Compensation For Late Completion Of Renovation

[AnthonyTan 0]

Hi folks, wondering have anyone included a penalty or compensation for late completion of renovation in your recent project? As I understand it, most construction or major renovation project would include a liquidated damages clause in the contract that would require contractor to compensation the owner certain amount of money for every day of delay according to the schedule of renovation/decoration..... Which would cover lost of rental income, or hotel accommodation and/or compensation for the inconvenience caused.

Could anyone share with me if you've drafted a contract with this included or have made amendment to the ID contract to include this?? I understand that RADAC has a standard contract that they recommend using ... Or course one would have to go down to their office to purchase for $10 (don't understand why they wouldn't make it widely available online?)

Would appreciate help from some kind soul. Cheers!