Liquidated damages for late completion of a project are sometimes referred to as a “penalty.” This is inaccurate. While liquidated damages may feel like a penalty to a contractor, they cannot be punitive in nature. In order to be enforceable, liquidated damages must reflect the costs, reasonably foreseeable at the time of contract formation, the project owner will incur if the project is not completed by the scheduled deadline.
Advocates of policies to promote green construction have applauded President Obama (D) for the Better Buildings Initiative that he unveiled earlier this month.
The initiative aims to achieve a 20 percent improvement in energy efficiency for commercial buildings over the next decade. The plan is expected to spur innovation by reforming tax and other incentives to retrofit buildings, creating a new competitive grant program for states and localities that streamlines their regulations to attract retrofit investment, and challenging the private sector to invest in building upgrades through a new "Better Buildings Challenge," according to the White House.
On February 16th, Trimble announced that it has been selected as a preferred distributor for the new Tekla BIMSight 3D Modeling Solution.
Trimble will offer a free download of the 3D modeling solution on BIMtoField.com, a Trimble website designed to help building owners, contractors, and engineers better understand the potential of solutions that allow the transfer of building information modeling (BIM) data to field-level systems for increased productivity and cost savings.