Liquidated damages and penalty clauses: Where are we now?

Graham Sutton and Jan Rzedzian

Journal of Building Survey, Appraisal & Valuation, 2017, vol. 6, issue 2, 171-176

Abstract: This paper takes a detailed look at the principle of liquidated damages and provides an insightful update that will be of use to professionals, employers and contractors alike. The authors initially look at the historic approach taken by both the industry and the courts to liquidated damages and then move on to consider how developments in case law have recently added the concept of commercial justification. Finally, an analysis of the approach taken by two of the widely used standard form contracts is followed by a series of practical tips.

Keywords: liquidation damages; penalty clauses; construction; engineering; law; contracts (search for similar items in EconPapers)
JEL-codes: R3 (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:aza:jbsav0:y:2017:v:6:i:2:p:171-176

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