The Parties acknowledge that the damages, losses and costs incurred by the Owner for delay in achieving any Liquidated Damages Milestone Event and in failing to achieve any of the Performance Guarantees are uncertain and difficult to determine with precision at the date of the parties entering into the Contract. The Parties agree that the Liquidated Damages provided in Schedule 3 (Liquidated Damages) represent a reasonable, genuine and appropriate estimate of the damage, losses and costs incurred by the Owner for such delays or failures to achieve the Performance Guarantees calculated in a best efforts attempt to quantify the Owner's actual losses, costs and damages associated with such delay or failure to achieve the Liquidated Damages Milestone Event or the Performance Guarantee, and do not constitute a penalty.
The payment of Delay Liquidated Damages by the Supplier shall constitute full and final compensation for failure to achieve the applicable Time for Completion for the Liquidated Damages Milestone Event. The payment of Performance Liquidated Damages by the Supplier shall constitute full and final compensation for the failure to achieve the relevant Performance Guarantee, in cases where such Performance Liquidated Damages are applicable and the obligation to rectify the Works does not apply.
The Parties acknowledge that the damages, losses and costs incurred by the Owner for delay in achieving any Liquidated Damages Milestone Event and in failing to achieve any of the Performance Guarantees are uncertain and difficult to determine with precision at the date of the parties entering into the Contract. The Parties agree that the Liquidated Damages provided in Schedule 3 (Liquidated Damages) represent a reasonable, genuine and appropriate estimate of the damage, losses and costs incurred by the Owner for such delays or failures to achieve the Performance Guarantees calculated in a best efforts attempt to quantify the Owner's actual losses, costs and damages associated with such delay or failure to achieve the Liquidated Damages Milestone Event or the Performance Guarantee, and do not constitute a penalty.
The payment of Delay Liquidated Damages by the Supplier shall constitute full and final compensation for failure to achieve the applicable Time for Completion for the Liquidated Damages Milestone Event. The payment of Performance Liquidated Damages by the Supplier shall constitute full and final compensation for the failure to achieve the relevant Performance Guarantee, in cases where such Performance Liquidated Damages are applicable and the obligation to rectify the Works does not apply.
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