A clause for liquidated damages is a distinctive feature of construction Contract which entitles the employer to deduct from the amount payable to the Contractor, certain pre-estimated amount stipulated in the Contract, in the event of breach of Contract by the Contractor. Liquidated damages are governed by Section 74 of the Contract Act, 1872 [“the… Continue reading Liquidated Damages in Construction Contracts: Legal Principles and Evolving Jurisprudence
Tag: Section 55
Enforceability of No Damage Clauses in the Contract
Section 73 of the Indian Contract Act, 1872 [“the Contract Act”] embodies the settled principle of law that a party is entitled to receive compensation from the party that has breached the contract on the account of which the innocent party has suffered losses. This position of law is a driving force for the parties… Continue reading Enforceability of No Damage Clauses in the Contract