Contract Negotiation Tip 005 | Liquidated Damages – Keep it Real
A breach of contract may be obvious. It’s easy to tell when a contractor on a building project has not achieved practical completion on time. The hard part is figuring out how much the breaching contractor must pay in damages. This bit tends to get murky. Parties can spend a lot of time, money, and effort arguing over the measurement of damages. That’s why the law allows parties to include liquidated damages clauses in contracts….