NM CID GF-3 Practice Questions - New Mexico CID GF-3 Canals, Reservoirs Or Irrigation Systems Contractor Examination Exam

Liquidated damages in a canal-construction contract are best described as:

A penalty the court will always strike down A pre-agreed daily amount the owner may assess if the contractor finishes late The contractor’s actual extra profit for finishing early A substitute for workers’ compensation insurance

Correct Answer:

A pre-agreed daily amount the owner may assess if the contractor finishes late

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