Year) for each day after the Substantial Completion Date that Substantial Completion was not achieved for a reason other than force majeure or Tenant Delay; or
(b) Tenant shall have the right (but not the obligation) to exercise self- help to complete the Work and Tenant shall have the right to offset against the payment of Base Rent the reasonable out-of-pocket costs and expenses incurred by Tenant to third parties in connection with the Tenant taking over the Landlord's obligation to complete construction and installation of the Work and interest on funds advanced by Tenant to pay for such costs and expenses at the rate of nine percent (9%) per annum but excluding all amounts which Tenant was to pay if Landlord performed the Work (the "Off-Set Amount"). Notwithstanding the foregoing, Tenant agrees that Tenant's off-set right shall be limited so that in no event shall Tenant pay less Base Rent in any month than the lesser of the following: (a) the amount of Base Rent necessary to pay principal and interest payments to the holder of the first mortgage on the Leased Premises, if any, with a thirty (30) year amortization period at the interest rate being then charged by such holder pursuant to the loan documents executed in connection with such first mortgage; and (b) Base Rent which will fully repay Tenant for the Off-Set Amount by the scheduled expiration of the Original Lease Term. Prior to Tenant off setting any amount of Base Rent, Tenant shall provide Landlord with written notice of the Off-Set Amount together with reasonably detailed documentation supporting the calculation of the Off-Set Amount. In addition, Tenant shall promptly provide Landlord with such other information regarding the calculation of the Off-Set Amount as Landlord may reasonably request from time to time and Landlord or an independent, certified public accountant...