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Liquidated damages as used in the construction industry are damages (monetary) to the owner of the building charged to the builder for delay in completion of the structure in the alloted time.
The opposite of this is the delay clause, which is where the contractor would claim damages against the owner or architect for delaying the construction process by not processing paperwork in a timely manner, or by not answering questions in a timely manner, or by failing to process change order requests.
The Acheley (sp) Formula is used for calculation of the damages due, based on a complicated formula which includes variables such as monthly volume, projected profits, length of delay and other items. I believe the current AIA documents have excluded this by inserting a No Damage for Delay clause.
What else can I help you with?
Are liquidated damages the same as Punitive damages?
No. Punitive damages are strictly that--punitive, designed to punish and make an example of the defendant to deter future similar bad conduct. Conversely, liquidated damages are set damages (i.e. per day, hour, whatever increment of time) as a penalty for non-performance. Perfect example would be a contractor who promises to finish building a house by January 30th and the contract says for each day past January 30th, the homeowner shall be entitled to liquidated damages in the amount of $100.
How do you calculate a bonus or penalty clause in a contract?
You read the clause. If it was properly written, it will tell you exactly how the bonus/penalty is to be calculated. The contract may even include examples. In contractual terms, a penalty clause is specifically there to encourage the other party to finish the contract, and to punish that party if there is a breach. Penalty clauses are not calculated with respect to a genuine estimate of the losses that will be incurred by the contracting party. If there is a genuine attempt to estimate damages, and you agree to them, it is called liquidated damages. The courts will ignore a penalty clause because it is unfair, and calculate the actual damage you cause the other party.
What are the different types of damages that a court may award to an aggrieved party?
The different types of damages that a court may award to an aggrieved party include compensatory damages (to cover actual losses), punitive damages (to punish the wrongdoer), nominal damages (symbolic award when no actual loss occurred), and liquidated damages (specified in a contract).
Is there a difference between capital punishment and death penalty?
No
What is the difference between federal death penalty and regular death penalty?
For the person on who it is pronounced, none.
What is the difference between levy of fine and levy of penalty in India?
Nothing much. Penalty usually refers to the sentence and the fine combined, such as being sentenced to a year in jail and a monetary imposement.
What is the difference in violent crime rate between states that have death penalty and states that do not have death penalty?
Well the death penalty countries are lower as the people don't want to dye for a crime so.
What is the difference between an offside penalty and a false start penalty in football?
In football, an offside penalty occurs when a player crosses the line of scrimmage before the ball is snapped, while a false start penalty happens when an offensive player moves before the snap.
Can a goal be scored from a penalty kick?
Yes. There is no scoring difference between a penalty shot during regulation time vs. a goal scored during active play.
Where is the thesis in David Bruck's No Death Penalty?
Those of us who live in those states are getting to see the difference between the death penalty in theory and what happens when you actually try to use it.
What is the difference between the goal box and penalty box in soccer?
In soccer, the goal box is a smaller area inside the penalty box where the goalkeeper can handle the ball, while the penalty box is a larger area where fouls committed by the defending team can result in a penalty kick for the attacking team.
What is the difference between free kick and penalty?
The main differences are that a penalty is only taken from the penalty spot inside the box, and a free kick is taken from where the offence took place, and can happen anywhere on the pitch unless it was a penalty. The opposition is allowed to put up a wall of players to defend the free kick, in a penalty it is only the penalty taker against the goalkeeper.
