|
The Joint Committee recommends that Liquidated Damage Clauses be used sparingly and with discretion, and only in cases where the hazard of appreciable measurable financial loss due to delayed occupancy can be demonstrated. Where such clauses are necessary, the contract should be based on a reasonable completion time, the amount of damages should be factual and calculable, and adequate provisions should be made for extension of time for delays not caused by the Contractor. This dollar amount of said Liquidated Damages shall be written into the specifications prior to time of bidding. Revised April 1987 Approved January 1967, Ace Committee Recommended Construction Practices Dated 1/17/63 Top of Page | AIA-MBA Home Page | Organization | Drawings & Specifications | Bidding | Contracts | Temporary Services | Bonds, Insurance & Liability | Safety Responsibilities | Release of Liens | Procurement Methods & Supplements | Contact Us |
