The following provisions may be made in the procurement contract in regard to the liquidated damages:
(a) If the work under the procurement contract could not be completed within the time specified in the contract due to the delay on the part of the supplier, consultant, service provider or construction entrepreneur, he or she shall pay to the public entity liquidated damages, generally of zero decimal zero five (0.05) percent of the contract price per day not exceeding ten percent of the contract price; however, he or she is not required to pay liquidated damages if the performance of work or delivery of goods is delayed due to the occurrence of a force majeure event or without any fault or negligence on his or her part, and
(b) The concerned construction entrepreneur, supplier, service provider or consultant shall not be released from the obligation of performing the work under the procurement contract even upon payment of the liquidated damages referred to in clause (a).