Common use of Liquidated Damages for Late Delivery Clause in Contracts

Liquidated Damages for Late Delivery. (a) The Parties acknowledge and agree that failure to meet the Delivery Dates will cause substantial financial loss or damage being sustained by the other Party. The Parties further acknowledge and agree that the following liquidated damages are believed to represent a genuine estimate of the loss that would be suffered by Customer by reason of any such delay (which losses would be difficult or impossible to calculate with certainty), and are neither intended as a penalty nor operate as a penalty.

Liquidated Damages for Late Delivery. (a) The Parties acknowledge and agree that failure to meet the Delivery Dates will cause substantial financial loss or damage being to be sustained by the other Party. The Parties further acknowledge and agree that the following liquidated damages are believed to represent a genuine estimate of the loss that would be suffered by Customer by reason of any such delay (which losses would be difficult or impossible to calculate with certainty), and are neither intended as a penalty nor operate as a penalty.