Development Ltd (“Development”) is a company running land development business.

Development Ltd (“Development”) is a company running land development business. Recently, Development purchased a piece of land from the government with the purpose of constructing a hotel on that land. Escalator Contractor Ltd is a contract of Development responsible for the installation of all escalators in the hotel ("Escalator Contractor”). The contract between the parties provides that the installation shall have to be completed not later than the last day of previous month. The contract further provides that Escalator Contractor shall have to pay to Development $100,000 for each day of delay in completing the installation (“the Clause”). The contract price is $1 million, which covered three months of installation services from Escalator Contractor. In relation to contract law: 1. What is the nature of the Clause? 2. Is the Clause enforceable in court?