Fines for delay (Art Clause Samples

The "Fines for delay" clause establishes a contractual mechanism for penalizing a party if they fail to meet agreed deadlines. Typically, this clause specifies a monetary penalty—often calculated as a fixed amount or percentage of the contract value—for each day or week the completion of work is delayed beyond the stipulated timeframe. By imposing financial consequences for late performance, the clause incentivizes timely completion and compensates the non-breaching party for potential losses or inconvenience caused by the delay.