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as liquidated damages and not as a penalty, the sum of $1,000 per day for each calendar day that work remains uncompleted beyond the date specified for the completion of the work.
Liquidated damages may be structured in a variety of ways, such as a flat amount or a fixed cost per item, and are intended to put an amount on damages that otherwise may be difficult to ascertain or calculate.
Bases resulting in zero valued payment certificates include a minimum sum to be due before payment is required and the ability to set-off accrued liquidated damages against payments falling due resulting in the payment being extinguished.
A well-drafted liquidated damages clause can provide an employer with an added layer of protection in fighting to protect its customer base.
The Arkansas general rule pertaining to liquidated damages is that an agreement for liquidated damages in advance of the breach of contract will be enforced if the amount is
Liquidated damages provisions in leases: Property owners and managers should focus their attention on risks associated with improperly drafted late fee provisions in their leases.
In addition to the back wages, the owners of JBL Cal Apparel, Louis and Raymond Wang, also must pay another $59,787 in liquidated damages.
The thing that is of major concern to us is that if owners [are covered] for liquidated damages in their contracts and our schedules are delayed, we'll have to strongly consider potential lawsuits against the TWU.