Time is of the essence
Frame, S.
Time is of the essence - 2001 - Building Trade and Industry 17(10) October 2001, 10(1) .
Highlights how the application of Liquidated and Ascertained Damages (LADs) continues to be the root cause of many disputes in the construction industry. LAD provisions are usually contained in standard form and bespoke building contracts and the sum agreed upon is to be deducted from the cost of the contract by the employer if the contractor runs over schedule. The article illustrates that deducting money from a contractor for running over time limits is not as straightforward as it sounds. Problems that can arise, range from there must be a 'readily asccertainable' completion date from which LADs can run, to following procedural requirements which are found in most contracts for the application of LADs.
TIME LIMITS
LIQUIDATED DAMAGES
ASCERTAINED DAMAGES
CONSTRUCTION INDUSTRY
DISPUTES
BUILT ENVIRONMENT-BUILDING CONTRACT FORMS
CONTRACTORS
EMPLOYERS
HOUSING GRANTS CONSTRUCTION AND REGENERATION ACT 1996
PENALTIES
Time is of the essence - 2001 - Building Trade and Industry 17(10) October 2001, 10(1) .
Highlights how the application of Liquidated and Ascertained Damages (LADs) continues to be the root cause of many disputes in the construction industry. LAD provisions are usually contained in standard form and bespoke building contracts and the sum agreed upon is to be deducted from the cost of the contract by the employer if the contractor runs over schedule. The article illustrates that deducting money from a contractor for running over time limits is not as straightforward as it sounds. Problems that can arise, range from there must be a 'readily asccertainable' completion date from which LADs can run, to following procedural requirements which are found in most contracts for the application of LADs.
TIME LIMITS
LIQUIDATED DAMAGES
ASCERTAINED DAMAGES
CONSTRUCTION INDUSTRY
DISPUTES
BUILT ENVIRONMENT-BUILDING CONTRACT FORMS
CONTRACTORS
EMPLOYERS
HOUSING GRANTS CONSTRUCTION AND REGENERATION ACT 1996
PENALTIES