Liquidated Damages
Although Liquidated Damages is an expansive legal concept, it is an optional part in the Owner-Contractor agreement, and is known as a Penalty Clause. This clause states that compensation shall be granted to the owner for every period of time (day, week, month, or year) after the expected date of completion.

Depending on the jurisdiction, it is likely the Owner-Contractor agreement cannot have a penalty clause without also a bonus clause.
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