Liquidated Damages

Liquidated Damages. Contracts may include a stipulated sum for which the Contractor and his Surety will be liable for each calendar day of delay until the work is substantially complete unless circumstances dictate otherwise in the discretion of the Owner. Such provision shall require parties to acknowledge that losses to the Owner caused by the delay of the Contractor are not readily ascertainable. The amount shall be determined by the Owner in consultation with the Professional and any Using Agency or end user as a reasonable estimate of the probable loss that will result from the delay and shall not constitute a penalty.