Construction contracts

The Architect of the Capitol may not enter into or administer any construction contract with a value greater than $50,000 unless the contract includes a provision requiring the payment of liquidated damages in the amount determined under subsection (b) in the event that completion of the project is delayed because of the contractor. The amount of payment required under a liquidated damages provision described in subsection (a) shall be equal to the product of— In subsection (b), the “daily liquidated damage payment rate” means— Notwithstanding paragraph (1), the daily liquidated damage payment rate may be adjusted by the contracting officer involved to a rate greater or lesser than the rate described in such paragraph if the contracting officer makes a written determination that the rate described does not accurately reflect the anticipated damages which will be suffered by the United States as a result of the delay in the completion of the contract. This section shall apply with respect to contracts entered into during fiscal year 2002 or any succeeding fiscal year.