| Title |
A Liquidated Damages Calculation Method Based on Owner's Substantial Loss |
| Authors |
Jang, Bong-Jo ; Shim, Jae-Young ; Koo, Jeong-San ; Jung, Dae-Won ; Koo, Kyo-Jin ; Hyun, Chang-Taek |
| Keywords |
Construction delay ; Claim ; Dispute ; Liquidated Damage ; Benefit-Cost Analysis |
| Abstract |
The delay of construction is one of the most frequent and complicated elements of the claim. And the liquidated damages cause many disputes during the judgement. The liquidated damages should be a compensation for owner's substantial loss, but actually be applied as a damage for breach of contract. These damages are different from owner's loss and give constructors a excessive burden. So we need a more reasonable system than a lump application system. In this study. we make a Improvement System, that based on owner's substantial loss. and suggest the new liquidated damages calculation method. |