ANNEX D – LIQUIDATED DAMAGES FOR DELAY
GOODS AND MATERIALS
Delivery Milestone Delivery Date Compensation to Buyer for Delay
Delivery of goods on site As provided in Project Schedule Late in project schedule and/or hand-over: 1% of Contract value for each delayed week and Buyer has the right to cancel a part or whole Contract and Supplier agrees to return all advance payment to Buyer
PAC As provided in Project Schedule Late in project schedule and/or hand-over: 1% of Contract value for each delayed week and Buyer has the right to cancel a part or whole Contract and Supplier agrees to return all advance payment to Buyer
FAC As provided in Project Schedule Late in project schedule and/or hand-over: 1% of Contract value for each delayed week and Buyer has the right to cancel a part or whole Contract and Supplier agrees to return all advance payment to Buyer
WORKS AND SERVICES
(WARRANTY SERVICES)
Completion Milestone Completion Date Compensation to Buyer for Delay
Check on site 02 hour after receiving the notice of the Buyer - Late in chẹcking on site: - 1,000,000VND per each delayed hour.
Fix the problems 04 hours after receiving the notice of the Buyer - Late in fixing the problems: 2,000,000VND per each delayed hour
If the delay period lasts more than 02 weeks, Buyer is entitled to receive the Warranty Bond. If the Warranty Bond is less than the compensation amount, such remaining amount shall be deemed as a debt by the Contractor to Buyer.
a) The Parties agree that the compensation above are reasonable pre estimates of the loss that the Buyer may suffer, taking into account all the relevant information available at the time of execution of this Contract and that such sums are liquidated damages and in no way to be considered as penalties.
b) The payment of the above compensation shall not relieve the Vendor from the obligation to perform its obligations in accordance with this Contract and to take all the necessary remedial actions to minimize and mitigate the delay and possible subsequent delays to other milestones.