Common use of Substantial and Final Completion Clause in Contracts

Substantial and Final Completion. The work as agreed to in this Contract shall commence upon the receipt of the Owner's Notice to Proceed. The GC/CM shall achieve Project Substantial Completion by September 15, 2015 for the Core and Shell Improvements, SCCC Improvements and Building Interior Improvements. This is subject to adjustments made by Change Order. In addition to reaching Substantial Completion, it is the Team's expectation that the GC/CM will complete all items necessary to achieve Final Completion and acceptance. The GC/CM agrees that, from the compensation otherwise to be paid, the Owner may retain liquidated damages of $2,000 a day for work related to finishing the project. These damages apply for each calendar day thereafter that the work remains uncompleted, which sum is agreed upon as the liquidated damages which the Owner will sustain in case of failure of the GC/CM to complete the work prior to the date of substantial completion. This sum is not to be construed as a penalty in any sense.

Substantial and Final Completion. The work as agreed to in this Contract shall commence upon the receipt of the Owner's Notice to Proceed. The GC/CM shall achieve Project Substantial Completion by September 15, 2015 for the Core and Shell Improvements, SCCC Improvements and Building Interior Improvements. This is subject to adjustments made by Change Order. In addition to reaching Substantial Completion, it is the Team's expectation that the GC/CM will complete all items necessary to achieve Final Completion and acceptance. The GC/CM agrees that, from the compensation otherwise to be paid, the Owner may retain liquidated damages of as follows: $2,000 a 1,000 day for work related to finishing the projectCore and Shell Improvements, $2,000 per day for SCCC Improvements, and $500 per day for work related to Building Interior Improvements. These damages apply for each calendar day thereafter that the work remains uncompleted, which sum is agreed upon as the liquidated damages which the Owner will sustain in case of failure of the GC/CM to complete the work prior to the date of substantial completion. This sum is not to be construed as a penalty in any sense.