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Liquidated damages clauses – gain or pain?
24 Jun 2011What are Liquidated Damages? Most forms of Building Contract include a “Liquidated and Ascertained Damages” clause (“LADs”), entitling the Employer to an agreed level of damages if the Contractor doesn’t complete the project on time. LADs replace the Employer’s common law right to claim damages, for the losses caused by a delay in completion, with [...]
Letters of intent – what have I agreed?
09 Mar 2011Letters of Intent are commonly used within the construction industry but their terms and effect are often misunderstood, with potentially disastrous consequences. What is a Letter of Intent? A Letter of Intent is commonly used where one party wishes to have some work commenced by the other party before a formal contract has been agreed [...]
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Retain Title - Retain Profits
11 Feb 2011Purchasers and suppliers of goods should look carefully at the terms of the contracts they are entering into. A clause commonly included in contracts for the sale of goods is retention of title (“RoT”). An RoT clause alters the usual position that ownership (or “title”) of goods passes on delivery. Instead, the supplier retains ownership [...]