Power equipment makers to pay damages if late

摘要

The power ministry has asked Bhel and other power equipment makers to adhere to time schedules or pay up liquidated damages,in a bid to cut down on delays in commissioning power projects.Damages are said to be liquidated when they are recoverable in the event of time overrun and are agreed upon at the time of signing of the contract.In such circumstances,a liquidated damages provision will be included in the contract.