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Commercial Contracts Podcast - Liquidated damages and penalties
In episode nine of our Commercial Contracts Podcast Beverley Flynn, head of commercial and technology is joined by dispute resolution specialists, Catherine Penny and Alasdair McDowell to discuss the benefits of liquidated damages clauses and the key points to consider when updating your standard terms and conditions.
In this podcast, we address the following key questions:
- What are liquidated damages clauses?
- What are the benefits of liquidated damages clauses?
- What makes a liquidated damages clause a penalty clause?
- What are a party’s “legitimate interests” and why is it important to know?
- Is a service credits system in a contract a liquidated damages clause or simply payment mechanism?