This episode is a re-run. It was originally published in June 2023.Liquidated damages: a contract term you can’t afford to overlook. Find out how they work and why they’re critical for project success – listen up!Struggling with unfair contracts or slow payments in construction? With 6,000+ contracts reviewed and $20 billion in contracts managed, Quantum Contracts' proven framework is designed to help you negotiate fair contracts, secure faster payments, avoid disputes, and improve cash flow.Don’t let contract issues hold you back—gain the confidence to focus on growing your business. Ready to take control and make more profit per project?Click here to IMPROVE your contracts using the Quantum Contract System: quantumcs.co/Yt2025Click here to BOOST your profit margins up to 15%:quantumcs.co/YtO3SimpleChangesClick here to GAIN expert advice weekly for FREE: quantumcs.co/YTNewsOptInTimestamps:(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 beDISCLAIMER: 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.Follow our Socials and let's get connected! ⤵️⁠⁠⁠⁠Facebook⁠⁠⁠⁠ |⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠ |⁠⁠⁠⁠YouTube⁠⁠⁠⁠ |⁠⁠⁠⁠Instagram⁠⁠⁠⁠ |⁠⁠⁠⁠TikTok⁠⁠⁠⁠ |⁠⁠⁠⁠Twitter

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