If you have penalty clauses written into the tender then iSpec allows you to to apply a delivery penalty.

To set a delivery penalty open the heading properties and enter a Penalty in $ per day

 

 

When the vendor views the document this section will be shown and the Liquidated damages cost will be shown.

 

 

Once the bids have been opened and the project manager is evaluating the bid they can adjust the penalty cost.

 

 

 

When the tender has been awarded you can open the deliverable item, iSpec will calculate the accumulated penalty from the dates entered.

 

 

 

 

Complete delivery and commissioning dates and enter the liquidated damages start and end dates.