Core terms

Liquidated Damages

Core terms · definition

A pre-agreed dollar amount the contractor owes the owner for each day a project runs past the contracted completion date. Must be a reasonable estimate of actual loss, not a penalty.

Source: Cornell Law LII — Liquidated Damages

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  • OSHA

    The Occupational Safety and Health Administration — the federal agency setting and enforcing job-site safety standards. A contractor's sa…

Where this term fits in a remodel

The pillar guides set terms like this one in context — what the work involves, what drives its cost, and where it sits in the sequence of a project. Pricing a specific house takes a defined scope and an on-site assessment.

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