Liquidated Damages For Delay in Construction? Who uses this?

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Hi Everyone -

I'm about to start a new flip and we are trying a new general contractor. It is a fairly large job according to my standards (over $90,000).

We are in the midst of getting the contractor agreement in place and I would like to put in a "Liquidated Damages For Delay In Construction" clause. I like the idea in theory but I'm not sure how successful in implementing and using it. 

• Do people use these in their contracts with contractors?
• How successful have these clauses been?
• What is the language you've used in these clauses?
• Do you give the GC a grace period? If so, how long?
• How do you determine whether liquidated damages are due (under this clause) in the normal course of construction?

Any thoughts would be appreciated.