Delay Damages; Termination Upon Delay Sample Clauses

The "Delay Damages; Termination Upon Delay" clause establishes the consequences for a party failing to meet agreed-upon deadlines in a contract. Typically, it allows the non-breaching party to claim monetary damages for each day or period of delay, and may also grant the right to terminate the contract if delays exceed a specified threshold. This clause ensures that timely performance is incentivized and provides a clear remedy for significant delays, thereby protecting the interests of the party relying on timely completion.
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Delay Damages; Termination Upon Delay. In the event that the conditions precedent to the occurrence of the Initial Delivery Date are not satisfied or waived on or prior to the Expected Initial Delivery Date, for each day beginning with the day after the Expected Initial Delivery Date through and including the date on which the Initial Delivery Date occurs, Seller will be required to pay liquidated damages in the amount of $250 per day multiplied by the Monthly Contract Capacity (measured in MWs) during the Summer Months and $62.25 per day multiplied by the Monthly Contract Capacity (measured in MWs) during the Non-Summer Months, up to a maximum of 365 days (any portion of which, or all, such payments are “Delay Damages”). If such amounts are due, then Buyer shall provide Notice to Seller of the amounts due and deduct such amounts due from the Delivery Date Security. In the event that Seller has not satisfied the conditions precedent to the Initial Delivery Date within 365 days of the Expected Initial Delivery Date, the Seller’s failure to satisfy such conditions will constitute an Event of Default pursuant to Section 5.1(a)(vii) of this Agreement. If such an Event of Default occurs, then any time prior to the satisfaction of the conditions precedent, Buyer may elect to exercise the remedies that are available upon an Event of Default pursuant to Article V, or in the alternative, Buyer will have the option to extend the end date of the Services Term by a period equal to the difference between the Expected Initial Delivery Date and actual Initial Delivery Date.
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Delay Damages; Termination Upon Delay. (a) Subject to Section 5.5, in the event that the conditions precedent to the occurrence of the Initial Delivery Date set forth in Section 5.3 are not satisfied or waived on or prior to the Guaranteed Initial Delivery Date, for each day (or part thereof) beginning with the day after the Guaranteed Initial Delivery Date through and including the date on which the Initial Delivery Date occurs, Seller will be required to pay Buyer daily liquidated damages (“Delay Damages”) in the amount of (i) $34,995 per day, to the extent the Capacity as of the Guaranteed Initial Delivery Date shall be less than 50% of the Project Capacity), or (ii) to the extent the Capacity as of the Guaranteed Initial Delivery Date shall be equal to or greater than 50% of the Project Capacity, but less than the total Project Capacity, the amount per day equal to the product of $34,995 multiplied by a fraction, the numerator of which shall be the difference between the Project Capacity and the Capacity as of the Guaranteed Initial Delivery Date, and the denominator of which shall be the Project Capacity. The maximum amount of Delay Damages payable by Seller shall be $19,177,260 (“Maximum Delay Damages”) and payment thereof shall be made in accordance with Section 6.1 and 6.5. If (x) the Initial Delivery Date is not achieved by the Guaranteed Initial Delivery Date solely due to delays in obtaining Permits as set forth on Schedule 3 or litigation initiated by third parties, in each case that has the direct effect of preventing Seller from reaching the Milestones set forth on Schedule 1 hereto, and (y) Seller has taken commercially reasonable steps to resolve any such permitting or litigation delay (in each case, as reasonably demonstrated to Buyer’s satisfaction), such Delay Damages shall accrue from and after the Guaranteed Initial Delivery Date in accordance with the immediately preceding paragraph, but shall not be due and payable unless Seller fails to achieve the Initial Delivery Date by the Date Certain, in which case such accrued Delay Damages that would have otherwise been immediately payable by Seller but for such exception shall be due and payable to Buyer on the Date Certain in addition to the Termination Fee described below. Any Delay Damages accrued pursuant to the previous sentence shall be secured in favor of Buyer at the time of accrual by the posting by Seller within five (5) Business Days after the Guaranteed Initial Delivery Date of either (a) a satisfactory Letter of Cre...
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Delay Damages; Termination Upon Delay 
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Related to Delay Damages; Termination Upon Delay

  • Deemed Termination upon delay Without prejudice to the provisions of Clauses 8.3, and subject to the provisions of Clause 7.3, the Parties expressly agree that in the event the Appointed Date does not occur, for any reason whatsoever, within 90 days of signing of the Agreement and submission of the full Performance Security by the Contractor, the Agreement shall be deemed to have been terminated. The Authority shall pay damages to the Contractor equivalent to 1% of the Contract Price (3% in case of standalone bridge projects). All other rights, privileges, claims and entitlements of the Contractor under or arising out of this Agreement shall be deemed to have been waived by, and to have ceased. The Contractor shall hand over all information in relation to the Highway, including but not limited to any data, designs, drawings, structures, information, plans, etc. prepared by them for the Highway, to the Authority. 9 Clause 3.3 may be suitably modified in the event that all the environmental clearances for the Project Highway have been received or are not required. It should be clearly stated that all the environmental clearances for the Project Highway have been received; or such environmental clearances for the Project Highway are not required.

  • Termination Damages If the Term of this Lease is terminated for default, unless and until Landlord elects lump sum liquidated damages described in the next paragraph, Tenant covenants, as an additional, cumulative obligation after any such termination, to pay punctually to Landlord all the sums and perform all of its obligations in the same manner as if the Term had not been terminated. In calculating such amounts Tenant will be credited with the net proceeds of any rent then actually received by Landlord from a reletting of the Premises after deducting all Rent that has not then been paid by Tenant, provided that Tenant shall never be entitled to receive any portion of the re-letting proceeds, even if the same exceed the Rent originally due hereunder.

