Final Completion Delay Liquidated Damages Clause Samples

Final Completion Delay Liquidated Damages. The Parties agree that it would be extremely difficult and impracticable under the presently known and anticipated facts and circumstances to ascertain and fix the actual damages that Owners would incur should Contractor fail to achieve Final Completion by the Guaranteed Final Completion Date. Accordingly, the Parties hereby agree that if Contractor fails to achieve Final Completion by the Guaranteed Final Completion Date, then Contractor shall pay to Owners, as Owners’ sole and exclusive remedy for such failure, as liquidated damages, and not as a penalty, the sum of [**] Dollars ($[**]) for each of the first [**] Days, or portion thereof, and [**] Dollars ($[**]) for each Day, or portion thereof, thereafter that Final Completion is delayed beyond the Guaranteed Final Completion Date. It is agreed by the Parties that the liquidated damages set forth in this Section 7.7 relate solely to Contractor’s failure to achieve Final Completion by the Guaranteed Final Completion Date. When Contractor submits a notice in accordance with Section 6.9 that it has achieved Final Completion and Owners issue the Certificate therefor concurring with such notice, for the purposes of this Section 7.7 only, the date of achievement of Final Completion will be deemed to be the date Owners receive Contractor’s notice. [**] Represents text deleted pursuant to a confidentiality treatment request filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended