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Johnsonweek 3 Liquidated damagesCOLLAPSE Do I think liquidated damages are fair? Yes and No. As we all know problems are going to occur when it comes to the Construction world, and not all contractors...

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Johnsonweek 3 Liquidated damagesCOLLAPSE

Do I think liquidated damages are fair? Yes and No. As we all know problems are going to occur when it comes to the Construction world, and not all contractors are honest, that's why the liquidated damages clause was designed to help limit risks, time, and money. It's like an insurance policy for owners and contractors which I think is a good advantage. Liquidated damages provisions are not always enforceable what I dislike about the clause. To help avoid discrepancies the owner and contractor should be on the same page, and any type of excusable delays should be discussed between the two parties throughout the entire project, just in case things do not go as planned. That way there will be a clear understanding and no surprises within the contract.

Answered Same Day Jan 24, 2021

Solution

Sundeep answered on Jan 25 2021
153 Votes
Liquidated damages are the damages that one party has to pay to the other party in case there is a
each of contract from the first party. The
each of contract can be intentional or unintentional. The definition of the
each of contract has to be noted down and has to be included in the contract that what are the terms that are counted as the
each of contract and in what period of time. (Hoeppner, S., Freund, L., & Depoorter, B. (2017)
For the claimant to claim the amount the nature and the amount of the damages should be difficult to calculate and the amount should be...
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