Development of tits residential subdivisions consisting

Assignment Help Taxation

Reference no: EM133264184

Assignment:

X, Inc., awarded to Y Corp. the development of tits residential subdivisions consisting of 2 parcels of land. Liquidated damages was fixed by the parties to serve as penalty in case Y Corp. fails to fulfill the obligation on time.

Notwithstanding three extensions granted by X Corp. to Y Corp., the latter failed to finish the contracted works. It is 94.53% complete. X Corp. wrote Y Corp. advising the latter of its intention to hold Y Corp., liable for liquidated damages (penalty) which it had incurred. Y Corp. claims that its failure to finish the contracted work was due to inclement weather. Decide.

Reference no: EM133264184

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Development of tits residential subdivisions consisting : X, Inc., awarded to Y Corp. the development of tits residential subdivisions consisting of 2 parcels of land.

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