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On merits, the appellant was rightly held as not entitled to claim any additional amount of liquidated damages in absence of any exact claim towards such entitlement put forth by her before the Tribunal.
As previously mentioned, it is widely accepted under common law and western jurisdictions, which are commonly employed in maritime contracts, that demurrage, in the context of a voyage charterparty, is a provision for liquidated damages. This may be considered a 'maritime custom' as mentioned in Article 8(2)(a).
While some other areas of the law allow for arbitrarily assigning dollar figures to unquantifiable events, automobile accidents, for example, liquidated damages doctrine insists that there be some nexus between the agreed upon damages and the foreseeable loss.
Payment of liquidated damages on late settlement if claims.
Liquidated Damages. Parties who prefer to know up front with a relative degree of certainty how much they may be paid or will be expected to pay in the event of a breach may want to consider a liquidated-damages provision.
Most commonly we associate liquidated damages with delay.
2008].) But if the amount of actual damages that would probably be suffered by the firm is readily ascertainable when the contract is made, or the amount fixed as liquidated damages is conspicuously disproportionate to the foreseeable loss, the liquidated damages clause will not be enforced; instead, it will be characterized as a penalty (Bates and Central Irrigation Supply).
Section 361 recites: "Specific performance or an injunction may be granted to enforce a duty even though there is a provision for liquidated damages for breach of that duty." (45) The first comment to this section adds that "[m]erely by providing for liquidated damages, the parties are not taken to have fixed a price to be paid for the privilege not to perform," (46) so that "[s]uch a provision does not, therefore, preclude the granting of specific performance or an injunction if that relief would otherwise be granted." (47) If liquidated damages are substitutionary, as the Restatement apparently suggests, then the expectation remedy should be substitutionary as well.
In case of intentional default by the contractors/ suppliers Liquidated Damages (LD) are imposed on the contractors/suppliers.
EOS and NMT have worked closely together to resolve MRO telescope completion issues, but the potential for liquidated damages to be applied against EOS by NMT had given rise to a specific note (Note 27(a)) relating to a contingent liability in EOS audited financial statements as at 31 December 2009.
WHERE the parties to a contract agree that, in the event of a breach, the contract breaker will pay the other a specified sum of money, the sum fixed may be classified by the courts either as a penalty (which is irrecoverable) or as liquidated damages (which are recoverable).
Liquidated damages are a means of making the sanction for breach explicit within a contract.