Contract conditions of December 2015  Contract number: [ complete ]  V is the price of the relevant purchase or supply;  d is the duration specified in the contract for delivery of the relevant purchase or supply  or, failing that, the duration of performance of the contract specified in Article I.3  expressed in days.  Liquidated damages may be imposed together with a reduction in price under the  conditions laid down in Article II.15.  The contracting authority must  formally notify the contractor of its intention to apply  liquidated damages and the corresponding calculated amount. The contractor has 30 days following the date of receipt to submit observations. Failing  that, the decision becomes enforceable the day after the time limit for submitting  observations has elapsed. If the contractor submits observations, the contracting authority, taking into account the  relevant observations, must  notify  the contractor: The parties expressly acknowledge and agree that any amount payable under this Article is  not a penalty and represents a reasonable estimate of fair compensation for the damage  incurred due to failure to provide the supplies within the applicable time limits set out in  this contract.  Any claim for liquidated damages does not affect the contractor’s actual or potential  liability or the contracting authority’s rights under Article II.17.  If the contractor fails to deliver the supply in accordance with the contract (‘unperformed  obligations’) or if it fails to deliver the supply in accordance with the expected quality  levels specified in the tender specifications (‘low quality delivery’), the contracting  authority may reduce or recover payments proportionally to the seriousness of the  unperformed obligations or low quality delivery. This includes in particular cases where  the contracting authority cannot approve a document or deliver a certificate of conformity  for supply as defined in Article I.5 after the contractor has submitted the required  additional information, correction or new version. A reduction in price may be imposed together with liquidated damages under the  conditions of Article II.14.  23  II.15.1. Quality standards  II.15. REDUCTION IN PRICE  II.14.4. Claims and liability  II.14.3. Nature of liquidated damages  (a) of the withdrawal of its intention to apply liquidated damages; or (b) of its final decision to apply liquidated damages and the corresponding amount. II.14.2. Procedure 