Common use of Late Performance Clause in Contracts

Late Performance. If Buyer reasonably determines Seller will be unable to meet any date stated in this Purchase Order, Buyer may, in its sole discretion: (a) demand from Seller, in which event Seller shall pay to Buyer, one and one half percent of the total price stated in this Purchase Order on the first day after the delayed event was scheduled to occur and an additional one and one half percent of the price per week thereafter until Seller causes the delayed event to occur; or (b) cancel this Purchase Order without penalty to Seller, acquire the goods or services from a third-party source, and charge Seller for any costs in excess of the price stated herein for such goods or services. The liquidated damages in this Section constitute compensation and not a penalty. The parties acknowledge and agree that ▇▇▇▇▇’s harm caused by a delay would be impossible or very difficult to accurately estimate and that the liquidated damages stated in this Section are a reasonable estimate of the anticipated or actual harm that might arise from such a breach. The remedies stated in this Section are exclusive and ▇▇▇▇▇’s election of one remedy prevents its election of another remedy based on the individual delayed event.

Late Performance. If Buyer reasonably determines Seller will be unable to meet any date stated in this Purchase Order, Buyer may, in its sole discretion: (a) demand from Seller, in which event Seller shall pay to Buyer, one and one half percent of the total price stated in this Purchase Order on the first day after the delayed event was scheduled to occur and an additional one and one half percent of the price per week thereafter until Seller causes the delayed event to occur; or (b) cancel this Purchase Order without penalty to Seller, acquire the goods or services from a third-party source, and charge Seller for any costs in excess of the price stated herein for such goods or services. The liquidated damages in this Section constitute compensation and not a penalty. The parties acknowledge and agree that ▇▇▇▇▇Buyer’s harm caused by a delay would be impossible or very difficult to accurately estimate and that the liquidated damages stated in this Section are a reasonable estimate of the anticipated or actual harm that might arise from such a breach. The remedies stated in this Section are exclusive and ▇▇▇▇▇Buyer’s election of one remedy prevents its election of another remedy based on the individual delayed event.