The amount of money that should be levied upon contractor due to breach of terms and conditions of contract as for not maintaining the progress, for delay in completion, for bad work is called

The amount of money that should be levied upon contractor due to breach of terms and conditions of contract as for not maintaining the progress, for delay in completion, for bad work is called
1). Penalty
2). Liquidated damage cost
3). Unliquidated damage cost
4). None of the above

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