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Liquidated Damages: The Perception of The Construction IndustryBy Smitha Yadav, Chennakesavula Sreenadh, Krishna Sai, Reshma Ghouse
Abstract: There are several misconceptions about the term “liquidated damages” (LD) as many believe it is a penalty levied for delay or breach of contract. However, in a key judgement in a court it was presumed that LD is a sum payable upon breach and must be a genuine pre-estimate of the loss the innocent party would suffer in respect of the breach. If the intention of the LD is to …
Published in Journal of Construction Engineering, Technology & Management · Vol. 5, Issue 3, 2015 · pp. 59–67 Read article →