Do liquidated damages solve the delay risk?
Only partly. Liquidated damages transfer a pre-agreed daily or weekly sum to the contractor, but they are usually capped, they stop where the contractor is entitled to an extension of time, and they must be collectable. If the true cost of delay is higher than the LD rate, or the delay runs past the cap, the owner bears the difference. LDs are a lever, not insurance.
From the RRD Field Guide, checked against the sources cited in Cheapest Quote vs Delay Risk: The Economics of Choosing a Contractor in Singapore. General information, not advice for your project.
The fuller picture
The cheapest quote is only cheaper if the job finishes on time and on scope. Overrun research shows delays are common and fat-tailed, so a small price saving can be wiped out by a few weeks of rent, lost revenue or holding-over. Compare quotes on expected total cost, including probability-weighted delay cost and the worst plausible outcome, not the tender price alone.