LIQUIDATED DAMAGES PROVISION. If the transaction described in this Addendum fails to close strictly in accordance with the terms of the Contract and this Addendum because of the failure or default of Buyer in the performance of Buyer’s obligation described herein, the Buyer’s xxxxxxx money deposit and any additional deposits shall be delivered to or retained by Seller as Seller’s sole remedy and right to damages. Seller shall notify any title company, escrow agent or broker which may be holding any such xxxxxxx money or additional deposits in writing of such failure or default. Upon such notice, the person holding such funds shall act without any further instruction by any party and is hereby irrevocably instructed to act on such notice or request, and to deliver the xxxxxxx money deposit and any additional deposits to Seller without any further notice or consent from Buyer. The parties agree that Seller’s actual damages, in the event of the default of Buyer, would be difficult or impossible to determine. Therefore, said deposit has been agreed upon after negotiations, as the parties’ best estimate of Seller’s actual damages. Seller’s Initials Buyer’s Initials
LIQUIDATED DAMAGES PROVISION. Upon termination of the Contract by Seller in accordance with Section 13 hereof, Seller shall notify in writing the title company, escrow agent or broker holding any Monies of such termination and upon receipt of such notice, the person holding the Monies shall, without any further instruction by or notice to any party, deliver the Monies to Seller. The parties agree in the event of the default or breach by Buyer, that Seller’s actual damages would be difficult or impossible to determine. Therefore, the parties agree that the Monies represent the best estimate of Seller’s actual damages.
LIQUIDATED DAMAGES PROVISION. If, (1) during the term of this Agreement and (2) after receipt of a provisional license from the CCC and (3) prior to making MDO sales or deliveries from the Property, the Company seeks to relocate or transfer the CCC license obtained utilizing this Agreement to another jurisdiction then upon receipt of permission for the CCC to transfer the Company’s license to another jurisdiction the Company shall pay Easthampton in additional to any other payments required under this Agreement amount of $25,000.00 as liquidated damages. The forgoing shall constitute liquidated damages and not penalties and are in addition to all other rights contained in this Agreement. The Parties further acknowledge that (i) the amount of loss or damages likely to be incurred by Easthampton is incapable or is difficult to precisely estimate, (ii) the amounts specified in such subsections bear a reasonable relationship to, and are not plainly or grossly disproportionate to, the probable loss likely to be incurred by Easthampton in connection with the failure by the Company to remain in Easthampton during the term of this Agreement, (iii) one of the reasons the Company and Easthampton reached an agreement as to such amounts was the uncertainty and cost of litigation regarding the question of actual damages or loss.
LIQUIDATED DAMAGES PROVISION. SELLER AND PURCHASER AGREE THAT IF THIS AGREEMENT IS TERMINATED, THE DAMAGES THAT SELLER WOULD SUSTAIN AS A RESULT OF SUCH TERMINATION WOULD BE DIFFICULT IF NOT IMPOSSIBLE TO ASCERTAIN. ACCORDINGLY, SELLER AND PURCHASER AGREE AFTER NEGOTIATION THAT SELLERS SHALL RETAIN FIFTY THOUSAND SHARES OF THE PURCHASE PRICE, AND RETURN THE REMAINDER OF THE SHARES, AS FULL AND COMPLETE LIQUIDATED DAMAGES AND AS SELLER’S SOLE AND EXCLUSIVE REMEDY FOR SUCH TERMINATION; PROVIDED, HOWEVER, THAT THE PARTIES SHALL RETAIN ALL RIGHTS AND REMEDIES UNDER THIS AGREEMENT WITH RESPECT TO THOSE OBLIGATIONS WHICH EXPRESSLY SURVIVE SUCH TERMINATION; AND PROVIDED, FURTHER, THAT THE SELLER SHALL BE ENTITLED TO EXERCISE ANY RIGHTS OR REMEDIES IT MAY HAVE BY VIRTUE OF AN INDEMNITY CREATED OR GRANTED IN THIS AGREEMENT INCLUDING, WITHOUT LIMITATION, RECOVERY OF REASONABLE ATTORNEYS FEES AND COSTS. Sellers’ Initials Purchasers Initials
LIQUIDATED DAMAGES PROVISION. SELLER AND BUYER AGREE THAT PAYMENT OF THE DEPOSIT TO SELLER UNDER SECTION 14.1 SHALL BE AS LIQUIDATED DAMAGES AND NOT AS A PENALTY, THAT ACTUAL DAMAGES RESULTING TO SELLER FROM BUYER'S BREACH OF THIS AGREEMENT WOULD BE DIFFICULT OR IMPOSSIBLE TO MEASURE BECAUSE OF THE UNCERTAINTIES OF THE REAL ESTATE MARKET AND FLUCTUATIONS OF PROPERTY VALUES AND DIFFERENCES WITH RESPECT THERETO, AND THAT THE DEPOSIT IS A REASONABLE ESTIMATE OF WHAT THOSE DAMAGES WOULD BE. CLOSING AGENT SHALL DELIVER THE DEPOSIT TO SELLER PROMPTLY UPON RECEIVING WRITTEN NOTICE FROM SELLER THAT BUYER IS IN DEFAULT BEYOND THE APPLICABLE CURE PERIOD (IF ANY), THAT THE PROVISIONS OF SECTION 14.1 APPLY, AND THAT SELLER HAS THE RIGHT TO RECEIVE THE DEPOSIT HEREUNDER. BUYER HEREBY RELEASES CLOSING AGENT FROM ALL LIABILITY TO BUYER FOR COMPLIANCE WITH THE PROVISIONS OF SECTION 14.1. Buyer's initials as to Seller's initials as to Article 27 Article 27
LIQUIDATED DAMAGES PROVISION. A. All work on the Vessel contemplated hereunder shall be completed and delivery on the Vessel effected on or before the Delivery Date set forth on the first page of this Agreement or such extensions of time as are provided for herein. Both parties recognize that because during construction OWNER will make contracts depending upon the use of the Vessel and that delivery time is of the essence and that delivery delay will result in substantial damages not susceptible of accurate calculation. In the event the Vessel is not completed and delivered to the OWNER 30 days from the Delivery Date or Extended Delivery Date by the provisions of this Agreement, OWNER will deduct from Delivery Payment for the Vessel the sum of Fifteen-Thousand Dollars ($15,000.00) per day for each day following the Delivery Date, or the Extended Delivery Date until the Vessel is actually completed and accepted by OWNER. This is in lieu of all other damages, direct or consequential, which may result to OWNER from delay. The maximum Builder shall pay as liquidated damages under this agreement is Nine Hundred Thousand Dollars ($900,000).
LIQUIDATED DAMAGES PROVISION. Should an instructional staff member resign at a time other than that of contract renewal (i.e., by the contract return date as stated on the contract), board approval will be required to dissolve the contract. Board approval does not constitute mutual agreement to terminate the contract unless a provision in (1)(a)-(b) below is applicable and the Board approves the resignation request.
