Common use of Liquidated Damage Clause in Contracts

Liquidated Damage. In the event the supplier fails to complete the delivery of the ordered goods within given schedule stipulated in the order, the purchaser is entitled to have recourse to impose Liquidated Damages viz. The supplier/vendor will be liable to pay the minimum liquidated damages @ ½% per week or part thereof on the undelivered materials subject to maximum of 5% of the value of the order for delayed part. To release ▇.▇. amount GRSE will have the right to encash / revoke the Security Deposit / Bank Guarantee.