penalty for delay in construction contract

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(Chris Campbell)

with the premise of this response.
For the OP's peace of mind (and there are lots of folks out there who have a great mistrust of anything and everything, so they must live with that . . . thankfully, most of us do not), he should run the agreement by his attorney.
He might also string have his attorney point out any areas of likely misinterpretation or needless liability on his part . . . listing them or margin=noting them. Then, he should discuss this with his builder. If that gets into a contest, he likely will be looking for another builder. If his attorney insists on rewriting the agreement, he is assured of looking for another builder . . . likely for a long, long time . . . or else find a very hungry builder, which would be a catastrophe for both parties.
An attorney or an accountant looking over a contract for a party is being paid. He wants to do something for his pay. Keep that in mind. Also, a contract can not protect either party for every contingency. Keep that in mind. In a small project, a "small" agreement is likely best. Every lawyer will agree, a handshake is the very best contract. Unfortunately, they are not speaking literally.
Jim
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