Ads
related to: liquidated damages letter to contractor- General Contractors
Insure Your Business Online
Starting At Only $62.5/Month
- Contractors Insurance
Insure Your Business Online
Starting At Only $29 a Month
- Commercial Property Ins
Starting at Just $18/Month
Get Your Quote & Buy Easily Online
- Drywall Insurance
Insure Your Business Online
Starting At Only $29/Month
- General Contractors
rocketlawyer.com has been visited by 100K+ users in the past month
legaltemplates.net has been visited by 100K+ users in the past month
Search results
Results From The WOW.Com Content Network
Liquidated damages, also referred to as liquidated and ascertained damages (LADs), [1] are damages whose amount the parties designate during the formation of a contract [2] for the injured party to collect as compensation upon a specific breach (e.g., late performance). [3] This is most applicable where the damages are intangible.
Here’s a useful tip: If you’re uncertain about whether something qualifies as poor workmanship, consider bringing in another licensed contractor for an inspection. Their assessment can provide ...
Other than pecuniary damages, which is the most common type of damages recovered, there are a few other recognizable types of damages under English law, and still others that have their validity subject to ongoing debate: Injured feelings and disappointment; Injured reputation; Speculative damages; Liquidated damages and penalty; Quantum meruit [4]
Parties may contract for liquidated damages to be paid upon a breach of the contract by one of the parties. Under common law, a liquidated damages clause will not be enforced if the purpose of the term is solely to punish a breach (in this case it is termed penal damages). [23]
Liquidated damages refer to a predetermined amount of money that must be paid by the breaching party, and they are fixed numbers agreed upon by both parties during the formation of a contract. Courts enforcing a liquidated damages provision would consider the reasonableness of its amount, specifically if it approximates the amount of actual ...
Liquidated damages are an estimate of loss agreed to in the contract, so that the court avoids calculating compensatory damages and the parties have greater certainty. Liquidated damages clauses may serve either a compensatory or a punitive purpose and, when aimed at the latter, may be referred to as "penalty clauses".