Late Substantial Completion Clause Samples

Late Substantial Completion. If Substantial Completion does not occur on or before the Guaranteed Substantial Completion Date, Contractor shall pay to Client, as liquidated damages and not as a penalty, Late Completion Payments in an amount of $[*] per calendar day or part thereof, for each calendar day by which Substantial Completion is later than the Guaranteed Substantial Completion Date, subject to the limitation set forth in Section 9.1; * Certain confidential information on this page has been omitted and filed separately with the Securities and Exchange Commission. provided, however, that Late Completion Payments pursuant to this Section 7.2.2 shall not accrue during any period during which both (x) the Project has achieved at least [*]% of each of the Production Guarantee and Yield Guarantee and no more than [*]% of the Consumption Guarantees and (y) the state permits Client to operate the Facility on an unrestricted basis. Substantial Acceptance shall not be withheld because of disputed Late Completion Payments provided that Contractor agrees to supply a Letter of Credit in the amount of such disputed Late Completion Payments and in a form and from a financial institutional reasonably acceptable to Client.