Timely Completion

What is referred to as timely completion

When the subcontractor agrees to take up the contract and start working, he is required to complete all the work in the way the prime contractor requests him to do and that too needs to be done by a specific date. This agreement is entered into by both parties and in order to ensure that this work is executed as per the time limit specified, the Timely Completion clause is put in. This clause also mentions what are the damages which will be borne when the time limit is not fulfilled and the amount which will be deducted from the price of the contract as a result of the damages and this is a kind of a penalty for tnot completing the work in time.

When the delay occurs due to an action or neglect or defaulting on the part of the owner or the main contractor, or if there is damage by fire or any such calamity or casualty where the subcontractor is not to be blamed then in such cases, the time period for the Timely Completion is extended by a few days but this is only done when the sub contractor in writing presents the claim to the contractor in a stipulated number of hours of the event occurring. In case the sub contractor still wants an extension, then no further extensions are to be given. These are the details of what is signed by the contractor and the sub contractor as part of the Timely Completion clause of the project.

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Timely completion.

Subcontractor agrees to begin the work under this contract immediately and to carry it on diligently; and to complete the work in such time and in the manner that prime contractor may complete all of the work included in the prime contract on or before _________[date]. It is agreed that the work will be carried on by subcontractor as required by contractor, promptly and efficiently and without delaying other branches of the work under the prime contract or other subcontracts under the prime contract; and, if necessary, certain parts of the work under this subcontract shall be prosecuted in preference to others.
In order to secure the execution of this work at, and within, the time specified, it is distinctly agreed that damages arising from the nonfulfillment of this contract as regards time would be substantial and difficult to measure and shall be deducted from the contract price, as liquidated damages and not in the nature of a penalty, and shall be _________ dollars ($_____) per calendar day.
If subcontractor should be delayed in the prosecution or completion of the work by the act, neglect or default of owner or prime contractor, or by damage caused by fire or other casualty for which the subcontractor is not responsible or by the combined action of the workers in no way caused by or resulting from default or collusion on the part of subcontractor, then the time fixed for the completion of the work under this subcontract shall be extended the number of days that subcontractor has been delayed, but no allowance or extension shall be made unless a claim is presented in writing to the contractor within _________ hours of the occurrence of the delay. No additional compensation in connection with an extension of time will be allowed unless a specific agreement is made at the time the extension is granted.