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CIPS Commercial Contracting L4M3 Question # 29 Topic 3 Discussion

CIPS Commercial Contracting L4M3 Question # 29 Topic 3 Discussion

L4M3 Exam Topic 3 Question 29 Discussion:
Question #: 29
Topic #: 3

Which of the following is an example of liquidated damages clause?

1. "In the event of a delay to the Offshore Installation Completion Date as per the Contract Schedule for which Contractor is solely responsible, Contractor shall pay to Company 0.25% per day of delay, subject to a maximum of 10% of the Initial Contract Price."

2. “If Seller breaches its obligation to deliver goods in accordance with the schedule provided for in this contract, Seller shall pay Buyer $x per day for each day of delay"

3. "The Contractor shall defend and hold the Buyer, its officers, officials, employees and volunteers harmless from any and all claims, injuries, damages, losses or suits including attorney fees, arising out of or in connection with the performance of this Agreement, except for injuries and damages caused by the sole negligence of the Buyer."

4. "The contract is subjected to delay remedies. The amount will be agreed by both parties during the delivery"


A.

2 and 4 only


B.

1 and 3 only


C.

3 and 4 only


D.

1 and 2 only


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