L

See Limitation of Liability: The right of a person founded in contract or statute to limit that person’s liability to another person for a defined cause of action to either a specified or maximum amount.

A written document that permits the named person(s) to do an act or thing which, without that licence, would otherwise be unlawful, eg. a licence to enter land or use intellectual property.

The right to take an interest in the property of another as security for the performance of an obligation (such as the payment of a debt) by the other person.

The right of a person founded in contract or statute to limit that person's liability to another person for a defined cause of action to either a specified or maximum amount.

A set period of time prescribed in contract or statute during which an action may be commenced in court beginning on the date when the cause of action arose.

A contractual mechanism that allows a party to claim monetary compensation for loss that occurs as a result of the other party's failure to deliver goods or services under the Contract on time.  The quantum of liquidated damages under a Contract represent a sum fixed by (or ascertainable to) the parties as a genuine pre-estimate of a party's loss in the event of the other party's breach.

A procedure by which the business activities of a company are brought to an end and the company is dissolved. It may be instigated by the creditors or the shareholders of the company itself (voluntary liquidation) or by order of the court (compulsory liquidation). The process involves the appointment of a liquidator to assume control of the company from its directors. The main purpose of the liquidation is to collect and realise the assets of the company, and to distribute the proceeds to creditors and (if any surplus remains) to shareholders.

Proceedings to resolve a dispute between parties that are brought before courts of law, which have the appropriate jurisdiction to make a determination. (Contrast with Arbitration and Mediation).

A limit on funding by reference to the value of the underlying asset (usually on completion value).

A Contract in which the remuneration for the Contractor is calculated and agreed as either a single, or periodic, lump sum payment subject to Variations. (Contrast with Guaranteed maximum price contract)