Any clause in a public works contract that purports to waive, release, or extinguish the rights of a contractor to recover costs or damages, or obtain an equitable adjustment, for delays in performing such contract, if such delay is caused in whole, or in part, by acts or omissions within the control of the contracting public entity or persons acting on behalf thereof, is against public policy and is void and unenforceable.

As used in this subsection (1), “public works contract” means a contract of the state, county, city and county, city, town, school district, special district, or any other political subdivision of the state for the construction, alteration, repair, or maintenance of any building, structure, highway, bridge, viaduct, pipeline, public works, real property as defined in section 24-30-1301(15), or any other work dealing with construction, which includes, but need not be limited to, moving, demolition, or excavation performed in conjunction with such work.

Precludes a contractor from recovering that portion of delay costs caused by the acts or omissions of the contractor or its agents;

Requires notice of any delay by the party responsible for such delay;

Provides for reasonable liquidated damages;

Provides for arbitration or any other procedure designed to settle contract disputes.