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- W623525061 abstract "Liquidated damages (LDs) are contractually specified daily rates that provide restitution for additional owner costs resulting from a contractor delayed project completion. Established legal precedence places requirements on owners to specify rates that are a good faith estimate of actual anticipated damages. Additionally, the Federal Highway Administration (FHWA) provides guidance to state agencies in developing these provisions as well. In reviewing current practices, state highway agencies (SHAs) were surveyed about the individual LD practices they utilize. The results in response to this survey are divided into three categories for discussion purposes: (i) contractual, (ii) estimating, and (iii) administrative practices. Contractually, all SHAs chose to recover damages through the LD clause although specific choices of how it is implemented vary. Estimating practices used by the SHAs are generally not very detailed and tend to place daily rates at the low end of actual damages. Few states tend to verify estimated rates with actual project cost experiences. Administrative practices have field personnel administering the primary element of the LD clause, which is contract time. These practices also reveal a high priority on contract close-out, which sometimes sacrifices LD amounts due by the contractor under the contract. Although, current trends would suggest increasingly frequent legal challenges, few states have experienced that with regard to their LDs provisions." @default.
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- W623525061 date "2007-01-01" @default.
- W623525061 modified "2023-09-27" @default.
- W623525061 title "Liquidated Damages: A Review of Current State of the Practice" @default.
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