Liquidated Damages/Contract Surety Bonds/MS, AL, FL, GA,KY, LA,NE, SC, TN, AR, GA, MO/ Neill Bonding & Insurance/Bonding/Bonds/Construction

What are Liquidated Damages? 

A liquidated damages provision is an agreement by the parties on the dollar amount of damages caused by a default, specifically an inexcusable delay that extends the completion of the contract beyond the completion date. Usually, the liquidated damages are expressed in terms of a fixed dollar amount of damages for every day that the contract extends.

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