Liquidated Damages

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Your building contract may include a liquidated damages clause.

This is an estimate of your potential losses if your builder breaches the contract; for example, if the builder fails to complete your home by the date agreed to in your contract.

The amount included in the liquidated damages clause can cover losses such as rent, travel and other out-of-pocket expenses.

It must be reasonable estimate of your expected loss and not extravagant or out of proportion.
If your contract does not contain a liquidated damages clause or the amount is left blank, you can still claim damages. You should seek legal advice.