Common use of Delay Liquidated Damages Clause in Contracts

Delay Liquidated Damages. Contractor agrees that Substantial Completion is not achieved by the Guaranteed Substantial Completion Date, then Contractor shall pay the amount of Delay Liquidated Damages set out the definition thereof to Owner for each day beginning on the first day after the Guaranteed Substantial Completion Date up to but not including the Substantial Completion Date. Contractor shall pay the net amount (if any) of Delay Liquidated Damages to Owner, subject to the limitations set forth in Article 29, and such amount shall be due and payable within twenty-five (25) days after Contractor’s receipt of Owner’s invoice for such net amount submitted at the end of the month following the Guaranteed Substantial Completion Date.