Among contractual provisions that sometimes go unnoticed or unappreciated is the “liquidated damages” provision, which is often used in construction contracts to identify the amount of damages that a contractor will owe the owner if there is a delay in completing construction. In my latest article for the Daily Journal of Commerce, I provide
Nicholas Karkazis is an associate in Stoel Rives’ Litigation group. He is a complex civil litigation attorney with experience in construction, business, energy, real estate, general liability, and employment litigation. He has practiced in state and federal courts and in arbitration proceedings, and he has dealt with a wide range of issues including: breaches of contract, breaches of fiduciary duties, fraud, negligence, business disputes, products liability, wrongful termination, and contractual and equitable indemnity. In addition to his litigation experience, Nicholas has advised clients on contract drafting and negotiation.
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In an ideal world, a contractor performs a portion of the work on a project as provided for in a construction contract, the owner pays the contractor an installment payment for that portion of the work, and the parties continue similarly until the work is finished. However, many factors can upset the equation – changes…