Liquidated Damages in Malaysian Oil and Gas Contracts: Protection, Limitation or Both?
IntroductionLiquidated damages clauses are common in oil and gas contracts. They appear in Engineering Procurement and Construction (EPC) contracts, fabrication agreements, drilling contracts, construction projects and long-term services arrangements. Their purpose is simple. The parties agree in advance what will happen if a particular obligation is not met. In practice, however, liquidated damages provisions often […]