This session outlines best practices in calculating delay damages. The two types of delay damages classifications are “Contractor assessed” and “Owner assessed,” based on the schedule delay analysis allocations. Contractor delay damages are typically classified into field overheads or general conditions, home office overheads, and the reasonable profit mark-ups based on contract provisions and industry standards. On the other hand, Owner delay damages are mainly classified as Liquidated Damages or Penalty for delay and Actual damages. This session will examine how to use generally-accepted accounting principles and the Eichleay and Hudson formulas to determine allowable costs. We’ll also explain how to calculate Liquidated Damages and Penalty based on specific contract provisions or resulting from late start-up of a facility or plant. While these can be difficult waters to navigate, we’ll cover the fundamentals to your team confidently address important issues involve in the assessment of delay damages.
Construction ContractingBest Practices for Delay Claims Preparation, Defense, and Avoidance
5-Part Webinar Series - for more information on the whole series, click here.
CLP
This course is recommended for 2 CLP credits.
CPE
1.5 credits may be earned for this course.
CEU
0.2 credits may be earned for this course.
CLE
1.5 CLE (Pending approval in VA).
CLE Jurisdiction Approval
Thursday, August 6, 2020 2:00 PM - 3:30 PM
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