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Advance payments, liquidated damages and loss of profit under memorandum of agreement
Practical Law UK Legal Update 2-581-6005 (Approx. 8 pages)
Advance payments, liquidated damages and loss of profit under memorandum of agreement
In Unaoil Ltd v Leighton Offshore Pte Ltd [2014] EWHC 2965 (Comm), Eder J in the Commercial Court ordered a contractor to pay its sub-contractor advance payments due under a memorandum of agreement, but held that a liquidated damages clause requiring the contractor to pay US$40 million was an unenforceable penalty.
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Resource ID 2-581-6005© 2024 Thomson Reuters. All rights reserved.
Published on 22-Sep-2014
Resource Type Legal update: archive
Jurisdictions
Related Content- England
- Wales