Common use of DAMAGES FOR DELAY IN COMPLETION Clause in Contracts

DAMAGES FOR DELAY IN COMPLETION. 23.1 If Completion does not occur by the Date for Completion, due to the default of the Buyer, then the Buyer must pay the Seller as liquidated damages on Completion: (a) interest on the unpaid balance of the Price at the rate of 10% per annum calculated on a daily basis from the Date for Completion to Completion; and (b) the amount of $1,100 (GST inclusive) to be applied towards any legal costs and disbursements incurred by the Seller if Completion occurs later than 5 Working Days after the Date for Completion. 23.2 The Buyer agrees that: (a) the amount of any damages payable under clause 23.1 to the Seller is a genuine and honest pre-estimate of loss to that party for the delay in Completion; and (b) the damages must be paid on Completion.

DAMAGES FOR DELAY IN COMPLETION. 23.1 24.1 If Completion does not occur by the Date for Completion, due to the default of the Buyer, Buyer then the Buyer must pay the Seller as liquidated damages on Completion:Completion:‌ (a) interest on the unpaid balance of the Price at the rate of 10% per annum calculated on a daily basis from the Date for Completion to Completion; and (b) the amount of $1,100 (GST inclusive) to be applied towards any legal costs and disbursements incurred by the Seller if Completion occurs later than 5 Working Days after the Date for Completion. 23.2 24.2 The Buyer agrees that: (a) the amount of any damages payable under clause 23.1 24.1 to the Seller is a genuine and honest pre-estimate of loss to that party for the delay in Completion; andand‌‌ (b) the damages must be paid on Completion.