New Mexico Clauses Relating to Termination and Liquidation of Venture
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For example, a contract may provide that if a builder fails to complete the building by a certain date, the penalty under contract will be $10,000. Liquidated damages may also be a rate, instead of a fixed figure. Usually, this period is the 'date for practical completion'.
An employer shall provide an employee with a written receipt that identifies the employer and sets forth the employee's gross pay, the number of hours worked by the employee, the total wages and benefits earned by the employee and an itemized listing of all deductions withheld from the employee's gross pay.
Liquidated damages are an exact amount of money, or a set formula to calculate the amount of money, a party will owe if it breaches a contract, in order to compensate the injured party for its losses.
The following is a non-exhaustive list of examples of secondary obligations that will generally survive termination under the common law: an agreement to refer disputes to arbitration; an agreement as to the choice of forum; an obligation not to disclose confidential information;
(1) Damages for breach by either party may be liquidated in the agreement but only at an amount which is reasonable in the light of the anticipated or actual harm caused by the breach, the difficulties of proof of loss and the inconvenience or nonfeasibility of otherwise obtaining an adequate remedy.
Since a party might not become aware of these claims until after the contract termination, those indemnification provisions should survive termination. That way, a party faced with a claim months after contract termination still can pursue indemnification from the other party.
For example, if the parties agree to liquidated damages in the amount of $1,000 per day for each day that the project has not reached substantial completion by an agreed upon date, then the liquidated damages continue to accrue at a rate of $1,000 per day until substantial completion is met.
24-1I-4. Liquidated damages. A. An agreement may provide for liquidated damages in an amount that is reasonable at the time the agreement is executed and in light of anticipated harm and difficulty of proving the amount of loss resulting from breach of the agreement by any party.