  • Liability Upon Termination Termination of this Agreement, or any part hereof, for any cause shall not release either Party from any liability which at the time of termination had already accrued to the other Party or which thereafter accrues in any respect to any act or omission occurring prior to the termination or from an obligation which is expressly stated in this Agreement to survive termination.

  • Delay Damages If the Commercial Operation Date is not achieved by the date set forth therefor in Section 3.1(a) (as extended pursuant to Section 3.1(c)), Seller shall pay to Buyer damages for each month from and after such date until the Commercial Operation Date at the rate of $1.50 per kwh of Contract Maximum Amount up to a maximum of twelve (12) months of delay, pro rated for partial months (“Delay Damages”). Delay Damages shall be due under this Section 3.2(a) without regard to whether Buyer exercises its right to terminate this Agreement pursuant to Section 9.3; provided, however, that if Buyer exercises its right to terminate this Agreement under Section 9.3, Delay Damages shall be due and owing to the extent that such Delay Damages were due and owing at the date of such termination. If the Facility has not achieved the Commercial Operation by the date set forth therefor in Section 3.1(a) (as the same may be extended in accordance with Section 3.1(c)), for any reason, Seller shall have the right to terminate this Agreement at any time after that deadline date (as so extended) until either the Facility achieves the Commercial Operation Date or Buyer terminates this Agreement under Section 9.3 (regardless of whether or not Seller elected to continue to construct the Project). In the event Seller so terminates this Agreement, Seller shall be liable to Buyer on the date of such termination for (x) the entire amount of Delay Damages that would otherwise accrue (or have accrued) by such date plus (y) the undrawn amount of any Development Period Security provided to Buyer by Seller; provided, however, that if Seller terminates this Agreement on the deadline set forth for the Commercial Operation Date in Section 3.1(a) (as the same may be extended in accordance with Section 3.1(c)), Seller shall not be required to pay any Delay Damages hereunder but shall forfeit the Development Period Security. Subject to the foregoing sentence, neither Party shall have any liability to the other Party with respect to a termination of this Agreement by Seller under this Section 3.2(b). Each Party agrees and acknowledges that (i) the damages that Buyer would incur due to Seller’s delay in achieving the Commercial Operation Date would be difficult or impossible to predict with certainty, and (ii) it is impractical and difficult to assess actual damages in the circumstances stated, and therefore the Delay Damages and other damages as agreed to by the Parties and set forth herein are a fair and reasonable calculation of such damages. Notwithstanding the foregoing, this Article shall not limit the amount of damages payable to Buyer if this Agreement is terminated by Buyer as a result of Seller’s failure to achieve the Commercial Operation Date. Any such termination damages shall be determined in accordance with Article 9. By the tenth (10th) day following the end of the calendar month in which Delay Damages first become due and continuing by the tenth (10th) day of each calendar month during the period in which Delay Damages accrue (and the following months if applicable), Buyer shall deliver to Seller an invoice showing Buyer’s computation of such damages and any amount due Buyer in respect thereof for the preceding calendar month. No later than ten (10) days after receiving such an invoice, Seller shall pay to Buyer, by wire transfer of immediately available funds to an account specified in writing by Buyer or by any other means agreed to by the Parties in writing from time to time, the amount set forth as due in such invoice. If Seller fails to pay such amounts when due, Buyer may draw upon the Development Period Security for payment of such Delay Damages, and Buyer may exercise any other remedies available for Seller’s default hereunder.

  • Early Termination by Borrower Borrower has the option, at any time upon 90 days prior written notice to Lender, to terminate this Agreement by paying to Lender, in cash, the Obligations (including (a) either (i) providing cash collateral to be held by Lender in an amount equal to 105% of the Letter of Credit Usage, or (ii) causing the original Letters of Credit to be returned to Lender, and (b) providing cash collateral (in an amount determined by Lender as sufficient to satisfy the reasonably estimated credit exposure) to be held by Lender for the benefit of the Bank Product Providers with respect to the Bank Product Obligations), in full, together with the Applicable Prepayment Premium. If Borrower has sent a notice of termination pursuant to the provisions of this Section, then Lender's obligations to extend credit hereunder shall terminate and Borrower shall be obligated to repay the Obligations (including (a) either (i) providing cash collateral to be held by Lender in an amount equal to 105% of the Letter of Credit Usage, or (ii) causing the original Letters of Credit to be returned to Lender, and (b) providing cash collateral (in an amount determined by Lender as sufficient to satisfy the reasonably estimated credit exposure) to be held by Lender for the benefit of the Bank Product Providers with respect to the Bank Product Obligations), in full, together with the Applicable Prepayment Premium, on the date set forth as the date of termination of this Agreement in such notice. In the event of the termination of this Agreement and repayment of the Obligations at any time prior to the Maturity Date, for any other reason, including (a) termination upon the election of Lender to terminate after the occurrence and during the continuation of an Event of Default, (b) foreclosure and sale of Collateral, (c) sale of the Collateral in any Insolvency Proceeding, or (d) restructure, reorganization, or compromise of the Obligations by the confirmation of a plan of reorganization or any other plan of compromise, restructure, or arrangement in any Insolvency Proceeding, then, in view of the impracticability and extreme difficulty of ascertaining the actual amount of damages to Lender or profits lost by Lender as a result of such early termination, and by mutual agreement of the parties as to a reasonable estimation and calculation of the lost profits or damages of Lender, Borrower shall pay the Applicable Prepayment Premium to Lender, measured as of the date of such termination.