Common use of Damages for Late Completion Clause in Contracts

Damages for Late Completion. If Functional Completion has not been achieved by the date set in the Project Schedule for Functional Completion, and if the date so set has not been extended as provided herein, or if the date set for Functional Completion has been extended as provided herein and the date so extended has not been met, the Operator shall pay VIHA liquidated damages in the sum of $ per day (this amount will vary depending upon project size from $500 to $2,000 per day) beyond which the Functional Completion date has not been achieved, as determined by VIHA, acting reasonably. The damages payable hereunder are in addition to any other remedies available to VIHA hereunder, including termination. The Operator agrees that such damages shall be payable as liquidated damages without proof of specific loss or damage and are payable whether or not VIHA incurs or mitigates its damages. The Operator acknowledges that such liquidated damages are not a penalty but represent a reasonable pre-estimate of the damages that VIHA will suffer as a result of the delay in achieving the date set for Functional Completion The Operator has taken the possibility of these damages into account in the pricing of its Proposal and acknowledges that VIHA has relied on this opportunity to recover such damages in entering into this Agreement.

Damages for Late Completion. If Functional Completion has not been achieved by the date set in the Project Schedule for Functional Completion, and if the date so set has not been extended as provided herein, or if the date set for Functional Completion has been extended as provided herein and the date so extended has not been met, the Operator shall pay VIHA NH liquidated damages in the sum of $ per day (this amount will vary depending upon project size from $500 to $2,000 per day) beyond which the Functional Completion date has not been achieved, as determined by VIHANH, acting reasonably. The damages payable hereunder are in addition to any other remedies available to VIHA NH hereunder, including termination. The Operator agrees that such damages shall be payable as liquidated damages without proof of specific loss or damage and are payable whether or not VIHA NH incurs or mitigates its damages. The Operator acknowledges that such liquidated damages are not a penalty but represent a reasonable pre-estimate of the damages that VIHA NH will suffer as a result of the delay in achieving the date set for Functional Completion The Operator has taken the possibility of these damages into account in the pricing of its Proposal and acknowledges that VIHA NH has relied on this opportunity to recover such damages in entering into this Agreement.