SANCTION FOR DELAY Sample Clauses
The 'Sanction for Delay' clause establishes penalties or consequences for a party that fails to meet agreed deadlines or timelines specified in a contract. Typically, this clause outlines the specific sanctions, such as financial penalties or liquidated damages, that will be imposed for each day or period of delay beyond the scheduled completion date. By clearly defining the repercussions of late performance, the clause incentivizes timely completion of obligations and protects the non-breaching party from losses caused by delays.
SANCTION FOR DELAY. Failure to implement contractual obligations by the contractor within the prescribed deadlines or their non- conformed execution may result in financial sanctions without prejudice to the application of sanctions not provided for in the applicable legislation. *The amount of these financial sanctions is estimated to be a daily rate for the delayed days, calculated as follows : S= P