NM CID GF-1 Practice Questions - New Mexico CID GF-1 Airports Contractor Examination Exam

Liquidated damages in an airport paving contract are best described as which of the following?

A penalty the owner may invent after the fact if the contractor is late The cost of all extra inspection the engineer decides to charge A pre-agreed daily amount the contractor pays for late completion, intended as a reasonable estimate of the owner's delay damages A bonus paid for finishing early

Correct Answer:

A pre-agreed daily amount the contractor pays for late completion, intended as a reasonable estimate of the owner's delay damages

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