Liquidating damages north carolina

When an individual dies, his estate is responsible for paying these debts, but only if his creditors make a claim for their money.

These laws direct the distribution of assets based on hereditary succession.Usually they apply to some specific type of breach of the contract, not any breach of any promise anywhere in the contract.In construction contracts, you’ll most often see liquidated damages apply when the contractor breaches the contract by not finishing the work on time.I can’t recall ever seeing a contractor actually pay liquidated damages to an owner. They usually center around two issues: (1) whether a contract’s liquidated damages clause is enforceable and (2) how much in liquidated damages does one party owe the other.Why Have Liquidated Damages In A Construction Contract?Even the most frugal and disciplined people usually carry debt of some kind, whether it’s a mortgage, an auto loan, or a single credit card.

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