Common use of Withholding of Liquidated Damages Clause in Contracts

Withholding of Liquidated Damages. Owner may deduct liquidated damages prescribed in this Article 8 from any unpaid amounts then or thereafter due Construction Manager under the Contract for Construction and any liquidated damages not so deducted shall be payable to Owner by Construction Manager upon demand by Owner plus interest from the date of demand at the maximum legal rate of interest until paid. Further, when Owner reasonably believes (a) that Architect’s Substantial Completion will be inexcusably delayed; or (b) that Construction Manager will fail to achieve Final Completion by the Final Completion Date, Owner shall be entitled, but not required, to withhold from any amounts otherwise due Construction Manager the daily amount specified for liquidated damages in this Article 8 and the GMP Amendment for each day of the anticipated unexcused delay. If and when Construction Manager overcomes the delay in timely achieving Architect’s Substantial Completion or Final Completion, or any part thereof, for which Owner has withheld payment, Owner shall release to Construction Manager only those funds withheld but no longer applicable, as liquidated damages, subject to the satisfaction of all other conditions precedent to release of such funds.

Withholding of Liquidated Damages. Owner may deduct liquidated damages prescribed in this Article 8 from any unpaid amounts then or thereafter due Construction Manager under the Contract for Construction and any liquidated damages not so deducted shall be payable to Owner by Construction Manager upon demand by Owner plus interest from the date of demand at the maximum legal rate of interest until paid. Further, when Owner reasonably believes (a) that Architect’s Substantial Completion will be inexcusably delayed; or (b) that Construction Manager will fail to achieve Final Completion by the Final Completion Date, Owner shall be entitled, but not required, to withhold from any amounts otherwise due Construction Manager the daily amount specified for liquidated damages in this Article 8 and the GMP Amendment for each day of the anticipated unexcused delay. If and when Construction Manager overcomes the delay in timely achieving Architect’s Substantial Completion or Final Completion, or any part thereof, for which Owner has withheld payment, Owner shall release to Construction Manager only those funds withheld but no longer applicable, as liquidated damages, subject to the satisfaction of all other conditions precedent to release of such funds.

Withholding of Liquidated Damages. Owner may deduct liquidated damages prescribed in this Article 8 from any unpaid amounts then or thereafter due Construction Manager under the Contract for Construction and any liquidated damages not so deducted shall be payable to Owner by Construction Manager upon demand by Owner plus interest from the date of demand at the maximum legal rate of interest until paid. Further, when Owner reasonably believes (a) that Architect’s Substantial Completion will be inexcusably delayed; or (b) that Construction Manager will fail to achieve Final Completion by the Final Completion Date, Owner shall be entitled, but not required, to withhold from any amounts otherwise due Construction Manager the daily amount specified for liquidated damages in this Article 8 and the GMP Amendment for each day of the anticipated unexcused delay. If and when Construction Manager overcomes the delay in timely achieving Architect’s Substantial Completion or Final Completion, or any part thereof, for which Owner has withheld payment, Owner shall release to Construction Manager only those funds withheld but no longer applicable, as liquidated damages, subject to the satisfaction of all other conditions precedent to release of such funds.

Withholding of Liquidated Damages. Owner may deduct liquidated damages prescribed in this Article 8 from any unpaid amounts then or thereafter due Construction Manager Contractor under the Contract for Construction and any liquidated damages not so deducted shall be payable to Owner by Construction Manager Contractor upon demand by Owner plus interest from the date of demand at the maximum legal rate of interest until paid. Further, when Owner reasonably believes (a) that Architect’s Substantial Completion will be inexcusably delayed; or (b) that Construction Manager Contractor will fail to achieve Final Completion by the Final Completion Date, Owner shall be entitled, but not required, to withhold from any amounts otherwise due Construction Manager Contractor the daily amount specified for liquidated damages in this Article 8 and the GMP Amendment for each day of the anticipated unexcused delay. If and when Construction Manager Contractor overcomes the delay in timely achieving Architect’s Substantial Completion or Final Completion, or any part thereof, for which Owner has withheld payment, Owner shall release to Construction Manager Contractor only those funds withheld but no longer applicable, as liquidated damages, subject to the satisfaction of all other conditions precedent to release of such funds.

Withholding of Liquidated Damages. Owner may deduct liquidated damages prescribed in this Article 8 section from any unpaid amounts then or thereafter due Construction Manager under the Contract for Construction and any liquidated damages not so deducted shall will be payable to Owner by Construction Manager upon demand by Owner plus interest from the date of demand at the maximum legal rate of interest until paid. Further, when Owner reasonably believes (a) that Architect’s Substantial Completion will be inexcusably delayed; or (b) that Construction Manager will fail to achieve Final Completion by the Final Completion Date, Owner shall will be entitled, but not required, to withhold from any amounts otherwise due Construction Manager the daily amount specified for liquidated damages in this Article 8 section and the GMP Amendment for each day of the anticipated unexcused delay. If and when Construction Manager overcomes the delay in timely achieving Architect’s Substantial Completion or Final Completion, or any part thereof, for which Owner has withheld payment, Owner shall will release to Construction Manager only those funds withheld but no longer applicable, as liquidated damages, subject to the satisfaction of all other conditions precedent to release of such funds.