What is liquidated damages in construction Industry?

Liquidated damages are specified daily charges deducted from moneys otherwise payable to the contractor for each day the contractor fails to meet a milestone and/or contract completion date. Another way of looking at liquidated damages, is that it is the price the contractor must pay per day for working beyond the required completion dates. Liquidated damages are a contract based remedy for late completion of the contract. It must be agreed to by the parties in the construction contract and normally takes the following or similar form: "If the contractor fails to complete the work within the contract time or fails to achieve any of the contract milestones, the contractor agrees to pay the owner $X per day as liquidated damages to cover losses, expenses and damages of the owner for each and every day which the contractor fails to achieve completion of the milestone work or the entire project." The key then to liquidated damages is the value assigned to the per diem cost "X" - See more at: http://corporate.findlaw.com/litigation-disputes/the-estimation-of-construction-contract-liquidated-damages.html#sthash.QBdkpPYm.dpuf

Damages in construction more ( lever down , worker also down this very important, slabs not fixing , and also steel not joint perfect

I agree with answer Mr .

. Mohamed Galal Hussein Ahmed Mohamed . 

thank you