Browse Forums Building A New House 1 Nov 06, 2008 3:31 pm I would like to know how much liquidated damages was put into your contract?
It seems most builders was to put zero, of $1. My understanding is this is the only thing to protect the client in ensuring the job is completed on time, and if so, how far should I push it. Re: liquidated damages - how much in your contract 2Nov 06, 2008 3:41 pm Some waffle I wrote about liquidated damages in the past....
https://forum.homeone.com.au/viewtopic.php?t=6361 Importantly.... to_do_list Southies Liquidated damages are intended to be a genuine pre-estimate of the damages to another party for an event not occurring - in this case the completion of the house. It is intended as a compensation to the person being "injured" rather than as a penalty against the person breaching the agreement...penalty clauses in contracts are illegal in Australia. Basically you can't increase the amount of liquidated damages too high otherwise they are judged as providing too much benefit to the injured party...and won't be upheld. mmm....donuts Homer Simpson 1956- Links: Site Costs Ready Reckoner | H1 Addiction Medical Advice | Château TDL: The Backyard Re: liquidated damages - how much in your contract 3Nov 06, 2008 3:43 pm You should try and negotiate this value up front before you parting with any money. C&G -------------------------------- A new building chapter begins.. Re: liquidated damages - how much in your contract 6Nov 06, 2008 6:36 pm ha - guess what just came through on my email - the final invoice!!!!!! *sigh* too late then, but I'm thinking it would've been another bloody battle anyway Built a Clarendon 'Balmain' 2008 Re: liquidated damages - how much in your contract 7Nov 06, 2008 6:37 pm It's not too late if you've just been invoiced. If there are liquidated damages outstanding, deduct from the invoice amount and sent payment to them. Demolition August 2009, Construction Started September 2009, Completed December 2010 Re: liquidated damages - how much in your contract 8Nov 06, 2008 9:05 pm My contract has liquidated damages @$45 per day. Upon advice from the solicitor, I tried to have the figure upped to $100 day. The builder wouldn't budge. $45 a day is like a slap on the wrist, and certainly wouldn't go anywhere near paying our rent while we build. Doesn't seem much point in even having it in the contract.
Judie Re: liquidated damages - how much in your contract 9Nov 06, 2008 9:21 pm Ours is $250/week...
We just received our final invoice.. had forwarded it to the bank... and cheque for liquidated damages will be given to us on settlement day. ----------------------------------------------------------------------------------------- Built the Nevada 42 Next project - landscaping! Re: liquidated damages - how much in your contract 10Nov 06, 2008 10:08 pm VJ Ours is $250/week... We just received our final invoice.. had forwarded it to the bank... and cheque for liquidated damages will be given to us on settlement day. Let us know if there is any delay in settlement or payment of liquidated damages. Demolition August 2009, Construction Started September 2009, Completed December 2010 Re: liquidated damages - how much in your contract 11Nov 06, 2008 10:21 pm Hi,
Our builder is going to be JGK and in our contract the liquidated damages is $250 per week. A family member of mine recently had settlement with S!monds and the liquidated damages was deducted from the final invoice, his liquidated damages was $200 per week, he signed his contract over 1 year ago though. Re: liquidated damages - how much in your contract 12Nov 07, 2008 5:44 am I think ours is $250/week also ... just the standard bare minimum amount, if there is such a thing. We are fortunate that it will 99% not come to that for us, as the house is nearly finished 2 months ahead of contract time. Re: liquidated damages - how much in your contract 13Nov 07, 2008 5:51 am It sounds like the Melbourne builders are better than the Sydney ones, we have had both builders that we have dealt with have $15.00 per day in damages. We now have a blog. http://allaboutthebuild.blogspot.com/ Re: liquidated damages - how much in your contract 14Dec 03, 2008 8:07 am My builder wriggled out of paying 38 days of liquidated damages at $40 a day the day before handover. Building a Jandson Espirit in Pennant Hills "What is the use of a home, if you haven't got a tolerable planet to put it on?"Henry Daniel Thereau Re: liquidated damages - how much in your contract 16Dec 03, 2008 8:51 am $250 is the standard in Vic and you'd be crazy to accept a cent less - that doesn't even cover rent for most people, including us.
Our cheque from PD for $4000 (16 weeks) is supposed to be sent out this week. I'll be haunting the letterbox till it gets here. Oh, plus they have to tack on another $402 for a pricing error I picked up in the tender docs just before handover. I did try to get $2000 more out of them for some pricing inconsistencies, but no luck... It worked for me in getting all non notified rain days removed from the builders claim, although the LDs was only $50/day 7 5956 You talk about deletions, are they variations or PS and PC adjustments? pleas list them 1 16567 |