2 USC 1816 - Construction contracts

U.S Code last checked for updates: Nov 22, 2024

§ 1816.

Construction contracts

(a)

Liquidated damages

(b)

Amount of payment

The amount of payment required under a liquidated damages provision described in subsection (a) shall be equal to the product of—

(1)

the daily liquidated damage payment rate; and

(2)

the number of days by which the completion of the project is delayed.

(c)

Daily liquidated damage payment rate

(1)

In general

In subsection (b), the “daily liquidated damage payment rate” means—

(A)

$140, in the case of a contract with a value greater than $50,000 and less than $100,000;

(B)

$200, in the case of a contract with a value equal to or greater than $100,000 and equal to or less than $500,000; and

(C)

the sum of $200 plus $50 for each $100,000 increment by which the value of the contract exceeds $500,000, in the case of a contract with a value greater than $500,000.

(2)

Adjustment in rate permitted

(d)

Effective date

(Pub. L. 107–68, title I, § 130, Nov. 12, 2001, 115 Stat. 580.)

cite as: 2 USC 1816