Liquidated Damages

by Kateryna A. Nastechko

Foreign economic activity is a very risky sphere of operational activity of huge enterprises. Thus, harmonized cooperation on the part of all its participants will lead to successful completion of projects and receipt of profit for company as well.

However, taking into account the possible risks, which parties can encounter, it is important to predict and evaluate any eventual losses, caused by intentional or accidental behavior of the parties. In such situations lawyers usually use the definition of “guilty party”, but it is obviously known that in some cases it is extremely difficult to prove the fault, which could cause never-finished debates, realized in future disputes between parties…