This episode is a re-run. It was originally published in October 2022.

Construction contracts made clear! This podcast episode focuses on unraveling the mysteries of liquidated damages. Get the lowdown on what they mean and how they impact your projects. Listen in and level up your construction expertise!

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Timestamps:

(4:01) - You're entitled to get back how much money you've lost

(6:59) - Liquidated damages kicks in every day that you're late after the PC date

(7:39) - Now, what is the problem we're trying to solve? We don't want our clients to agree to an LD that is too high

(8:40) - The industry standard is about 1 percent of the contract value per day

(9:15) - We also want to make sure that LDs are the sole remedy for delay

DISCLAIMER: The content of this podcast does not constitute legal advice, is not intended to be a substitute for legal advice, and can not be relied upon as such. You should seek legal advice or other professional advice in relation to any matters you or your business may have.

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What Are Liquidated Damages in Construction All About? [#ThrowbackThursday] | Ep. 268

Construction Secrets