Liquidated Damages
Liquidated damages definition. Learn how delay penalties in construction contracts work and how to protect your profit.
Calculation Formula
LD Amount = (Days Past Deadline × Agreed Daily Rate) Real Contractor Example
A commercial contract specifies a $500/day penalty for every day the shop remains closed past the completion date of November 1st.
Put This Into Practice
Knowing the definition is step one. RemodelFin tracks this in real time on every job — no spreadsheets.