Liquidating charges north carolina

13 Dec

In the construction realm, liquidated damages (or “LDs”) usually involve money damages for time delays on a construction project. With liquidated damages, the amount is known ahead of time which should (theoretically) lead to fewer arguments later. If the owner is delaying the project (through, for example, failure to deliver/install owner-provided equipment), but the contractor is also behind on completion, the two delays may run at the same time—hence “concurrent delay”.

In North Carolina, joint ventures are similar to partnerships, and they are “governed by substantially the same rules.” Jones v. Therefore, debtors do not have to worry about a creditor getting a judgment in state court and then going to their employers and demanding that their paycheck be garnished for the payment of that debt.Typical consumer creditors, such as credit cards personal loans, and medical debts, are not allowed to garnish wages. For instance, your wages can be garnished in North Carolina for specific creditors such as the IRS, North Carolina Department of Revenue, and student loans.Chapter 7 of the Bankruptcy Code is the law that provides for liquidation of non-exempt property and distribution of the proceeds to creditors in resolution of debt. Instead, a bankruptcy trustee oversees the process, determining what non-exempt property you may have that can be liquidated, the proceeds of which are distributed to creditors in accordance with the Bankruptcy Code.The bankruptcy law also allows you to keep certain exempt property.