How to Manage Liquidated Damages Calculation on the PO?

Summary: Liquidated Damages Calculation on the PO

Our customer would like to implement Liquidated Damages calculation against the Purchase Order.

If PO's material/service not delivered on time and the agreed amount should be charged to supplier as per the PO's "Liquidated Damages " contract clause.

So is there any standard functionality to acheive this?

Thank,

Fouda