Browse Forums General Discussion Re: Late completion compensation - $15 a day - is that norma 4Jan 28, 2014 7:37 pm Build thread: viewtopic.php?f=31&t=65085 Re: Late completion compensation - $15 a day - is that norma 8Jan 29, 2014 1:52 am Insulting? Yes! I also see it as a lack of faith in their own ability. 3in1 Supadiverta. Rainwater Harvesting Best Practice using syphonic drainage. Cleaner Neater Smarter Cheaper Supa Gutter Pumper. A low cost syphonic eaves gutter overflow solution. Re: Late completion compensation - $15 a day - is that norma 9Jan 29, 2014 10:35 am AussieMark In commercial there are also performance guarantees as well that are covered by the bank that get triggered if conditions are not met. I think liquidated damages in commercial contracts, while similar, are in fact very different. Building companies must give provide performance guarantees to cover this risk and banks financing commercial buildings will also require it. And yes I think 15 is rather insulting but I guess I will reserve judgement until I see my contract.... Cheers Mark We provide our clients a bank guarantee for every project we have usually 2.5 - 5% of total contract value (otherwise they would hold retention on you) We've had projects that had liquidated damages that was $10,000 a week, not very good! Had lots of issues with the job itself! Let's just say the bosses were not impressed we couldn't handover on time. We're building with Henley and ours is $250 a week which i think is pretty standard. Isn't Plantation Henley as well? Good luck on negotiations. Second Build, this time with Carlisle 2016, can't wait! Beckham: viewtopic.php?f=31&t=67280 Canterbury: viewtopic.php?f=31&t=81175 Re: Late completion compensation - $15 a day - is that norma 10Feb 06, 2014 9:30 pm PEARZ AussieMark In commercial there are also performance guarantees as well that are covered by the bank that get triggered if conditions are not met. I think liquidated damages in commercial contracts, while similar, are in fact very different. Building companies must give provide performance guarantees to cover this risk and banks financing commercial buildings will also require it. And yes I think 15 is rather insulting but I guess I will reserve judgement until I see my contract.... Cheers Mark We provide our clients a bank guarantee for every project we have usually 2.5 - 5% of total contract value (otherwise they would hold retention on you) We've had projects that had liquidated damages that was $10,000 a week, not very good! Had lots of issues with the job itself! Let's just say the bosses were not impressed we couldn't handover on time. We're building with Henley and ours is $250 a week which i think is pretty standard. Isn't Plantation Henley as well? Good luck on negotiations. How did you get $250 a week ($35.7 a day)??! My Plantation rep absolutely would not barge on that one and I was basically forced to sign with that $15 a day clause. And yes, Plantation Home is basically Henley they are the same. "Occam's Razor. The simplest explanation is almost always somebody screwed up." Re: Late completion compensation - $15 a day - is that norma 11Feb 06, 2014 9:35 pm It was actually standard for $250 a week in our contract so we never actually negotiated... that bites that they wouldn't barge on the amount. $15 is nothing! Second Build, this time with Carlisle 2016, can't wait! Beckham: viewtopic.php?f=31&t=67280 Canterbury: viewtopic.php?f=31&t=81175 Re: Late completion compensation - $15 a day - is that norma 12Feb 07, 2014 10:27 am Dr House My Plantation rep absolutely would not barge on that one and I was basically forced to sign with that $15 a day clause. Yes we tried quite forcefully, even threatened walking away from contract but they wouldn't raise this. Glad it wasn't just us who couldn't get it increased hehehe. Quite weird really considering they keep boasting how quickly they build their houses. Build thread: viewtopic.php?f=31&t=65085 Re: Late completion compensation - $15 a day - is that norma 13Feb 07, 2014 10:51 am The whole point of liquidated damages it to have agreed fair amount of compensation if builder is late in construction and to avoid legal wrangles. If you can't get the right amount of liquidated damages in the contract you are better to leave it blank and resort to your rights under common law for damages. If this went to Tribunal I doubt that builder would get away with it on the grounds of unconscionable conduct and also perhaps a breach of fair trading (with a hefty fine). Foremost Building Expert in Australia,assisting with building problems/disputes, building stage inspections,pre-contract review advice for peace of mind 200 blogs http://www.buildingexpert.net.au/blog Re: Late completion compensation - $15 a day - is that norma 14Feb 07, 2014 4:02 pm Ours was $250 a week and they where 2 weeks over so they paid us $500.00 Like I said the Occupancy Certificate is not the tollgate that marks the completion of the house. The contract defines… 7 10715 4 6816 Yes, get a builder, make sure he is experienced and a registered building practitioner 5 8946 |