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Synopsis
Liquidated damages are contractual provisions in which the parties agree that a specific sum will be payable upon a specific breach. Liquidated damages are an important contractual tool of risk allocation: they provide certainty with regards to the consequences of a breach and also save on litigation costs. The parties’ freedom to agree on the amount payable is limited by the so-called rule against penalties.
The two basic questions in this area are:
- When does the rule against penalties apply?
- What constitutes a genuine pre-estimate of loss?
The seminar approaches these questions from a practical perspective to assist legal practitioners in both drafting and negotiating liquidated damages clauses. After a brief review of the basics, the most recent developments in the area are discussed.
Of particular importance is the 2012 Australian case Andrews v Australia and New Zealand Banking Group Ltd, which can be regarded as an attempt to extend the penalty jurisdiction to sums payable otherwise than on breach. Such extension would imply the courts ability to review the commercial substance of the agreement.
About the Speaker
Eliza Mik is an Assistant Professor of Law at the Singapore Management University. She holds a PhD in Law from the University of Sydney and has practiced in several jurisdictions. Before joining SMU, she spent 2 years negotiating agreements on the design and construction of telecommunication networks. Presently, Eliza teaches Contract Law and Business Law to undergraduates. Her main research interests are contractual damages and the commercial utilization of the Internet.
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To sign up for this event, kindly Register online.
Course materials and light refreshments will be provided.
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Date
31 July 2013 (Wednesday)
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Time
2.30pm - 6.00pm
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Venue
SMU School of Accountancy/Law building
Level 1, Seminar Room 1.1
60 Stamford Road
Singapore 178900
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Public cpd points
3 points awarded (based on 100% attendance)
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Practice area
Corporate / Commercial
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Training category
Intermediate
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Location map
Click HERE for map
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Programme
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| 2.00pm |
Registration and Networking |
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| 2.30pm |
Seminar commence (Part 1) |
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| 4.00pm |
Tea Break |
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| 4.20pm |
Seminar commence (Part 2) |
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| 5.50pm |
End of Event |
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About the SMU Continuing Legal Education
The Continuing Legal Education (CLE) of the School of Law, Singapore Management University was set up in May 2010. CLE @ SMU organises seminars and workshops on various topics for the benefit of the legal practitioners and the wider legal community. CLE also administers an Auditing Program where participants may attend and observe seminars taught by our law faculty, without taking exams or undertaking class assignments. For updates on our upcoming seminars, workshops, auditing courses and other activities, please click here.
About the SILE's Continuing Professional Development Scheme
This programme is an Accredited CPD Activity under the SILE’s CPD Scheme. Participants who wish to claim CPD Points are reminded that they must comply strictly with the Attendance Policy set out in the CPD Guidelines. This includes signing-in on arrival and signing-out at the conclusion of the activity in the manner required by the organiser, and not being absent from the entire activity for more than 15 minutes. Participants who do not comply with the Attendance Policy will not be able to obtain CPD Points for attending the activity. Please refer to http://www.sileCPDcentre.org.sg for more information.
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