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Liqudated Damages Calculator.xls

  • Library: Purchissues
  • Year Created: 2024
  • File Type: XLS
The document provides instructions on calculating liquidated damages in contracts for the State of Connecticut's Department of Public Works. Liquidated damages are predetermined sums of money for delays in product delivery, based on a definite standard like market value. The rates are project-specific and must be reasonable to be enforceable. Two per diem rates are determined using a Liquidated Damages Calculation Worksheet. The first rate applies to delays in reaching substantial completion, while the second rate applies to delays beyond 90 days past substantial completion. The rates are based on daily costs including design consultant fees, construction administrator fees, state-funded field costs, temporary utilities, storage costs, rental/lease of facilities, new staff wages, project manager time, agency administrative costs, and DPW project overhead costs.
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