LIQUIDATED DAMAGES FOR Sample Clauses
A liquidated damages clause establishes a predetermined amount of compensation that one party must pay to the other if specific contractual obligations are not met, typically in the event of a breach such as delayed performance or non-completion. This clause applies to situations where actual damages may be difficult to calculate, so the parties agree in advance on a reasonable estimate of potential losses. Its core function is to provide certainty and avoid disputes over the amount of damages, streamlining the resolution process and allocating risk between the parties.
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LIQUIDATED DAMAGES FOR. Delay in Delivery of Products
LIQUIDATED DAMAGES FOR. FAILURE TO COMPLETE ON TIME 6.4.0 TOTAL CONTRACT TIME
LIQUIDATED DAMAGES FOR. FAILURE TO COMPLETE ON TIME Time is of the essence in the progress and completion of this Contract. For each calendar day that any Work shall remain uncompleted after the time specified in the proposal and the Contract, or the increased time granted by the OWNER, or as equitably increased by additional work or materials ordered after the Contract is signed, the sum per day given in the following schedule, unless otherwise specified in the special provisions, shall be deducted from the monies due the CONTRACTOR: The sum of money thus deducted for such delay, failure or noncompletion is not to be considered as a penalty, but shall be deemed, taken and treated as reasonable liquidated damages, per calendar day that the CONTRACTOR shall be in default after the time stipulated in the Contract for completing the Work. The said amounts are fixed and agreed upon by and between OWNER and CONTRACTOR because of the impracticability and extreme difficulty of fixing and ascertaining the actual damages the OWNER in such event would sustain; and said amounts are agreed to be the amount of damages which the OWNER would sustain and which shall be retained from the monies due, or that may become due, the CONTRACTOR under this Contract; and if said monies be insufficient to cover the amount owing, then the CONTRACTOR or his surety shall pay any additional amounts due.