The following report appeared in the press on 8 August 2019: "The opening of the M4 East tunnel was several months later than planned, resulting in the builder paying about $2 million to the toll road operator which owns the tunnel, as provided in the contract."

This need for the builder to pay agreed compensation for its delay in completion of the tunnel is an example of

a.

indemnity

b.

liquidated damages

c.

unliquidated damages

d.

resttution