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15. LIQUIDATED DAMAGES. It is hereby agreed by the parties to this Agreement that in case all work called for under this Agreement is not finished or completed on or before the time set forth in this Agreement, damage will be sustained by City, and that it is and will be impracticable and extremely difficult to ascertain and determine the actual damage which the City will sustain in the event of and by reason of such delay; it is therefore agreed DB will pay to City the sum calculated at the rate of Seven Hundred Fifty and No/100 Dollars ($750.00) per day as liquidated damages for each and every calendar day's unexcused delay in substantially completing the construction of the Project within the time prescribed. DB shall have two hundred thirty five (235) calendar days to complete the design of the Project and DB shall have three hundred ninety (390) calendar days (the "Completion Date") from the date of the Notice to Proceed with Construction to substantially complete the Project, plus such additional days as are authorized under this Agreement for excusable delays. Liquidated damages shall start accruing and be payable starting 30 calendar days (the grace period) from the Completion Date. DB agrees to pay said liquidated damages upon demand as herein provided, and in case the same are not paid, agrees that City may, by way of accommodation but not limitation, deduct the amount thereof from any monies due or that may become due under this Agreement. Time is of the essence with regard to both parties' performance. City agrees to render all decisions, responses, and approvals in a timely manner so as to avoid delay to DB's work; and DB agrees to execute same and perform all work and services in a timely manner so as to avoid delay to City. 16. TERM; TERMINATION. (a) The term of this Agreement shall commence upon the date first hereinabove written and shall expire upon completion of pertormance of services hereunder by DB. (b) Notwithstanding the provisions of (a) above, City may terminate this Agreement in the event City determines, in its reasonable discretion, that the FAP exceeds or will exceed Two Million Two Hundred Thousand and No/100 ($2,200,000.00) by giving written Agrnt-247 F/sh/sh/RC/Council FXS:rg 03/29/99R;04/05/99R, 04/07/99R -18-