Common use of Penalty for Late Deposits Clause in Contracts

Penalty for Late Deposits. Under Section 6.05(b)(1) of this Contract, the Contractor shall deposit Operating Receipts in the Authority’s account. If the Contractor fails to deposit Operating Receipts in the Authority’s account in accordance this section, Liquidated Damages of One Thousand Dollars ($1,000) per day may be assessed for each day the Operating Receipts are not deposited.

Penalty for Late Deposits. Under Section 6.05(b)(1) 6.06 of this Contract, the Contractor shall deposit Operating Receipts in the Authority’s accountaccount as defined in Section 6.06(b). If the Contractor fails to deposit Operating Receipts in the Authority’s account in accordance with this sectionContract, the Authority may assess Liquidated Damages in the amount of One Thousand Dollars ($1,000) per day may be assessed for each day the Operating Receipts are not depositedday.