2. (10 Marks) (a) As a contractor you have built a 100-unit apartment complex that rents for $450 per unit a month. For late completion, you were assessed $2,000 per day. Would you qualify the assessment as liquidated damages or as a penalty? If the contract had included a bonus of $500 per day for early completion, would you expect to gain any assessment from court action? Why? (15 Marks) () You are a contractor on a project whose total cost excluding profits was determined to be $525,000. You want a profit of $150,000. What should be the Contract Values for the contract types listed below? State your assumptions clearly for each contract type. Please submit your solution in a table format as shown below. Contract Type Contract Value Lump Sum ? Cost plus fixed fee Cost + $? Cost plus % of cost Cost + %? of the cost Guaranteed Max Price