The differences between “liquidated damages” and a “penalty” for the late completion of the contract.

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Answer 1

Question

Chapter 3, Problem 1RQE

To determine

The differences between “liquidated damages” and a “penalty” for the late completion of the contract.

Expert Solution & Answer

Explanation of Solution

The difference between the “liquidated damages” and a “penalty” for the late completion of the contract is as follows:

The difference between the former and the latter is that the liquidated damages is the sum of money that the concerned project owner loses for not completing the project, whereas the penalty for the late completion of the contract simply means that the contractor needs to pay a fine for not completing the work on time or rather completing the work after the due time. It is unrelated. It differs from liquidated damages, which can be shown by the project owner for receiving the finished work late.

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Students have asked these similar questions

Vehicles arrive at a single park-entrance booth where a brochure is distributed. At 8 A.M., there are 20 vehicles in the queue and vehicles continue to arrive at the deterministic rate of λ(t) = 4.2 − 0.1t, where λ(t) is in vehicles per minute and t is in minutes after 8:00 A.M. From 8 A.M. until 8:10 A.M., vehicles are served at a constant deterministic rate of three per minute. Starting at 8:10 A.M., another brochure-distributing person is added and the brochure-service rate increases to six per minute (still

Vehicles arrive at a single park-entrance booth where a brochure is distributed. At 8 A.M., there are 20 vehicles in the queue and vehicles continue to arrive at the deterministic rate of λ(t) = 4.2 − 0.1t, where λ(t) is in vehicles per minute and t is in minutes after 8:00 A.M. From 8 A.M. until 8:10 A.M., vehicles are served at a constant deterministic rate of three per minute. Starting at 8:10 A.M., another brochure-distributing person is added and the brochure-service rate increases to six per minute (still at a single booth). Assuming D/D/1 queuing, determine the longest queue, the total delay from 8 A.M. until the queue dissipates; and the wait time of the 40th vehicle to arrive.

At 8:00 A.M. there are 10 vehicles in a queue at a toll booth and vehicles are arriving at a rate of λ(t) = 6.9 − 0.2t. Beginning at 8 A.M., vehicles are being serviced at a rate of μ(t) = 2.1 + 0.3t [λ(t) and μ(t) are in vehicles per minute and t is in minutes after 8:00 A.M.]. Assuming D/D/1 queuing, what is the maximum queue length, and what would the total delay be from 8:00 A.M. until the queue clears?

Answer 2

Question

Chapter 3, Problem 1RQE

To determine

The differences between “liquidated damages” and a “penalty” for the late completion of the contract.

Expert Solution & Answer

Explanation of Solution

The difference between the “liquidated damages” and a “penalty” for the late completion of the contract is as follows:

The difference between the former and the latter is that the liquidated damages is the sum of money that the concerned project owner loses for not completing the project, whereas the penalty for the late completion of the contract simply means that the contractor needs to pay a fine for not completing the work on time or rather completing the work after the due time. It is unrelated. It differs from liquidated damages, which can be shown by the project owner for receiving the finished work late.

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Answer 3

Question

Chapter 3, Problem 1RQE

To determine

The differences between “liquidated damages” and a “penalty” for the late completion of the contract.

Expert Solution & Answer

Explanation of Solution

The difference between the “liquidated damages” and a “penalty” for the late completion of the contract is as follows:

The difference between the former and the latter is that the liquidated damages is the sum of money that the concerned project owner loses for not completing the project, whereas the penalty for the late completion of the contract simply means that the contractor needs to pay a fine for not completing the work on time or rather completing the work after the due time. It is unrelated. It differs from liquidated damages, which can be shown by the project owner for receiving the finished work late.

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00:45

Answer 4

Question

Chapter 3, Problem 1RQE

To determine

The differences between “liquidated damages” and a “penalty” for the late completion of the contract.

Expert Solution & Answer

Explanation of Solution

The difference between the “liquidated damages” and a “penalty” for the late completion of the contract is as follows:

The difference between the former and the latter is that the liquidated damages is the sum of money that the concerned project owner loses for not completing the project, whereas the penalty for the late completion of the contract simply means that the contractor needs to pay a fine for not completing the work on time or rather completing the work after the due time. It is unrelated. It differs from liquidated damages, which can be shown by the project owner for receiving the finished work late.

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00:45

Answer 5

Chapter 3, Problem 1RQE

To determine

The differences between “liquidated damages” and a “penalty” for the late completion of the contract.

Expert Solution & Answer

Explanation of Solution

The difference between the “liquidated damages” and a “penalty” for the late completion of the contract is as follows:

The difference between the former and the latter is that the liquidated damages is the sum of money that the concerned project owner loses for not completing the project, whereas the penalty for the late completion of the contract simply means that the contractor needs to pay a fine for not completing the work on time or rather completing the work after the due time. It is unrelated. It differs from liquidated damages, which can be shown by the project owner for receiving the finished work late.

Answer 6

Chapter 3, Problem 1RQE

To determine

The differences between “liquidated damages” and a “penalty” for the late completion of the contract.

Expert Solution & Answer

Explanation of Solution

The difference between the “liquidated damages” and a “penalty” for the late completion of the contract is as follows:

The difference between the former and the latter is that the liquidated damages is the sum of money that the concerned project owner loses for not completing the project, whereas the penalty for the late completion of the contract simply means that the contractor needs to pay a fine for not completing the work on time or rather completing the work after the due time. It is unrelated. It differs from liquidated damages, which can be shown by the project owner for receiving the finished work late.

Answer 7

Chapter 3, Problem 1RQE

To determine

The differences between “liquidated damages” and a “penalty” for the late completion of the contract.

Answer 8

Expert Solution & Answer

Explanation of Solution

The difference between the “liquidated damages” and a “penalty” for the late completion of the contract is as follows:

The difference between the former and the latter is that the liquidated damages is the sum of money that the concerned project owner loses for not completing the project, whereas the penalty for the late completion of the contract simply means that the contractor needs to pay a fine for not completing the work on time or rather completing the work after the due time. It is unrelated. It differs from liquidated damages, which can be shown by the project owner for receiving the finished work late.