Delay, Extension of Time and Liquidated Damages Course Overview

Delay, Extension of Time (EOT), and Liquidated Damages are fundamental concepts in contract management. They relate to the agreed deliverables within a specific timeframe. A Delay occurs when a project overshoots its completion date. An EOT is a formal allowance granting additional time to complete the work, often justified by unforeseen circumstances. Liquidated Damages are pre-agreed penalties for late completion. These concepts ensure fairness and accountability in contracts; the EOT protects parties from penalties under justifiable delays, while Liquidated Damages provide a pre-determined compensation for the impacted party, encouraging adherence to the project timeline. Industries use these provisions to manage risk and enforce contract terms.