Рет қаралды 46,108
Liquidated damages are a pre-agreed amount of money that is set out in advance in the contract, that fixes the sum payable as damages if the contractor breaches the contract - typically by failing to complete the construction works by the completion date set out in the contract. Liquidated damages are typically calculated on a daily or weekly basis.
Unliquidated damages are damages that are payable for a breach, the exact amount of which has not been pre-agreed. The sum to be paid as compensation is said to be ‘at large’ and is determined after the breach occurs by a court
One of the advantages of a liquidated damages is that there is no need to prove the actual loss since the clause provides a pre-estimation of the damages to be paid. In addition to helping recover damages, this helps to provide certainty to the parties.
The advantage of unliquidated damages is that it allows for recovery of losses which may have been impossible to foresee or to estimate with any certainty before the breach.
If the contract contains an applicable liquidated damages clause, the client is generally not permitted to disregard and claim unliquidated damages instead.
Check out our playlists-
Law -
• How Substantive Law di...
Difference Between playlist
• LAW Difference Between...
General terms-
• Playlist
Economics-
• Anti Dumping Duty | Wh...
Geography -
• What are Perennial and...
General Knowledge-
• Video
Case Studies-
• Salomon vs. Salomon an...
GST Registration-
• Video
CSEET -
• Video
• Video
Current affairs-
• Playlist
Connect with us-
Instagram- padhaku_log?igs...
Facebook- / padhaku-log-1010913014...
Mail id- padhakulog14@gmail.com
Watsapp-9630227777
Telegram-9630227777
About us:
Padhaku Log is a platform specially created for those students who live in remote areas and don’t have access to fancy coaching classes. A channel which wants to bring parity in knowledge level of all.
#liquidateddamages #unliquidateddamages #lawoftorts #torts #indiancontractact