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Liquidated Damages: An Approach to Addressing Performance Breaches in Contracts PUBLIC ACCESS

[+] Author Affiliations
R. W. Schubert, Jr.

General Electric Company, Cincinnati, OH

P. E. Fiorelli

Xavier University, Cincinnati, OH

Paper No. 93-GT-395, pp. V03CT17A056; 7 pages
doi:10.1115/93-GT-395
From:
  • ASME 1993 International Gas Turbine and Aeroengine Congress and Exposition
  • Volume 3C: General
  • Cincinnati, Ohio, USA, May 24–27, 1993
  • Conference Sponsors: International Gas Turbine Institute
  • ISBN: 978-0-7918-7892-7
  • Copyright © 1993 by ASME

abstract

This paper will define and explain liquidated damages, a contractually correct method of assuring enforceability and damage recovery in the event of a contract breach. This paper will further point out that failure to use liquidated damage clauses could result in litigation — with litigation’s attendant costs, delays, and sometimes unexpected results.

Copyright © 1993 by ASME
Topics: Damage
This article is only available in the PDF format.

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