What is the difference between liquidated damages and penalty ?

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Question ajoutée par Mahmoud ALy , FIELD SERVICE ENGINEER , TENARIS GLOBAL SERVICES
Date de publication: 2015/03/09

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par Satish Rai , Deputy General Manager , Inabensa

LD : Liquidation amount of compensation is always defined and fixed through out the contract.

Penalty : Amount of money demanded as compensation based on extent of damage, its called penalty.

What is the difference between liquidated damages and un-liquidated damages in contracts management?
Top Answer: Liquidated damages is something which you can quantify the loss/damage or explicitly mentioned the sum as ... Voir Plus

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Can client deduct liquid damages charges from the progress invoice. What is legal procedure to impose the Liquid Damages on Contractor?
Top Answer: How come any one can deduct the liquid damages without ascertaining the fact of damage caused or breach o ... Voir Plus

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What is liquidated damage in procurement contract? When the liquidated damage can be imposed on supplier?
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What is liquidated damages in construction Industry?
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