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What is the Problem with Agreeing to Liquidated Damages?

What is the Problem with Agreeing to Liquidated Damages?

It is commonplace for a liquidated damages clause to be contained in an Owner/Contractor agreement.  This makes sense because the completion date is generally significant to an owner, and the contractor has submitted a price for their work and has agreed in their contract to a completion date.   By the time the contractor is awarded the contract, they usually have the contract documents, and they have used them to price the job and complete a construction schedule.  Once a notice to proceed is issued to the contractor, the contractor controls the schedule… Read More

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