In a Construction Contract,there Is a $1,000 Per Day Estimate

question 35

Essay

In a construction contract,there is a $1,000 per day estimate of damages for each day that the contract runs over the completion date.The contractor is 30 days late when the job is completed,resulting in a prospective damage award of $30,000.What is this type of clause,and when will it be enforced?

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Definitions:

Cross-sectional

A research method that analyzes data collected from a diverse population at a single point in time.

Sequential

Involving or characterized by a logical order of events or a sequence where one thing follows another.

Evolutionary

Pertaining to evolution, involving the gradual development of organisms and the theory explaining the diversity of life on Earth through natural selection.

Conservation Biology

Discipline that seeks to understand the effects of human activities on species, communities, and ecosystems, and to develop practical approaches to preventing the extinction of species and the destruction of ecosystems.