What is the difference between liquidated damages and a penalty for late completion of the contract?

Question:

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Construction Management

ISBN: 9781119256809

5th Edition

Authors: Daniel W. Halpin, Bolivar A. Senior, Gunnar Lucko

See More Books

Question Posted: Feb 17, 2024 04:00 AM

See More Questions

Mondo Equipment Supplier (Mondo) entered into a contract agreeing to deliver a front-end loader to Jin's Construction (Jin's) for use in a road building project which Jin's was engaged in with the...
Kenco Homes, Inc., sued Dale E. Williams and Debi A. Williams, husband and wife, for breaching a contract to purchase a mobile home. After a bench trial, the trial court ruled primarily for Williams....
Consider a construction project for which the contractor's estimate is $3,000,000. For various types of contracts, R = 10%, R1 = 3%, R2 = 1.5%, R3 = 6% and N = 0.6. The contractor is not compensated...
Find a vector parametrization of the intersection of the surfaces x 2 + y 4 + 2z 3 = 6 and x = y 2 in R 3 .
What are three major components of a virtual reality system?
The following are account balances for Northern Lights Hospital as of March 31, 2021. Prepare a balance sheet as of March 31, 2021 Givens: Ending Balance, permanently restricted net assets $35,000...
Describe the process for selling to foreign governments and state enterprises. LO.1
Eilers Company has two producing departments and two support departments. The following budgeted data pertain to these four departments: Required: 1. Allocate the overhead costs of the support...
Which of the following regarding profitability index concept is true: It ignores cash flows after the payback period it results in questionable reinvestment assumptions it considers cash flows, but...
What is the purpose of retainage?
Obtain copies of the American Institute of Architects (AIA) standard contract documents and compare them with other standard contracts (e.g., Engineers Joint Contract Documents Committee (EJCDC)...
The BioTek Corporation has a basic cost of capital of 15 percent and is considering investing in either or both of the following projects. Project HiTek will require an investment of $453,000, while...
A 10 mm thick steel plate with dimensions of 10 x 10 cm and a density of 7.85 g/cm was submerged in seawater for a period of 1 year. During this period the weight of the plate reduced by 20 grams. Kw...
Consider the function f(x1,x2) = x 5x1x2 + 6x at the point x = (0, 2) and search direction p = (1, 1). 1. Write down the first-order Taylor approximation to f(x + ap), where a is the step size. 2....
Nike Company has hired a consultant to propose a way to increase the company\'s revenues. The consultant has evaluated two mutually exclusive projects with the following information provided for...
What are the most effective way to manage routine and catastrophic disasters, and are they different?
The Wall Street Journal reported that of taxpayers with adjusted gross incomes between and itemized deductions on their federal income tax return. The mean amount of deductions for this population of...
Suppose Argentine deposits at private banks (i.e., checking accounts) fell by $3 billion as people rushed to convert deposits into cash. Explain the effect this withdrawal of deposits from private...
Why are stocks usually more risky than bonds?
ko, Inc.s managers are comparing the profitability of a target marketing strategy with a mass marketing strategy. The spreadsheet gives information about both approaches. The mass marketing strategy...
Do you think it makes sense for a firm to base its mission statement on the type of product it produces? For example, would it be good for a division that produces electric motors to have as its...
Explain how a firms objectives may affect its search for opportunities.
Problem 12.6A (Algo) Liquidation of a partnership LO P5 Kendra, Cogley, and Mel share income and loss in a 3.21 ratio (in ratio form: Kendra, 3/6: Cogley, 2/6; and Mel, 1/6), The partners have...
Melody Property Limited owns a right to use land together with a building from 2000 to 2046, and the carrying amount of the property was $5 million with a revaluation surplus of $2 million at the end...
Famas Llamas has a weighted average cost of capital of 9.1 percent. The companys cost of equity is 12.6 percent, and its cost of debt is 7.2 percent. The tax rate is 25 percent. What is the companys...

What is the difference between liquidated damages and a penalty for late completion of the contract?

Question:

Step by Step Answer:

ANSWER Liquidated damages and penalties for late completion are terms often used in construction contracts to address delays in project completion Whi...View the full answer

Construction Management

Students also viewed these Business questions