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Before looking at liquidated damages it is important to understand what is meant by damages. Damages are the sum of money which is claimed by a person or organisation. They are claimed to compensate the claimant for some wrong they have suffered. To claim unliquidated damages, it is necessary to prove that there has been some wrongful act (such as breach of contract or negligence) committed by the person from whom the damages are claimed. When the employer has finished adding all the likely costs together, it may be a substantial sum per week. At that point, it is important to look at the liquidated damages amount in relation to the likely total cost of the project and consider the extent to which contractors may increase their tender prices. If the employer wishes to recover unliquidated damages, the liquidated damages provision in the contract must be deleted in its entirety.
Before looking at liquidated damages it is important to understand what is meant by damages. Damages are the sum of money which is claimed by a person or organisation. They are claimed to compensate the claimant for some wrong they have suffered. To claim unliquidated damages, it is necessary to prove that there has been some wrongful act (such as breach of contract or negligence) committed by the person from whom the damages are claimed. When the employer has finished adding all the likely costs together, it may be a substantial sum per week. At that point, it is important to look at the liquidated damages amount in relation to the likely total cost of the project and consider the extent to which contractors may increase their tender prices. If the employer wishes to recover unliquidated damages, the liquidated damages provision in the contract must be deleted in its entirety.
Liquidated Damages
Chappell, David (author)
2020-01-07
4 pages
Article/Chapter (Book)
Electronic Resource
English
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