In what way do liquidated damages differ from penalties?

Q: As we mentioned in this chapter, assets such as machines, cars, and computers lose their value over…

A: Straight Line Depreciation: The straight line method of depreciation is the most commonly used…

Q: A construction equipment costing 630,000 has a life of 10 years using the sum of years digit method,…

A:

Q: In all disputes, regardless of the method of resolution, who can support the burden of proof?

A: In the case of any dispute, a plaintiff is the person or the party that brings the lawsuit to the…

Q: What exactly is a subprocedure?

A: Subprocedure- A small process is a process that is part of a larger task or the process described…

Q: What is the difference between special damages and general damages?

A:

Q: Jéan has asked that you explain the whole idea of construction lien to him in plain language, and if…

A: Jéan has requested you to explain the concept of a construction lien to him in layman's terms, as…

Q: What phrase regarding time must be included in the contract to support a liquidated damages claim?

A: The phrase regarding that should be included in the contract to support a liquidated damages claims…

Q: Explain the purpose and operation of liquidated damages.

A: Introduction: Liquidated damages are referred to as the amount of payment accepted by the parties at…

Q: How is time measured in construction contracts? Provide and example of a type of project that would…

A: Time measured in construction contracts: In any construction, project time plays an important role.…

Q: What are the liquidated damages?

A: The damages that occur due to the breach of the contract can be classified into liquidated and…

Q: 6. An asset that is book-depreciated over a 5-year period by the straight-line method has BV3…

A: Given data : Book depreciated over a 5 year period BV3=$62, 000 Depreciation charge =$26, 000 per…

Q: Why are the Arbitrators normally not bound by rules of law?

A: The term arbitration is a consensual method of conflict resolution between parties in which a third…

Q: What is the quickest and most economical way of resolving a dispute?

A: The dispute occurs between the client and the contractor when there is a occurrence difference of…

Q: Define the purpose of damages being awarded.

A: Answer Damages is that amount of money which the injured person gets from the person who caused…

Q: Liquidated damages are intended to represent anticipated losses to the owner based upon…

A: Liquidated damages are shown in specific legal contracts as an evaluation of losses to one of the…

Q: Which of the following is the term used to describe when damages are distributed to each of the…

A: Ans is Comparative negligence : In comparative negligence, if any damage occurs then both parties…

Q: How is the computation of liquidated damages is done?

A: Liquidated damages are given in specific legal contracts as an evaluation of losses to one of the…

Q: An asset is purchased for P500, 000.00. The salvage value in 25 years is P100, 000.00. What is the…

A: Depreciation can be calculated by  Straight line method Decline balance method Sum of years digit…

Q: Does the contractor have to accept partial possession?

A: The partial passion usually needs the approval of the contractor and provides the owner to use part…

Q: Discuss the group settlement ratio?

A: Group settlement ratio- For defining the settlement in case of a pile group, this term is widely…

Q: Explain the process of submitted a claim?

A: Claim generally comes in between the parties who are under the construction contract. These claims…

Q: What are Un-liquidated damages?

A: The damages that occur due to the breach of the contract can be classified into liquidated and…

Q: Under a liquidated damages clause, is it necessary to prove that the owner suffered a loss to be…

A: Liquidated damages are shown in specific legal contracts as an evaluation of losses to one of the…

Q: When do the courts enforce liquidated damages?

A: Liquidated damages are given in specific legal contracts as an evaluation of losses to one of the…

Q: What are claims and disputes?

A: Claims and Disputes:

Q: How do the mediation differ from arbitration?

A: The mediation is nothing but the process of solving the disputes amicably between two parties by a…

Q: True or false? All risk belongs to the owner unless transferred by contract.

A: The given statement is  "All risk belongs to the owner unless transferred by contract." It is true.

Q: What is the difference between liquidated damages and apenalty for late completion of the contract?

A: If the amount set by both parties is a true estimate of the loss due to a future breach of contract,…

Q: Explain the settlement procedure proposed by van der Vlugt and Rosenthal (1989)  ?

A: Solution: The procedure of the settlement are proposed by Schmertmann (1970) and Schmertmann et al.…

Q: Does an arbitrator normally play apassive role?

A: Arbitrator is an independent person which is appointed for resolving the dispute between the…

Q: vHow can the disputes be settled by arbitration?

A: Arbitration is a way of settling dispute in which an imperial third party is introduced which is…

Q: Why is the “straight-line method” not a satisfactory way to calculate depreciation?

A: Answer Straight-line methodThe straight-line method is generally used for calculating depreciation.…

Q: Explain about the corrections to be made for the Settlement due toConsolidation ?

A: When a saturated soil is loaded externally, the water is squeezed out of the soil, and the soil…

Q: What are the typical values of a Performance bonds?

A: A performance bond is also called a contract bond, it is a guaranty bond issued by a bank or an…

Q: What are the different causes of disputes?a

A: It is very likely to have differences or disagrrements between two parties on a contract at the…

Q: Name the types of Bailers and desctibe about them.

A: Bailers are used for collection of samples from distinct levels or flow points in order to carry out…

Q: Distinguish between the liquidated damages and penalties?

A: The following are the difference:

Q: What Is the legal significance of a material misrepresentation in an insurance application?

A: Brief concept- Material Misrepresentation- Material Misrepresentation is defined as the deliberate…

Q: How do the owners collect the liquidated damages from the contractors during construction?

A: Liquidated damages are the method of sharing risk between the owner and the contractor and are…

Q: ith no salvage value. Alternatively, the company can lease the equipment for $800 per day. How many…

A: Given:- backhoe purchased=$90,000 spent=$450 per day span=5 year company lease=$800 per day To…

Q: Why do speedy results occur in arbitration?

A: Let’s first understand what is arbitration” Arbitration involves 2 parties during a dispute UN…

Q: A dump truck was bought for ₱300,000, six years ago. It will have a salvage value of ₱ 30,000 four…

A:

Q: A commercial building has a salvage value of Php 1 million after 50 years. Annual depreciation is…

A: Given: A commercial building having an estimated resale value of Php(Currency notation of…

Q: Why do the arbitrations not give speedy results?

A: The arbitration is defined as it is a private, contractual form of conflict resolution. In this the…

Q: Does the arbitrator have the authority to take final decision?

A: Arbitration is a personal procedure in which the arguing parties decide that after obtaining…

Q: What are the different types of claim issues between the parties?

A: The construction claim is defined as a claim against the owner, by the contractor, or a claim…

Q: What is the main problem with arbitration?

A: The lack of a structured proof procedure is one disadvantage to the procedure. The lack indicates…