LD = 0.75 x CP/CT
CP = total contract price minus the value of the completed portion of the contract price certified by the NIA as usable as of the expiration of the contract time, in pesos
CT = contract time plus any extension duly granted to the Contractor, in calendar days for each calendar day of delay until the work is completed and accepted by the NIA. To be entitled to such liquidated damages, the NIA does not have to prove that it had incurred actual damages. In case the NIA becomes entitled to liquidated damages the NIA shall be authorized to deduct the amount of such liquidated damages from any money due or which may become due to the Contractor and/or to collect such liquidated damages from the retention money or other securities posted by the Contractor whichever is convenient to the NIA.
In no case however, shall the total sum of liquidated damages exceed fifteen percent (15%) of the total contract price, in which event the contract shall automatically be taken over by the NIA or award the same to a qualified Contractor through negotiation and the erring Contractor's performance security shall be forfeited. The amount of the forfeited performance security shall be aside from the amount of the liquidated damages that the Contractor shall pay the NIA under the provision of this clause.
If the Total Original Contract Amount (TOCA) shall be adjusted due to the provision of Article GC-64, PRICE ESCALATIONS/ADJUSTMENTS, the amount of liquidated damages per day shall be correspondingly adjusted.