Is the builder subject to penalties for not completing the project on time?

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Yes. Beginning on July 17 (contracted completion date*), North East ISD will penalize Summit Builders $2,500 per day, per school for each day that the opening is delayed due to construction.
* – This date is subject to change based on allotted rain days. As of May 24, 2012, the contracted completion date is July 17, 2012.