Delay Damages (Liquidated Damages)

May 1, 2026

Pre-agreed compensation payable for failure to complete the works within the specified time.

Legal

Risk

Related Glossary Entries

A formal written communication required under the contract to notify the other party of specific events, claims, or intentions.

A formal request by one party seeking additional time, cost, or contractual relief.

An extraordinary event beyond the control of the parties, such as war or natural disasters, preventing contractual performance.