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

From two inaccessible but intervisible points A and B, the angles to two triangulation stations C and D were observed as follows: Line AB = 500 m long. Angle CAB = 79 deg 30° Angle DAB = 28 deg 30° Angle DBC = 31 deg 30° Angle DBA = 84 deg 30° Find the distance BC Find the distance BD Find the distance CD

From two inaccessible but intervisible points A and B, the angles to two triangulation stations C and D were observed as follows: Line AB is 500 m long. Angle CAB = 79 deg 30° Angle DAB = 28 deg 30° Angle DBC = 31 deg 30° Angle DBA = 84 deg 30° 1. Find the distance BC 2. Find the distance BD 3. Find the distance CD

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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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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

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.