Liquidated Damages for Substantial Completion Sample Clauses
POPULAR SAMPLE Copied 3 times
Liquidated Damages for Substantial Completion. The Construction Manager shall pay the Owner the sum of: five hundred dollars ($500) per day for each and every calendar day of unexcused delay in achieving Substantial Completion beyond the date set forth in the Contract Documents for Substantial Completion of each phase, if phased, or the Project, if not phased. Owner and Construction Manager acknowledge that any sums due and payable hereunder by the Construction Manager shall be payable, not as a penalty, but as liquidated damages representing a reasonable estimate of delay damages, inconvenience, additional overhead and costs likely to be sustained by the Owner as estimated at the time of executing this Agreement. If the Owner reasonably believes in its discretion that Substantial Completion will be delayed, the Owner shall be entitled, but not required, to withhold any amounts otherwise due the Construction Manager an amount then believed by the Owner to be adequate to recover liquidated damages applicable to such delays. If and when in the Owner's discretion the Construction Manager overcomes the delay in achieving Substantial Completion, or any part thereof, for which the Owner has withheld payment, the Owner shall promptly release to the Construction Manager those funds withheld, but no longer applicable, as liquidated damages. Substantial Completion, in the context of this Agreement, does not refer to any prior dates wherein the Owner employs other contractors to work on the same site of the Project.
Liquidated Damages for Substantial Completion. 5.1.01 The Construction Manager shall pay the Owner the sum of:
5.1.02 dollars $ per day for each and every calendar day of unexcused delay in achieving Substantial Completion beyond the date set forth in the contract documents for Substantial Completion of each phase, if phased, or the project, if not phased.
Liquidated Damages for Substantial Completion. 1. The CMAR shall pay the OWNER the sum of $400.00 Dollars per day for each and every calendar day of unexcused delay in achieving SUBSTANTIAL COMPLETION beyond the date set forth in the CONTRACT DOCUMENTS for SUBSTANTIAL COMPLETION of each phase, if phased, or the PROJECT, if not phased.
2. OWNER and ▇▇▇▇ acknowledge that any sums due and payable by the CMAR shall be payable, not as a penalty, but as liquidated damages representing a reasonable estimate of delay damages, inconvenience, additional overhead and costs likely to be sustained by the OWNER as estimated at the time of executing the CONTRACT DOCUMENTS. If the OWNER reasonably believes in its discretion that SUBSTANTIAL COMPLETION will be delayed, the OWNER shall be entitled, but not required, to withhold from any amounts otherwise due the ▇▇▇▇ an amount then believed by the OWNER to be adequate to recover liquidated damages applicable to such delays. If and when in the OWNER’s discretion the CMAR overcomes the delay in achieving the SUBSTANTIAL COMPLETION, or any part thereof, for which the OWNER has withheld payment, the OWNER shall promptly release to the ▇▇▇▇ those funds withheld, but no longer applicable, as liquidated damages.
3. Partial use or occupancy of the PROJECT may not result in the Scope of Services/Work being deemed substantially completed, and such partial use or occupancy may not be evidence of SUBSTANTIAL COMPLETIOIN. SUBSTANTIAL COMPLETION, in the context of this contract, does not refer to any prior dates on which the OWNER employs other contractors to work on the same site.
Liquidated Damages for Substantial Completion. Design-Builder understands that if Substantial Completion of Construction Work is not attained by the Scheduled Substantial Completion Date, CITY will suffer damages which are difficult to determine and accurately specify. Design- Builder agrees that if Substantial Completion is not attained by