Common use of Liquidated Damages Related to Substantial Completion Clause in Contracts

Liquidated Damages Related to Substantial Completion. If the Concessionaire does not achieve Substantial Completion of each of the Project Assets by the applicable Scheduled Substantial Completion Date, the Department will be entitled to assess liquidated damages against the Concessionaire in the following amounts: (i) $7,000 as liquidated damages for each Day that Substantial Completion of the Existing Midtown Tunnel extends beyond the Existing Midtown Tunnel Scheduled Substantial Completion Date. (ii) $7,000 as liquidated damages for each Day that Substantial Completion of the Existing Downtown Tunnels extends beyond the Existing Downtown Tunnels Scheduled Substantial Completion Date. (iii) $21,000 as liquidated damages for each Day that Substantial Completion of the New Midtown Tunnel extends beyond the New Midtown Tunnel Scheduled Substantial Completion Date. (iv) $11,500 as liquidated damages for each Day that Substantial Completion of the New MLK Extension extends beyond the New MLK Extension Scheduled Substantial Completion Date.