10-Liquidated Damages Form.pdf

This is a Liquidated Damages Form from the Town of Palm Beach, Florida, establishing financial penalty terms for contractor performance on the Police Station Improvements project. The form documents the Town's requirement that work achieve timely completion, with time expressly identified as essential to the contract. The contractor and contractor's surety acknowledge the difficulty in calculating actual damages from delayed completion and agree to pay liquidated damages according to a schedule adopted from the Florida Department of Transportation (paragraph 8-10). Liquidated damages accrue daily for each calendar day after the scheduled completion date, including any time extensions granted through approved written change orders, until the work is fully completed. If the contractor is terminated for default before completion, liquidated damages continue to accrue and are charged against the contractor until the work is completed by another party or remedied.

The form requires the contractor's authorized representative to sign and confirm understanding of and compliance with the liquidated damages terms prior to contract execution. The document provides space for company name, authorized signatory name, date, and signature to formalize the contractor's acknowledgment of these penalty provisions. By signing, the contractor demonstrates awareness that failure to meet the completion schedule will result in daily financial penalties assessed against the contractor and bonding company, establishing a clear financial incentive for timely project delivery on the Town of Palm Beach Police Station renovation and expansion work.