Docklands Solicitor
Latest legal news from Docklands Solicitors, Kaslers Solicitors LLP.
Tuesday 25 January 2011
Damages for breach of commercial contracts
Any well drawn contract should contemplate a breach by a party and attempt to quantify the loss that should follow. The difficulty is in making sure that the calculation of the loss amounts to a genuine pre-estimate (enforceable) rather than a penalty (unenforceable)
The particular facts will be all-important. However, the parties should put down in writing why they think the final figure/method of calculation is fairer than possible alternative figures calculated in other ways and make sure that the party in breach does not suffer more than agreed e.g. by providing that any monies paid in excess of the genuine pre-estimate refunded
The particular facts will be all-important. However, the parties should put down in writing why they think the final figure/method of calculation is fairer than possible alternative figures calculated in other ways and make sure that the party in breach does not suffer more than agreed e.g. by providing that any monies paid in excess of the genuine pre-estimate refunded
Labels: liquidated damages commercial contract penalty
# posted by michael @ 09:00 
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