What is rate of liquidated damages?
By definition it means a sum of money specified in the purchase contract to be paid by one party to the other in the event of a breach of contract. Clause 5 of Terms and Conditions (T&C) deals with it. QUOTE: The construction of the building in which the Apartment shall be located is expected to be completed within 42 (forty two) months from the date of starting construction expected by 31 December 2005 subject to the conditions of force majeure, which shall include but not be limited to strike, lockout or boycott, riots, war, civil commotion, interruption or any other matter or cause beyond the control of the Developer. This shall also include changes in fiscal policies of the Government of Pakistan. In such conditions, without restricting the rights of the Developer in any way under the terms hereof, the Developer shall be at liberty to revise the construction schedule. In case, the construction of the building is not completed by the Developer within the time frame stipulated above
