Common use of Penalties for delay Clause in Contracts

Penalties for delay. 1. In the event of a delay in the performance of work or in the submission of a Deliverable under the Contract for which the Contractor is responsible, a Penalty for Delivery Delay shall be imposed. 2. Such penalty shall amount to a per cent rate of 0.25% of the Contract Value, for every day of delay of delivery. 3. Any penalties imposed by the Contracting Authority in accordance with the above paragraphs shall be withheld from the next payment to the Contractor or, if such payment is insufficient, shall be paid by the Contractor. 4. In the event that the delivery periods set have been exceeded and the penalties for delay imposed in connection therewith have reached in total ten percent (10%) of the Contract Value, the Contracting Authority may declare the Contractor in default and terminate the Contract, the specific provisions of Annex I applying.

Penalties for delay. 1. In the event of a delay in the performance of work or in the submission of a Deliverable deliverable under the Contract for which the Contractor is responsible, a Penalty for Delivery Delay shall be imposed. 2. Such penalty shall amount to a per cent rate of 0.25% ten percent (10%) of the daily Contract ValueValue of the work or of the deliverable, for every day of delay of delivery. 3. Any penalties imposed by the Contracting Authority in accordance with the above paragraphs shall be withheld from the next payment to the Contractor or, if such payment is insufficient, shall be paid by the Contractor. 4. In the event that the delivery periods set have been exceeded and the penalties for delay imposed in connection therewith have reached in total ten percent (10%) of the Contract Value, the Contracting Authority may declare the Contractor in default and terminate the Contract, the specific provisions of Annex I I. GENERAL CONDITIONS OF CONTRACT applying.