Late Completion Payments definition
Examples of Late Completion Payments in a sentence
In no event will the Late Completion Payments payable by the Vendor with respect to any PCS System or such PCS Sub-System, as the case may be, exceed [___________].
Concessionaire’s Review of a recovery plan and Concessionaire’s Approval of a revised TTMS Work Schedule shall not affect any of Concessionaire’s rights or Contractor’s obligations under this Agreement, including Contractor’s obligations to pay Late Completion Payments.
Contractor’s liability to Concessionaire under this Agreement for Late Completion Payments and Additional Contractor Delay Payments shall not exceed an amount equal to forty percent (40%) of the Contract Sum.
Notwithstanding anything to the contrary in this Article 8, the total aggregate Performance Guarantee Payments required to be made by Contractor pursuant to this Article 8 shall be equal to the lesser of (i) the aggregate total of the Performance Guarantee Payments due pursuant to the terms of Sections 8.1.1 and 8.1.2, and (ii) the Total LD SubCap set forth in Section 9.1 hereof less all Provisional Acceptance Late Completion Payments made by Contractor pursuant to Article 7 hereof.
Owner and Contractor hereby acknowledge and agree that the terms, conditions and amounts fixed pursuant to Section 7.2 for Provisional Acceptance Late Completion Payments are reasonable, considering the reduction in value of the Project and the increased costs that it is anticipated Owner will incur in the event of Contractor's failure to achieve at least one of Provisional Acceptance, Interim Acceptance or Final Acceptance of the Facility by the Guaranteed Provisional Acceptance Date.
In no event shall Contractor's liability under this Agreement: (a) for Provisional Acceptance Late Completion Payments, exceed in the aggregate an amount equal to twenty percent (20%) of the Contract Price, which amount is referred to as the "▇▇▇▇▇ ▇▇ SubCap"; and (b) for all Provisional Acceptance Late Completion Payments and Performance Guarantee Payments, exceed in the aggregate an amount equal to forty-five percent (45%) of the Contract Price, which amount is referred to as the "Total LD SubCap".
The Late Completion Payments and Additional Contractor Delay Payments are in lieu of Concessionaire’s right to terminate this Agreement solely as a result of any schedule delay, except to the extent such delay otherwise constitutes a Contractor Default under Section 15.2.1(v).
Substantial Acceptance shall not be withheld because of disputed Late Completion Payments provided that Contractor agrees to supply a Letter of Credit in the amount of such disputed Late Completion Payments and in a form and from a financial institutional reasonably acceptable to Client.
The Late Completion Payments are in lieu of Concessionaire’s right to terminate this Agreement solely as a result of any schedule delay, except to the extent such delay otherwise constitutes a Contractor Default under Section 15.2.1(v)(A).
Late Completion Payments shall be paid by Contractor or withheld by Concessionaire, as applicable, in arrears at the payment intervals applicable to Scheduled Payments beginning after the Guaranteed Substantial Completion Date or the Guaranteed Final Acceptance Date, as applicable, with the last such payment to occur on the date on which Substantial Completion or Final Acceptance, as applicable, actually occurs.