I have a contract with you that says you will bake me chocolate cookies.
"A clause stipulates that if you are late in baking chocolate cookies, you owe me $1/day."
Is this a stipulated damages clause that precludes coming after you for other sorts of damages? Or does it only say that you will owe me $1/day for lateness, leaving other questions of damages open?
KISS (keep it simple stupid). First, you must read the contract closely. If it says the penalty for tardiness is a dollar a day and only a dollar a day, the scribner f--- up. You can't go after additional damages. If the clause just says "you owe me $1/day for tardiness, claims for other damages are permissable.