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? Describe the procedure to be followed by the contractor who wishes to claim a time extension. What sort of documentation do you think is necessary to either refute or defend a time extension claim due to unusual weather? What sort of records do local contractors keep of weather conditions? 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? Describe the procedure to be followed by the contractor who wishes to claim a time extension. What sort of documentation do you think is necessary to either refute or defend a time extension claim due to unusual weather? What sort of records do local contractors keep of weather conditions