Liquidated Damages For Contract Law
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FAQ
In order to claim liquidated damages, the Contract requires the employer to issue a notice of non-completion if the contractor has not completed the works (or a section) by the completion date stated in the contract (subject to any extension of time awarded). This is a pre-requisite to claiming liquidated damages.
Sample liquidated damages clause: In the event of delay in [type of project] completion, the [performing party] shall pay liquidated damages to [the owner] in the amount of [dollar amount per day/week, etc.] [or] ["X" percent of the total contract price per day/week, etc.].
Liquidated damages are presented in certain legal contracts as an estimate of otherwise intangible or hard-to-define losses to one of the parties. These damages are paid out in the case of a breach of contract, and are pre-estimated and spelled out in advance when the contract is signed.
A contractual provision requiring a party in breach to pay a pre-determined amount to the other party as compensation for the breaching party's failure to perform a specific task or comply with a particular duty or obligation.
(c) The Liquidated Damages shall be paid to each Holder in cash within ten (10)Business Days following the last day of 30-day period that the Holders are entitled to such Liquidated Damages. Any payments made pursuant to this Section2. 02 shall constitute the Holders' exclusive remedy for such events.
