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Liquidated and Ascertained Damages (LAD) for late delivery of commercial property

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asked on Jun 25, 2019 at 15:10
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edited on Jul 7, 2019 at 00:20
 
I have requested liquidated and ascertained damages (LAD) payment from developer and I was requested to sign a letter with the following term if not I will not get the LAD money. 

"the LAD shall be the full and final settlement of any sum and claim that you may have against us in respect of the late delivery of vacant possession of the parcel"

My questions:

(1) May I have the right to get the liquidated and ascertained damages (LAD) money without signing the letter?

(2) If I signed the letter, does that meant I cannot claim any money from the developer if major defect happened, common area problems, etc?

Note: This is a commercial property. 
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3 Answers

answered on Jun 25, 2019 at 18:48
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"the LAD shall be the full and final settlement of any sum and claim that you may have against us in respect of the late delivery of vacant possession of the parcel"

Can sign as this is only for late delivery, nothing to do with defects.
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answered on Jun 25, 2019 at 20:46
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edited Jul 7, 2019 at 00:22
 
Will it impact my claim until Certificate of Completion and Compliance (CCC)? 
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answered on Jul 17, 2019 at 17:27
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Your right to claim for LAD (in the event of late delivery of property) is provided under the Sale and Purchase Agreement ("S&P") entered between the Developer and yourself. Purchaser(s) is/are NOT required to sign any letter of settlement/confirmation prior to the payment of LAD by the Developer UNLESS the S&P states otherwise.

Defect rectification constitutes to a different claim and the Developer is liable to rectify any defects during the defect liability period.
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