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Liquidated damages |
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Liquidated damages The amount payable for delays and sub-standard performance under a construction, equipment supply, or Operations & Maintenance contract. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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To address this factor, many attorneys will advise their clients to include a liquidated damages clause in their contracts. The court said that Monsanto's liquidated damages clause, requiring farmers to pay 120 times the technology fee for each bag of seed purchased, was not a reasonable estimate of the financial harm suffered when the farmer saved seed. One way we have suggested to customers to get quality contractors is to include a liquidated damages clause of at least $2,500 per day in the contract, or something similar. |
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