Liquidated Damages

Liquidated Damages. The Parties acknowledge that the Owner will suffer financial harm if the Work is not completed by the date of Substantial Completion as specified in the Contract Documents, and that such harm would be difficult or impossible to ascertain with certainty. Therefore, the Contractor shall pay to the Owner, as liquidated damages and not as a penalty, the sum of [$ amount] per calendar day for each day that the Work remains incomplete beyond the date of Substantial Completion as adjusted by any approved Change Orders or extensions of time. The total amount of liquidated damages under this provision shall not exceed [$ amount or percentage of contract price]. The Owner may deduct liquidated damages from any payments due or to become due to the Contractor. The Contractor shall not be liable for liquidated damages for delays caused by: (a) acts or omissions of the Owner; (b) changes in the work ordered by the Owner; (c) Force Majeure events as defined elsewhere in this Agreement; (d) unusually severe weather conditions not reasonably anticipated; or (e) any other cause beyond the Contractor's reasonable control, provided the Contractor has given timely written notice and documentation of the delay to the Owner. The assessment of liquidated damages shall be the Owner's sole and exclusive remedy for delay.