Time is of the essence
Series: Building Trade and Industry ; 17(10) October 2001, 10(1)Publication details: 2001Subject(s): Summary: 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.| Item type | Current library | Call number | Copy number | Status | Barcode | |
|---|---|---|---|---|---|---|
| Journal article | London Journal article | ABS64750 (Browse shelf(Opens below)) | 1 | Available | 115813-1001 |
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.