REMEDY FOR DELAY Sample Clauses

REMEDY FOR DELAY. 13.1 In the event BECIL is not able to complete the project as per the timeline set in this agreement because of any delay on its part, BECIL will be liable to pay liquidated damages to the First Party @ 0.2% of the First Party's share of the cost of the CTI per completed week of delay upto a maximum of 5%.
Sample 1Sample 2
AutoNDA by SimpleDocs
REMEDY FOR DELAY. Each of the time frames as set forth herein constitute good faith estimates (as agreed upon by the Tenant and the Landlord) of the time necessary to accomplish each of the tasks as set forth herein. Should the Tenant believe in good faith that the Landlord is, however, not in compliance with the terms and time frames as set forth herein, the Tenant shall provide written notice to the Landlord (with copy to Mortgagee) describing, in the Tenant’s view, the Landlord’s failure to comply. In such circumstance, the Landlord shall have, as to any item associated with certain specifications and described in such written notice, five (5) Business Days after receipt of notice from the Tenant to prove that the item at issue is in compliance with the specifications as set forth in Schedule “1” hereto, the Landlord’s Plans and Specifications, and/or the Tenant’s Plans and Specifications, as applicable. With respect to any construction item, the Landlord shall have ten (10) Business Days after receipt of notice from the Tenant to accomplish the item at issue. Notwithstanding the foregoing, the failure of the Landlord, in either case, to meet any applicable delivery date in the required condition as provided for in this Work Letter, without regard to any notice or grace period set forth in this paragraph, shall trigger the applicable remedy, e.g., Per Diem Costs, or Lease termination (subject to Mortgagee notice and cure rights), but shall not be a default under the Lease. The period for the Landlord to (i) post the Standby Letter of Credit (as hereinafter defined in Section 14(a) of this Work Letter), and/or (ii) pay the Cash Deposit (as hereinafter defined in Section 14(a) of this Work Letter) (collectively, (i) and (ii) the “Work Funding Obligations”) shall also not be subject to the aforesaid grace period, and the failure to timely pay shall be a default under the Lease (subject to Mortgagee’s notice and cure rights). If Tenant, in compliance with the terms of this Work Letter, exercises any right to cure Landlord’s failure to timely make payment of any Approved BI Draw Request, and Landlord shall fail to reimburse Tenant for any such payment within ten (10) days after written notice from Tenant, then such failure by Landlord shall be a default under the Lease (for which the Mortgagee shall have notice and cure period as set forth in the SNDA). Upon, and as a condition to, an assignment to Tenant of the TI Construction Contract or the IPBI Construction Contract, the ...
Sample 1

Related to REMEDY FOR DELAY

  • Definition of Force Majeure For the purposes of this section, an event of force majeure shall mean any cause beyond the control of the affected Interconnection Party or Construction Party, including but not restricted to, acts of God, flood, drought, earthquake, storm, fire, lightning, epidemic, war, riot, civil disturbance or disobedience, labor dispute, labor or material shortage, sabotage, acts of public enemy, explosions, orders, regulations or restrictions imposed by governmental, military, or lawfully established civilian authorities, which, in any of the foregoing cases, by exercise of due diligence such party could not reasonably have been expected to avoid, and which, by the exercise of due diligence, it has been unable to overcome. Force majeure does not include (i) a failure of performance that is due to an affected party’s own negligence or intentional wrongdoing; (ii) any removable or remediable causes (other than settlement of a strike or labor dispute) which an affected party fails to remove or remedy within a reasonable time; or (iii) economic hardship of an affected party.

  • Waiver or Delay No failure to exercise or delay by a party in exercising any right, power, or remedy under this License Agreement operates as a waiver of such right, power, or remedy. A single or partial exercise of any right, power, or remedy does not preclude any other or further exercise of that or any other right, power, or remedy. A waiver is not valid or binding on the party granting the waiver unless made in writing.

  • Liability for Default 4.1 If Borrower conducts any material breach of any term of this Agreement, Lender shall have right to terminate this Agreement and require the Borrower to compensate all damages; this Section 4.1 shall not prejudice any other rights of Lender herein.

  • Liability for Deficiency If any sale or other disposition of Collateral by Secured Party or any other action of Secured Party hereunder results in reduction of the Obligations, such action will not release Debtor from its liability to Secured Party for any unpaid Obligations, including costs, charges and expenses incurred in the liquidation of Collateral, together with interest thereon, and the same shall be immediately due and payable to Secured Party at Secured Party's address set forth in the opening paragraph hereof.

  • Force Majeure Delays In any case where either party hereto is required to do any act (other than the payment of money), delays caused by or resulting from Acts of God or Nature, war, civil commotion, fire, flood or other casualty, labor difficulties, shortages of labor or materials or equipment, government regulations, delay by government or regulatory agencies with respect to approval or permit process, unusually severe weather, or other causes beyond such party’s reasonable control the time during which act shall be completed, shall be deemed to be extended by the period of such delay, whether such time be designated by a fixed date, a fixed time or “a reasonable time.”

  • Notice of Force Majeure If performance is delayed as a result of Force Majeure, the affected party shall provide prompt Notice to the other party and shall be excused from default or delay in performance while such circumstances prevail so long as such party continues to use commercially reasonable efforts to recommence performance as soon as possible.

  • Events of Force Majeure Neither Party shall be held liable or responsible to the other Party nor be deemed to be in default under, or in breach of any provision of, this Agreement for failure or delay in fulfilling or performing any obligation of this Agreement when such failure or delay is due to force majeure, and without the fault or negligence of the Party so failing or delaying. For purposes of this Agreement, force majeure is defined as causes beyond the control of the Party, including, without limitation, acts of God; acts, regulations, or laws of any government; war; civil commotion; destruction of production facilities or materials by fire, flood, earthquake, explosion or storm; labor disturbances; epidemic; and failure of public utilities or common carriers. In such event Medistem or Licensee, as the case may be, shall immediately notify the other Party of such inability and of the period for which such inability is expected to continue. The Party giving such notice shall thereupon be excused from such of its obligations under this Agreement as it is thereby disabled from performing for so long as it is so disabled and the 30 days thereafter. To the extent possible, each Party shall use reasonable efforts to minimize the duration of any force majeure.

  • Prevention or Delay of Performance by the Company or the Depositary Neither the Depositary nor the Company nor any of their respective directors, employees, agents or affiliates shall incur any liability to any Owner or Holder:

Time is Money Join Law Insider Premium to draft better contracts faster.