Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

How does the Liquidated Damages regime work in the Procure-IT context?

April 26, 2017context Damages liquidated regime

0

Posted

How does the Liquidated Damages regime work in the Procure-IT context?

1 Answer

0

Posted

Customers have to specify that they apply or not apply in their order form. It is anticipated that there will not be many contexts within which liquidated damages (LDs) will be requested. A risk assessment is encouraged before LDs are required, and for the calculation of the LD formula to ensure that the rate to apply is a reasonable pre-estimate of the damages caused by delay. The User Guide will contain more information on this point.