A contractor and Southampton, Inc. have a contract, which calls for the contractor to build a building with the completion by June 15. If the building is not completed by that date, the contract calls for the contractor to pay $100 per day in damages. The $100 per day is:

Question

Quizplus · Accepted Answer

Liquidated damages are a predetermined amount of money that must be paid as damages for failure to perform under a contract, in this case, $100 per day for not completing the building by the specified date.

A Contractor and Southampton, Inc