Financial Consequences for Failure to Timely and Satisfactorily Perform Clause Samples
The "Financial Consequences for Failure to Timely and Satisfactorily Perform" clause establishes that a party may face monetary penalties or other financial repercussions if they do not complete their contractual obligations on time or to the required standard. Typically, this clause outlines specific triggers for financial consequences, such as missed deadlines or subpar work, and details the types of penalties, which may include liquidated damages, withholding of payments, or reimbursement of costs. Its core practical function is to incentivize timely and proper performance, while providing a clear mechanism for compensating the non-breaching party if expectations are not met.
Financial Consequences for Failure to Timely and Satisfactorily Perform. Failure to complete all deliverables in accordance with the requirements of this Agreement, and in particular, as specified in Section II.C., Deliverables, of Attachment 1, Scope of Work will result in assessment by DEO of the specified financial consequences. If applicable, should the Parties agree to a corrective action plan, the plan shall specify the applicable financial consequences to be applied after the effective date of the corrective action plan. This provision for financial consequences shall in no manner affect DEO’s right to terminate the Agreement as provided elsewhere in this Agreement.
Financial Consequences for Failure to Timely and Satisfactorily Perform. Violations of this Agreement or applicable licenses, or failure to provide the deliverables, may result, except as detailed above, in termination of access to awarded solutions and require immediate removal of all software, hardware, or related services. Grantee may be subject to financial assessments related to such violations. This provision for financial consequences shall not affect the Department’s right to terminate the Agreement as provided elsewhere in the Agreement. Department of Financial Services The administration of resources awarded by the Department of Management Services (Department) to the Grantee may be subject to audits and/or monitoring by the Department, as described in this section.
Financial Consequences for Failure to Timely and Satisfactorily Perform. Violations of this Agreement or applicable licenses, or failure to provide the deliverables, may result, except as detailed above, in termination of access to awarded solutions and require immediate removal of all software, hardware, or related services. Grantee may be subject to financial assessments related to such violations. This provision for financial consequences shall not affect the Department’s right to terminate the Agreement as provided elsewhere in the Agreement. DocuSign Envelope ID: 1591772F-40D4-4CC0-8DC7-8786451774DB Department of Financial Services The administration of resources awarded by the Department of Management Services (Department) to the Grantee may be subject to audits and/or monitoring by the Department, as described in this section.
Financial Consequences for Failure to Timely and Satisfactorily Perform. Failure to complete the deliverables and/or tasks in accordance with the requirements of this Agreement, and in particular, as specified above in Section 4, DELIVERABLES, will result in DEO’s assessment of the specified financial consequences. If appropriate, should the Parties agree in writing to a corrective action plan in lieu of the immediate imposition of financial consequences, the plan shall specify additional financial consequences to be applied after the effective date of the corrective action plan. This provision for financial consequences shall in no manner affect DEO’s rights under this Agreement, at law, or in equity, including but not limited to, DEO’s right to terminate this Agreement as provided elsewhere in this Agreement. Grantee’s payment of imposed financial consequences shall be in accordance with applicable provisions of this Agreement, and this Scope of Work.
Financial Consequences for Failure to Timely and Satisfactorily Perform. Contractor and DEO agree that Contractor’s failure to timely and satisfactorily perform all or a portion of the Deliverables and Tasks set forth in this Scope of Work, Section 1.3, in accordance with the requirements of this Contract, and in particular, as specified in this Scope of Work, Section 1.2, shall result in substantial injury to DEO; however, damages arising from such failure cannot be calculated with any degree of certainty. Consequently, Contractor and DEO agree that the Financial Consequences and Liquidated Damages set forth in this Contract, individually and cumulatively, are intended to compensate DEO for same and not intended to penalize or punish Contractor. In the event that Contractor’s performance of a Deliverable or Task is deemed unsatisfactory by DEO, Contractor shall not be entitled to payment for same until Contractor re-performs as needed for submittal of a satisfactory Deliverable or Task at no additional cost to DEO. Furthermore, in the event that Contractor’s performance of a Deliverable or Task is deemed unsatisfactory or untimely by DEO, the Financial Consequences set forth in this Scope of Work, Section 1.3, shall be imposed. Financial Consequences may only be applied if the failure is solely the result of Contractors actions or the delay in completing the task is solely attributed to the Contractor. Nothing in this Contract, including but not limited to this Scope of Work, shall be construed to waive, hinder, or otherwise interfere with any other rights, remedies, and privileges, in law or in equity, held by DEO with respect to this Contract and Contractor’s performance hereunder, including but not limited to, DEO’s right to terminate the Contract as provided. Notwithstanding any other terms in the Contract., if Contractor’s non-compliance with any provision of the Contract results in additional cost or monetary loss to DEO or the State of Florida, DEO can recoup that cost or loss from monies owed to Contractor under this Contract or any other contract between Contractor and any State entity. In the event the discovery of this cost or loss arises when no monies are available under this Contract or any other contract between Contractor and any State entity, Contractor will repay such cost or loss in full to DEO within 30 days of the date of notice of the amount owed, unless DEO agrees, in writing, to an alternative timeframe.
