Virgin Islands Advance Damage Release (Construction)
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How to fill out Advance Damage Release (Construction)?
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FAQ
In order to claim liquidated damages, the Contract requires the employer to issue a notice of non-completion if the contractor has not completed the works (or a section) by the completion date stated in the contract (subject to any extension of time awarded). This is a pre-requisite to claiming liquidated damages.
Liquidated damages are an exact amount of money, or a set formula to calculate the amount of money, a party will owe if it breaches a contract, in order to compensate the injured party for its losses.
A normal figure used for assessing liquidated damages is 0.5% per week of delay with a maximum of 2.5%. This means that the vendor's maximum liability becomes operative after a 5 weeks' delay and is limited to 2.5% of the contract value.
CONTRACT COST X TOTAL EXTENDED COST TOTAL PROJECT COST X CONTRACT DURATION = LIQUIDATED DAMAGES A Linear Function of Contract Cost. ... An Inverse Function of Contract Time. ... The Extended Costs are Uniform. ... Milestone Application.
Realistic scheduling and thorough pre-planning are the first steps to avoiding liquidated damages payouts. Efficient processes and smooth workflows facilitated by lots of communication and data sharing will help keep a project running as possible.
For example, if the parties agree to liquidated damages in the amount of $1,000 per day for each day that the project has not reached substantial completion by an agreed upon date, then the liquidated damages continue to accrue at a rate of $1,000 per day until substantial completion is met.
Liquidated damages are not designed to punish contractors, and thus cannot be an amount that could be considered excessive or punitive. For example, $20-$25 per day for each $100,000 of the contract price would be considered a reasonable amount.
In construction, the liquidated amount of damages is the agreed-upon compensation owed to one party (most often the client) when the other party (often the contractor) doesn't meet the timeline requirements.
