Hi All,
In most of the projects I have worked on, the Liquidated Damage was a fixed rate say 10% of the Contract sum.
However, as far as I know, the way the liquidated damages are assessed as a percentage is not quite accurate.
So, please can anybody advise me, if I wanted to assess the liquidated damages, what should I do, in other words, how exactly (or close to exactly) could I calculate the liquidated damages!!
Thanks in advance for your valuable answers.
In most of the projects I have worked on, the Liquidated Damage was a fixed rate say 10% of the Contract sum.
However, as far as I know, the way the liquidated damages are assessed as a percentage is not quite accurate.
So, please can anybody advise me, if I wanted to assess the liquidated damages, what should I do, in other words, how exactly (or close to exactly) could I calculate the liquidated damages!!
Thanks in advance for your valuable answers.