In our contract it's 45 days to start, 250 days to build thereafter and the payment figure is $35/ day. Considering we will be about 3 months overdue from the completion date (according to what the contract says) then I hope we are entitled to a payout. But I'm skeptical because there are clauses that say something about "reasonable or unforseen delays" like weather, materials availability etc etc.
So to me that figure does sound excessive (from a clients point of view) but from a builders perspective I guess it's not if they are trying to make sure that they don't have to pay out any damages.
Even though our build has taken over a year, I don't think I'd be willing to sign a contract that states it will take such a long amount of time, purely because for us the amount of time it has taken to build has been the most annoying part of the experience. Everything else has been great!