________________________, referred to as CONTRACTOR, and _____________________, referred to as OWNER, agree:
The parties have entered into an agreement for ___________________________, on _________________. Pursuant to this agreement, and any modifications thereto, substantial completion of the work is scheduled on _________________.
OWNER desires that the work be substantially complete on or before _________________.
CONTRACTOR, in consideration of an additional payment of Rs.__________ (___________________________ & _____/100 rupees) due on or before _________________, herewith agrees to complete all work in accordance with the plans and specifications of the original contract by _________________.
Time is of the essence in this contract. The parties agree that if the work is not completed within the time set forth in this agreement, the OWNER shall suffer damages, which shall be difficult of calculation. Accordingly, solely as liquidated damages and not as a penalty, the CONTRACTOR shall pay to OWNER the sum of Rs. __________ (_____________________________ & _____/100 rupees) per ______________ beyond the date specified for the completion of the work herein….
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