LDs meaning

This Practice Note sets out the concept of liquidated and ascertained damages (LADs/LDs) and their role within building contracts. It explains how these provisions function and why they are used. Distinguishes liquidated from general (unliquidated) damages; Reviews enforceability and common challenges, including penalty arguments; Addresses setting the LADs figure, caps, and the dangers of stating “nil” or “N/A”; Refers to case summaries in a related case law Practice Note. What are liquidated damages? Where parties to a construction contract agree LADs, they pre-determine a fixed sum payable if a specified breach occurs. These provisions are also known as liquidated and ascertained damages, with the acronyms “LDs” and “LADs” used interchangeably. When liability for LADs arises, the amount is usually payable by the contractor to the employer, or the employer may deduct it from sums otherwise due to the contractor...

This Practice Note explores the notion of 'time at large' in the context of completing works under a construction contract, setting out what the term signifies, how it can arise, and the consequences of time becoming at large (including what amounts to a 'reasonable time' for completion)... What does 'time at large' mean? Ordinarily, construction contracts require the contractor to finish the works by a stated completion date (or within a defined timeframe). If that deadline is not met, and the contract does not permit an extension to cover the relevant cause(s) of delay, the contractor will typically be liable to pay liquidated damages (known as LADs or LDs) to the employer. Where, however, the provisions dealing with time for completion are absent or deficient, so that the employer cannot insist on completion by a particular contractual date, time is said to be 'at large'. When time is at large, there is no enforceable completion date under the contract, and the contractor is then bound only by an...

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z LADs Refer to Liquidated and ascertained damages (LADs or LDs). Late Payment of Commercial Debts (Interest) Act 1999 The Late Payment of Commercial Debts (Interest) Act 1999 grants a statutory right to recover interest on overdue sums. See Practice Notes: Remedies for non-payment under construction contracts and Late Payment of Commercial Debts (Interest) Act 1998. Latent defects Flaws inherent in a property’s design or construction that are not evident upon inspection. See Practice Note: Latent defects. Latent defects insurance Cover that insures against damage to a property arising from latent defects which emerge during the policy term. Such insurance typically runs for 10 or 12 years from practical completion and is arranged on payment of a single premium...