Description
Understand the enforcement and pitfalls of liquidated damages clauses and strategies for negotiating a more favorable clause.Timely performance is one of the most important, and therefore hotly contested, issues in the construction industry. As a result, many construction contracts contain liquidated damages clauses that provide in advance for specific damages in the event of a delay in completion of the project. However, many owners fail to properly consider the impact and enforceability of such clauses. Similarly, many contractors and subcontractors fail to properly evaluate the risks and potential costs of agreeing to these provisions. This topic will help owners, contractors, subcontractors, design professionals and their respective attorney’s, principals and project managers to understand their rights and obligations under liquidated damages clauses. In addition, the materials also discuss and explain the enforcement and pitfalls of liquidated damages clauses and strategies for negotiating a more favorable liquidated damages clause. Failing to properly understand and address these issues can lead to costly litigation or arbitration and significant financial consequences.
Date: 2019-10-24 Start Time: End Time:
Learning Objectives