WA General Contractor Practice Questions - Washington General Contractor Exam

Under standard construction contract practices, what is a 'liquidated damages' clause?

A pre-agreed amount the contractor must pay the owner for each day the project extends beyond the contractual completion date A payment for damages caused by water on the jobsite A clause requiring immediate full payment upon contract signing A penalty for using unlicensed workers

Correct Answer:

A pre-agreed amount the contractor must pay the owner for each day the project extends beyond the contractual completion date

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