NM CID GF-5 Practice Questions - New Mexico CID GF-5 Recreation Areas Contractor Examination Exam

Liquidated damages on a city recreation contract are most accurately described as:

A penalty the owner may invent after a delay A pre-agreed daily amount intended to estimate the owner's delay damages if the contractor misses the contract completion date The cost of the performance bond Automatic extra days granted for every rain event

Correct Answer:

A pre-agreed daily amount intended to estimate the owner's delay damages if the contractor misses the contract completion date

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