Common use of Stipulated Damages Clause in Contracts

Stipulated Damages. NYSERDA and Grant Recipient hereby agree, acknowledge and stipulate that NYSERDA’s retention of amounts provided by Grant Recipient as Contract Security pursuant to this Article VIII, in the proportions stated within this Article, is fair and reasonable under the circumstances and in light of the uncertainty and inability to quantify adequately the harm that would result to NYSERDA as a result of the events that permit NYSERDA to retain such amounts of the Contract Security.