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Editing Contracts/Liquidated damages
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Contracts under common law require there to have been some attempt to create an equal or reasonably proportionate quota between the damages made and the actual loss. Parties must not lose sight of the principal compensation and they must keep the time of execution and the difficulty of the calculations in mind when drafting the contract. <ref>https://ir.lawnet.fordham.edu/cgi/viewcontent.cgi?article=2278&context=flr#page=7</ref> <ref>https://www.law.com/newyorklawjournal/almID/1202713659926/Defining-the-Limits-of-Liquidated-Damages-Clauses/</ref> | Contracts under common law require there to have been some attempt to create an equal or reasonably proportionate quota between the damages made and the actual loss. Parties must not lose sight of the principal compensation and they must keep the time of execution and the difficulty of the calculations in mind when drafting the contract. <ref>https://ir.lawnet.fordham.edu/cgi/viewcontent.cgi?article=2278&context=flr#page=7</ref> <ref>https://www.law.com/newyorklawjournal/almID/1202713659926/Defining-the-Limits-of-Liquidated-Damages-Clauses/</ref> | ||
In construction, liquidated damages are funds covering the costs for each day the project continues past the agreed-upon date of completion.<ref>{{Cite web|url=https://jobsite.procore.com/what-you-need-to-know-about-liquidated-damages-in-construction/|title=What you Need to Know about Liquidated Damages in Construction|date=2019-09-23|website=Jobsite by Procore|language=en-US|access-date=2019-12-06}}</ref> | |||
===Example=== | ===Example=== |