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Page 37 of 42 4/3/24 Agreement No. 2024-02 <br />A resale involves additional time and expense and is not an adequate remedy. Therefore, <br />Purchaser agrees to pay the City as liquidated damages a sum calculated using the <br />following formula: <br /> <br />LD = (0.35 x V) – ID – P + C + A <br /> <br />Where: <br /> <br /> <br />LD = Liquidated Damage Value <br />V = The unremoved value at the date of breach of Contract. <br />This value is the Total Estimated Value of Sale, less the <br />total removed tonnage(s) to date multiplied by the <br />Contract payment rates. <br />ID = Initial Deposit paid at date of Contract that has not been <br />applied to timber payments <br />P = Advance payments received but not yet applied to specific <br />Contract requirements. <br />C = Charges assessed for Contract requirements completed <br />prior to breach of Contract but not paid for <br />A = Administrative fee of Two Thousand Five Hundred <br />Dollars ($2,500.00) <br /> <br />The above formula reflects the Purchaser's forfeiture of the initial deposit in accordance <br />with clause P-11 by deducting the initial deposit from the amount owed. In no event shall <br />the liquidated damages be less than zero. Interest on the liquidated damage is owed from <br />the date of breach until final payment, calculated using the following formula: <br />Interest (I) = r x LD x N <br /> <br />Where: <br /> LD = Liquidated Damage Value <br />I = Interest <br />r = One percent (1%) per month <br />N = Number of calendar days from date of breach to time of <br />payment <br /> <br />D-30 Inadequate Log Accountability <br />Removal of forest products from the sale area without adequate branding and/or valid load <br />tickets attached to the load and scaling forest products in a location other than the facility <br />approved by the City can result in substantial injury to the City. Failure to properly account