This episode is a re-run. It was originally published in October 2022.

Construction contracts made clear! This podcast episode focuses on unraveling the mysteries of liquidated damages. Get the lowdown on what they mean and how they impact your projects. Listen in and level up your construction expertise!

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Important! Before you sign your next contract, read this report on Why Subcontractors Are Going Out Of Business. Download it now - it’s Free: ⁠https://quantumcs.co/LegacyFreeReport⁠

If you want to find out more, book a 30-minute, no-obligation call with one of our contract experts: ⁠https://quantumcs.co/bookinthecall⁠. Jump on a free strategy session to see how we can help you!

Timestamps:

(4:01) - You're entitled to get back how much money you've lost

(6:59) - Liquidated damages kicks in every day that you're late after the PC date

(7:39) - Now, what is the problem we're trying to solve? We don't want our clients to agree to an LD that is too high

(8:40) - The industry standard is about 1 percent of the contract value per day

(9:15) - We also want to make sure that LDs are the sole remedy for delay

DISCLAIMER: The content of this podcast does not constitute legal advice, is not intended to be a substitute for legal advice, and can not be relied upon as such. You should seek legal advice or other professional advice in relation to any matters you or your business may have.

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