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Agreement To Accelerate Progress Of Contract Work[Name], referred to as CONTRACTOR, and [Name], referred to as OWNER, agree: The parties have entered into an agreement for ___________________, on _____________, 20 __. Pursuant to this agreement, and any modifications thereto, substantial completion of the work is scheduled on ___________, 20 __. OWNER desires that the work be substantially complete on or before __________, 20 __. CONTRACTOR, in consideration of an additional payment of $ (dollars) due on or before __________, 20 __, herewith agrees to complete all work in accordance with the plans and specifications of the original contract by ___________, 20 __. 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 $ ( dollars) per day beyond the date specified wfor the completion of the work herein. Other than those changes set forth herein, the original contract dated ____________, 20 __ shall remain in full force and effect. This is the entire agreement between the parties and this agreement may only be further amended in writing. Dated: _______________ ________________________ OWNER ________________________ CONTRACTOR
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