Common use of Stipulated Penalty Amounts Clause in Contracts

Stipulated Penalty Amounts. Payments, Financial Assurance, Major Deliverables, and Other Milestones. a. The following stipulated penalties shall accrue per violation per day for any noncompliance with any obligation identified in ¶ 54.b: $ 500 1st through 7th day $ 1,000 8th through 14th day $ 2,500 15th through 30th day $ 5,000 31st day and beyond b. Obligations (1) Payment of any amount due under Section XIII (Payment of Response Costs). (2) Establishment and maintenance of financial assurance in accordance with Section XXIV (Financial Assurance). (3) Establishment of an escrow account to hold any disputed Future Response Costs under ¶ 40 (Contesting Future Response Costs). (4) Deliverables for tasks 1a, 1b, 2a, 2b, 3a, 3b, 4a, 4b, 5a, 5b, 6a, 6b, 7a, 7b, 8a, 8b, 9a, 9b, 10, 11, 12, 13 and 14 listed under ¶ 6.2 of the SOW.