liquidated damages

liquidated damages

Blog Article

Understanding liquidated damages is essential for anyone involved in construction contracts. These are pre-agreed sums specified in the contract to cover losses if one party fails to meet obligations, such as project delays. Without a clear grasp of how liquidated damages work, disputes can arise, often leading to unnecessary costs. That’s why I recommend checking out the UNICCM CPD talk on this topic—it’s a practical resource for navigating these clauses effectively. The insights provided can help you avoid financial pitfalls and ensure smoother project management. Whether you're a contractor or a project manager, this knowledge is invaluable.