The amount is fixed in the contract before work starts. It stands in for the owner's actual loss from delay. The front-end documents state the amount and the completion date.
General contractors often pass liquidated damages down to the subcontractor that caused the delay.
Find the daily amount and the completion date before you bid. Compare the schedule to your lead times and crew size. If you cannot meet the dates, say so in your proposal. Read the subcontract terms on delay. This is general information, not legal advice. Check the bid documents and your state.