Common use of Liquidated Damages for Delay in Substantial Completion Clause in Contracts

Liquidated Damages for Delay in Substantial Completion. If Contractor fails to achieve Substantial Completion on or before the Guaranteed Substantial Completion Date, then commencing on the day following the Guaranteed Substantial Completion Date, Contractor shall pay Company Liquidated Damages, for each day until Contractor achieves Substantial Completion, in the following amounts (collectively, “Late Substantial Completion LDs”): (a) during the initial sixty (60) days following the Guaranteed Substantial Completion Date, an amount equal to five thousand Dollars ($5,000) per day; and (b) after the sixtieth (60th) day following the Guaranteed Substantial Completion Date, an amount equal to ten thousand Dollars ($10,000) per day. In no event shall the Late Substantial Completion LDs exceed ten percent (10%) of the Contract Price.