Pay close attention to Liquidated Damages in your contracts! Do not disregard them!
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Timestamps:
(3:28) - Liquidated damages is to reimburse the client for the cost of the delay to the construction project itself
(4:38) - The key thing in consequential damages is your client, more often than not, is so big that his profit or his loss of profit could be the size of your company
(5:20) - What can go wrong is they can hit you with liquidated damages and then they can also take you to court as well
(5:35) - We want the liquidated damages clause to say that liquidated damages are the sole remedy for delay
(6:19) - The biggest thing is capping how big the liquidated damages can be
DISCLAIMER: The content of this podcast does not constitute legal advice, is not intended to be a substitute for legal advice, and can not be relied upon as such. You should seek legal advice or other professional advice in relation to any matters you or your business may have.
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