Financial Consequences for Failure to Timely and Satisfactorily Perform. Failure to complete the required duties outlined in the SOW shall result in the rejection of the invoice, and, as stated above in Section 4, Deliverable, if re-inspection is invoiced, the Department will reduce the invoice by that amount. This provision for financial consequences shall not affect the Department’s right to terminate the Agreement as provided elsewhere in the Agreement.
Financial Consequences for Failure to Timely and Satisfactorily Perform. A. Failure to complete the deliverables in accordance with the requirements of this Contract, and in particular, as specified in Section 6, Contractor’s Responsibilities, of this Scope of Work shall result in substantial injury to DEO and damages arising from such failure cannot be calculated with any degree of certainty. Therefore, it is hereby agreed that if the services/items are not timely and satisfactorily performed, and the parties agree to a corrective action plan, but Contractor then fails to comply with the approved corrective action plan, Contractor(s) may be assessed Financial Consequences as specified in Attachment 1, Section 7. In addition, if it becomes necessary for DEO to institute a corrective action plan and Contractor fails to comply with the approved corrective action plan, Contractor shall be assessed the additional financial consequences specified in the corrective action plan or the financial consequences that would have been imposed under Attachment 1, Section 7, whichever is higher. Failure of Contractor to timely and adequately perform under any corrective action plan implemented by the parties shall result, at the minimum, in a financial consequence that would have been imposed under Attachment 1, Section 7.
B. For each Project, if the Contractor fails to timely perform by failing to pass the Substantial Completion Inspection by the 50th or 80th day (as applicable), unless a different deadline is agreed upon by the parties in writing, following DEO’s notice to start construction, DEO may impose liquidated damages in an amount equal to 10 percent of the total final Project cost for every 30-day period following the applicable deadline until the Substantial Completion Inspection is approved for the Project (for example, 1-30 days beyond timeframe = 10% penalty; 31-60 days beyond timeframe = 20% penalty, etc.
Financial Consequences for Failure to Timely and Satisfactorily Perform. Contractor and DEO agree that Contractor’s failure to timely and satisfactorily perform all or a portion of the Deliverables and Tasks set forth in this Scope of Work, Sections 1.4 and Sections 1.6, in accordance with the requirements of this Contract, and in particular, as specified in this Scope of Work, Section 1.3 and Section 1.5, shall result in substantial injury to DEO; however, damages arising from such failure cannot be calculated with any degree of certainty. Consequently, Contractor and DEO agree that the Financial Consequences and Liquidated Damages set forth in this Contract, individually and cumulatively, are intended to compensate DEO for same and not intended to penalize or punish Contractor. Nothing in this Contract, including but not limited to this Scope of Work, Section 9.0, shall be construed to waive, hinder, or otherwise interfere with any other rights, remedies, and privileges, in law or in equity, held by DEO with respect to this Contract and Contractor’s performance hereunder, including but not limited to, ▇▇▇’s right to terminate the Contract as provided.
Financial Consequences for Failure to Timely and Satisfactorily Perform. Failure to complete the project in accordance with the requirements of this Contract, and in particular, as specified in Attachment 1, Section II.D, Deliverables, Tasks, Performances Measures and Financial Consequences, and Attachment 1, Section II.E, Contractor’s Responsibilities, of this Contract, will result in substantial injury to DEO and damages arising from such failure cannot be calculated with any degree of certainty. Therefore, it is hereby agreed that if the services/items are not timely and satisfactorily performed, the sanctions specified in Attachment 1, Section II.D shall be assessed against Contractor and will be deducted from the amount due Contractor for performance under the applicable invoice. In addition, if it becomes necessary for DEO to institute a corrective action plan and Contractor fails to comply with the approved corrective action plan, Contractor shall be assessed the additional financial consequences specified in the corrective action plan. This provision for financial consequences shall in no manner affect DEO’s right to terminate the Contract as provided elsewhere in DEO’s Core Contract.
Financial Consequences for Failure to Timely and Satisfactorily Perform. Failure to complete all deliverables in accordance with the requirements of this Agreement, and most particularly the deliverables specified above in Section D, Deliverables, will result in the Department's assessment of the specified financial consequences. If appropriate, should the Parties agree to a corrective action plan, the plan shall specify additional financial consequences to be applied after the