((a)) ** Liquidated damages** The Architect of the Capitol may not enter into or administer any construction contract with a value greater than $50,000 unless the contract includes a provision requiring the payment of liquidated damages in the amount determined under subsection (b) in the event that completion of the project is delayed because of the contractor.

((b)) ** Amount of payment** The amount of payment required under a liquidated damages provision described in subsection (a) shall be equal to the product of—

((1)) the daily liquidated damage payment rate; and

((2)) the number of days by which the completion of the project is delayed.

((c)) ** Daily liquidated damage payment rate**

((1)) ** In general** In subsection (b), the “daily liquidated damage payment rate” means—

((A)) $140, in the case of a contract with a value greater than $50,000 and less than $100,000;

((B)) $200, in the case of a contract with a value equal to or greater than $100,000 and equal to or less than $500,000; and

((C)) the sum of $200 plus $50 for each $100,000 increment by which the value of the contract exceeds $500,000, in the case of a contract with a value greater than $500,000.

((2)) ** Adjustment in rate permitted** Notwithstanding paragraph (1), the daily liquidated damage payment rate may be adjusted by the contracting officer involved to a rate greater or lesser than the rate described in such paragraph if the contracting officer makes a written determination that the rate described does not accurately reflect the anticipated damages which will be suffered by the United States as a result of the delay in the completion of the contract.

((d)) ** Effective date** This section shall apply with respect to contracts entered into during fiscal year 2002 or any succeeding fiscal year.