Contributed By Allen Matkins Leck Gamble Mallory & Natsis LLP
Often contractors are awarded bonuses for timely performance, ie, meeting milestones throughout the course of construction, and achieving substantial and final completion on time. Some contracts call for liquated damages for delays, such as a specific fee per day past the agreed-upon completion date. These can be substantial. Contracts typically include clauses that the prevailing party’s legal fees will be paid, adding to the cost.