Extract to table

The provision provides as follows: For each day of unexcused delay beyond the milestone completion date specified in Exhibit B, the Contractor shall pay to the Owner liquidated damages in the amount of $175,000 per day per milestone

Liquidated damages for any individual milestone shall not exceed 10% of the value of that milestone

Aggregate liquidated damages under this Agreement shall not exceed 5% of the total Contract Price

Under New York law, liquidated damages provisions are enforceable when two conditions are met: (a) the stipulated amount must be a reasonable estimate of the probable damages at the time of contracting, and (b) actual damages must be difficult to calculate

5 provides that upon a valid termination for cause, the Owner may engage one or more substitute contractors to complete the remaining work under the Agreement, and the Contractor shall be liable for the excess costs incurred by the Owner in completing the work using such substitute contractors

Excess Cost Calculation The excess completion cost is calculated as the difference between the cost of completing the work using the replacement contractor and the cost that would have been incurred under the MCA: Excess completion costs = $712,000,000 − $630,300,000 = $81,700,000 This $81,700,000 represents the premium NFA must pay to have the same scope of work completed by Crestline as would have been completed by Meridian under the MCA