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24-25 Liquidated Damages.pdf

  • Library: Purchissues
  • Year Created: 2024
  • File Type: PDF
The document outlines the regulations regarding liquidated damages for failure to complete work on a contract within the specified time frame. It references Section 337.18, paragraph (2) of the Florida Statutes, which mandates the payment of liquidated damages by the Contractor to the Department for any delays in completing the work. The liquidated damages for the contract will include damages and projected lost toll revenues due to delays in opening the project to revenue-producing traffic. The amount of liquidated damages is calculated based on a daily rate per calendar day, with different daily charges depending on the original contract amount. The document also specifies the daily charges for different contract amount ranges, with a formula for contracts over $40 million.
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