Example Clause - Liquidated Damages

EXAMPLE CLAUSE - LIQUIDATED DAMAGES

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X LIQUIDATED DAMAGES

X.1 In the event of a delay to the Offshore Installation Completion Date as per the Contract Schedule for which Contractor is solely responsible, Contractor shall pay Liquidated Damages to Company at a rate of a quarter of a percent (0.25%) per day of delay, subject to a maximum of ten percent (10%) of the Initial Contract Price.
X.2 Such Liquidated Damages shall be deemed to be a genuine pre-estimate of the foreseeable damages incurred by Company due to delay and shall be Company's sole recourse for late performance by Contractor under the Contract.
X.3 For the purpose of calculating such Liquidated Damages, a grace period of ten (10) days shall be observed, and the Contract Schedule shall be extended by any additional time or delays outside the sole control of Contractor or delay not caused by Contractor, including but not limited to suspension by Company or Contractor in accordance with the Contract, weather downtime, delay due to Force Majeure, and any time spent or lost on additional work or standby.
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