Many attorneys insert standard liquidated damages clauses into their contracts for construction and, increasingly, design. In theory, such clauses create judicial efficiency by setting an agreed upon measure of damages at the outset of a project. In practice, these clauses lead to gaming behaviors by project participants that outweigh any benefit that might accrue if they worked. And, they rarely work. This session enables attendees to:
•Explore the issues surrounding, the ramifications of using, and recommendations on how to craft and administer better contracts.
•Describe the legal and practical issues.
•Identify the viewpoint of parties involved, owner, contractor, designer, and lawyer.