Extensions of time: time for change

Extension of time and liquidated damages clauses have remained virtually unchanged for over a century and continue to give rise to the same problems. A new approach would be to have a target date for completion and no extensions of time or liquidated damages. The contract price would be reduced by an amount per day of overrun. There would be credits to reflect days when the contractor is prevented from working by certain defined events. The emphasis would be on the extent to which the contractor is prevented from working rather than the extent to which the contractor is delayed. The new approach may facilitate the administration of contracts.