16467 Lecture Notes - Lecture 5: Liquidated Damages, Demurrage, Helen Baxendale
Document Summary
Lecture 5: legal risk management in construction contracts. Risk management / allocation of legal risk in standard form contracts (e. g. gc21) Legal risk in construction contracts: indemnities, consequential losses, liquidated damages, time of the essence, force majeure, romalpa clauses, variations. It is a contractual promise to keep another free from harm ( we"ll cover you for any loss of a 3rd party ): sunbird plaza pty ltd v maloney (1988) hca. Whitlam v nrma (2006) nswsc payment of director"s costs of defamation. A key feature of an indemnity is that the obligation created by it can often extend beyond that which would otherwise be imposed on a party under the general law. Transfer or reverse liability from one party to a contract to another. Place total cap on liability under the contract. If cap remains, only applicable in certain circumstances for things under your. Recourse to insurance: insurance policy should provide coverage for the indemnity and.
