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4 days ago · Learn what liquidated damages are, how to calculate them and why they are important for construction contracts. Find out the risks and benefits of including liquidated damages clauses and how to avoid penalties.
Courts award these damages for the loss that a harmed party reasonably could have anticipated if the defendant fulfilled the contract. Liquidated Damages: These are damages that the parties agree upon when drafting the contract. Therefore, the amount owed if a breach occurs is set out.
4 days ago · Liquidated damages often express a specific lump sum or a formula to identify the quantum of damages payable upon the happening of a certain event. This event is usually a breach under the contract.
2 days ago · Liquidated damages should be used when proving actual damages is likely to be impossible or difficult to prove; guessing is not generally accepted as dispositive testimony. Without the liquidated damage of 80% the alarm company would be required to prove actual damage, requiring a trial or hearing, even if the subscriber defaulted in the lawsuit.
4 days ago · Foreseeing the Future: The Importance of Liquidated Damages Amidst Supply Chain Disruptions
4 days ago · Demurrage is the name given to the damages payable by the Charterer to the Shipowner for the Charterer’s Breach of Charterparty in delaying the ship beyond the agreed laytime. Demurrage is Liquidated Damages that means the rate per day is fixed at the time the charterparty is agreed.
1 day ago · July 7, 2024. -as gov’t crackdown gets underway. Following a number of warnings, government has started collecting payments for liquidated damages from a number of contractors with the Ministry ...
