Term and Time For Performance Sample Clauses

Term and Time For Performance. 1.1 The design services called for under this Contract (“Design Services”) shall commence on a date mutually agreed to by the City and Company and shall be completed no later than days thereafter. 1.2 The construction services (“Construction Services”) called for under this Contract shall commence on a date mutually agreed to by the City and Company after the City has given Notice to Proceed and shall be completed no later than thirty (30) days from commencement (“Final Completion”). 1.3 All limitations of time set forth in this Contract are material and time is of the essence of the Contract. 1.4 If Company fails to achieve completion of Construction Services (also called “Construction Work”) within thirty (30) calendar days after the date of commencement of Construction Services, Company shall pay City the sum of two hundred, forty and no/100 ($240.00) dollars per day for each and every calendar day of unexcused delay in achieving Final Completion beyond the date set forth herein for Final Completion of the Construction Work. Any sums due and payable hereunder by Company shall be payable, not as a penalty, but as liquidated damages representing an estimate of delay damages likely to be sustained by City, estimated at the time of executing this Contract. Liquidated damages shall apply regardless of whether Company has been terminated by City prior to Final Completion when the termination was for cause. Such liquidated damages shall be in addition to and not in preclusion of the recovery of actual damages resulting from other defects in Company's performance hereunder for matters other than delays in Final Completion. When City reasonably believes that Final Completion will be inexcusably delayed, City shall be entitled, but not required, to withhold from any amounts otherwise due to Company an amount then believed by City to be adequate to recover liquidated damages applicable to such delays. If and when Company overcomes the delay in achieving Final Completion, or any part thereof, for which City has withheld payment, City shall promptly release to Company those funds withheld, but no longer applicable as liquidated damages. 1.5 This Contract shall remain in effect until the Contract expires or is otherwise terminated. The Contract may terminate upon any one or more of the following: A. upon the mutual written agreement of the Parties; B. upon written notice by either Party, if other Party defaults upon or breaches any of the terms or conditions of this ...