For Delay in Substantial Completion Sample Clauses
For Delay in Substantial Completion. Contractor shall pay Owner the sum of $ per day for every calendar day of unexcused delay in achieving Substantial Completion beyond the Substantial Completion Date. Any sums due and payable hereunder by Contractor shall be payable, not as a penalty, but as liquidated damages representing an estimate of delay damages likely to be sustained by Owner, estimated at the time of executing this contract. When Owner reasonably believes that Substantial Completion will be inexcusably delayed, Owner shall be entitled, but not required, to withhold from any amounts otherwise due Contractor an amount then believed by Owner to be adequate to recover liquidated damages applicable to such delays. If and when Contractor overcomes the delay in achieving Substantial Completion, or any part thereof, for which Owner has withheld payment, Owner shall promptly release to Contractor those funds withheld, but no longer applicable, as liquidated damages.
For Delay in Substantial Completion. If the Contractor fails to achieve Substantial Completion of the Work within the Contract Time, the Owner shall be entitled to retain or recover from the Contractor as liquidated damages and not as a penalty, the sum of Dollars (U.S.) ($ ) per calendar day commencing upon the first day following expiration of the Contract Time and continuing until the actual date of Substantial Completion. Contractor and Owner agree that all amounts payable hereunder by Contractor shall be payable, not as a penalty, but as liquidated damages representing an estimate of delay damages likely to be sustained by Owner, estimated at the time of executing this Agreement, as a result of delayed completion of the Work. When Owner reasonably believes that Substantial Completion will be inexcusably delayed, Owner shall be entitled, but not required, to withhold from any amounts otherwise due Contractor an amount then believed by Owner to be adequate to recover liquidated damages applicable to the delay in achieving Substantial Completion, or any part thereof. Any liquidated damages not so withheld shall be payable by Contractor to Owner upon demand by Owner plus interest from the date of demand at the highest legal rate.