To the Editor:
In the March '96 Legal Column,
Quenda Behler Story contrasts "time
is of the essence" with liquidated
damages to the point of emphasizing
that you can't have it both ways.
This characterization is incorrect.
Two parties may stipulate in a contract
that a certain amount shall be
paid in case of default on a contract.
This is known as liquidated damages,
and in construction work it is usually
related to time of completion. In
order for liquidated damages to be
enforceable, certain conditions must
exist. The amount of liquidated damages
must be reasonable, and it must
be difficult to ascertain actual damages.
The latter is usually the case
when timely completion delays occupancy.
Additionally, it has