Common use of PER DAY Clause in Contracts

PER DAY. The liquidated damages agreed to are the result of a good faith effort by Owner and Contractor to estimate the amount of damages Owner will suffer and in no event are to be viewed as a penalty. Contractor shall be obligated to promptly pay Owner upon demand by Owner the sum of One Thousand Dollars ($1,000.00) for each Day of delay until the actual date of Substantial Completion. In addition to its rights to maintain an action against Contractor for such liquidated damages, Owner shall have the right from time to time, by set-off, to an amount equal to the liquidated damages against any amount due on the Contract Sum provided herein by an amount equal to the liquidated damages accumulated to the date of said demand by Owner and thereafter as may be subsequently accrued.