LAD's

[mikel]

I have a quote to do for a builder, its the first one for this particular builder. On the specification sheet under the contractual terms it says

- LAD's:

 

[stephenh]

Liquidated and Associated Damages

In effect a 'fine' for non-completion on time.

However it cannot be an arbitary amount, the client (who is awarded these 'damages' ) has to prove a loss. For example, failure to complete a residential job might leave the unit uninhabitable at this point in time and so the client has to move into a hotel and the LADs can only equal the hotel costs - the client cannot make a profit.

It looks as though the main contractor has signed a JCT contract with a LADs section in it for this job and is passing part of the responsibility on.

Hope this helps.....

 

[benji]

obviously i don,t know this builder but i know builders and if you take this job on you should monitor the builders progress and log it daily with photo,s ect. any extra in writing PLEASE then at the end of contract you have something in writing and dated to counter any claims

yours benji

 

[Evans Electric]

I agree , watch this one carefully , builders are notorious for trying to pass LADs on to their sub-contractors . You would need to be right on the ball with every step of the job and have proof that you have not held up the job in any way .

Remember our war cry......95% OF BUILDERS CANNOT BE TRUSTED !!!!!

 

[Doc Hudson]

I agree , watch this one carefully , builders are notorious for trying to pass LADs on to their sub-contractors . You would need to be right on the ball with every step of the job and have proof that you have not held up the job in any way .Remember our war cry......95% OF BUILDERS CANNOT BE TRUSTED !!!!!

I thought the other 5% were retired.

Doc H.

 

[Evans Electric]

You're probably right Doc.