Delay Default Date definition
Examples of Delay Default Date in a sentence
Contractor, subject to the provisions of this Section 11.2.3 and Schedule III, may repeat an Acceptance Test as Contractor deems appropriate; provided, that all Acceptance Tests must be completed by 60 days after the Facility achieves Mechanical Completion (the “Acceptance Testing Period”), unless: (a) the Parties agree otherwise in writing; or (b) the Acceptance Testing Period is extended by Force Majeure, but not beyond the Delay Default Date.
If the Facility fails to achieve Mechanical Completion by the Delay Default Date, then this shall be an Contractor Event of Default as provided in Section 13.1.5.
If a Plant fails to achieve Preliminary Completion by the Delay Default Date, then this shall be a CONTRACTOR Event of Default as provided in Section 11.1.5. Foregoing liquidated damages are sole and exclusive remedy of the PROJECT COMPANY for delay of the CONTRACTOR with achieving the Guaranteed Preliminary Completion Date.
If the Facility fails to achieve Mechanical Completion by the Delay Default Date, then this shall be an MGE Construct Event of Default as provided in Section 13.1.5.
Purchaser, the Seller and the Principal Shareholders acknowledge that Purchaser and ▇▇▇▇▇▇ would be irreparably harmed and that monetary damages would not provide an adequate remedy to Purchaser or ▇▇▇▇▇▇ in the event the covenants contained in Sections 7.1 and 7.2 were not complied with in accordance with their terms.
In such event, Contractor shall be liable to Owner for the reasonably incurred costs to Owner of achieving Mechanical Completion, including costs of accelerated or expedited construction activities actually performed in an attempt to achieve Mechanical Completion (by the Delay Default Date if not yet past, or otherwise as expeditiously as practicable), and/or to mitigate any delay by Contractor, and actual costs for administering any subcontract and for legal fees associated with the termination.