Liquidated Damages
Defined in the standard specifications of 2 state transportation agencies. Each definition below is the agency’s own text, with the section it comes from — they do not all say the same thing, and on a contract the difference is the point.
Definitions are quoted from state-authored public specification books. This page carries no I-Code-derived terms.
An amount due and payable to the Department by the contractor if the contractor fails to complete the project within the contract time. Major Pay items. A pay item with a bid value that equals or exceeds 10 percent of the total contract bid price. Materials. Any permanent substances, used in the construction of the project. Materially Unbalanced Bid. A mathematically unbalanced bid that, if awarded, would not result in the lowest ultimate cost to the Department. Mathematically Unbalanced Bid. A proposal containing pay items that do not include reasonable labor, equipment, and material costs plus a reasonable proportionate share of the bidder’s overhead costs, other indirect costs, and anticipated profit. Notice of Award. The written notice to the successful bidder stating that the Department accepts the bidder’s proposal. Notice to Proceed (NTP). A written notice to the contractor to begin work specifying when the
Section 101 — GENERAL INFORMATION, DEFINITIONS, AND TERMS →Monetary damages paid at a specified rate by the Contractor to the Department for work not completed by the completion dates or within specified time frames.
Section 101 — Terms, Format, and Definitions →