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As used in project finance, a payment by a contractor to a project owner to reflect future cash flow losses resulting from the ongoing under-performance of a project caused by the contractor's failure to satisfy the technical and performance standards set out in the construction contract.

In most legal systems, a liquidated damages clause will not be enforced if its purpose is to punish the wrongdoer/party in breach, rather than to compensate the injured party(1) (in which case it is referred to as a penal or penalty clause(2)).Introduction Most standard forms of engineering, procurement and construction contracts (EPC) stipulate that the contractor has a duty to complete the works by a specified time, whether by a particular date or within a set number of days, weeks or months.If there is no specified time for completion, a term will be implied into the contract such that the contractor is obliged to complete the works within a reasonable period of time.Liquidated damages are damages defined in the construction contract and chargeable against funds due to the contractor for each day the contractor fails to complete the project beyond the contract completion date.Hence, a liquidated damage provision provides a straight forward method of calculating damages recoverable by an owner in the event of late completion.One of the principle requirements of a liquidated damages clause is that it does not venture into the realm of a penalty – which would make that clause void and unenforceable. When dealing with contracts that contain liquidated damages clauses, it is important you consider the following: Are the damages a genuine, pre-agreed estimate (liquidated damages)? In Ringrow [2], the High Court reiterated the law separating penalties from liquidated damages.