Legal Perspective on Treatment of Delay Liquidated Damages and Penalty Clauses by Different Jurisdictions: Comparative Analysis

The treatment of liquidated damages (LD) and penalty clauses depends on the applicable laws under which the contract is construed. Although many attempts have been contemplated to unify the enforceability standards of LD and penalty provisions, the discrepancies in the principles adopted under different jurisdictions rendered such an aim far from being reached. As such, this paper studies the enforceability of LD and penalty clauses under three...