encyclopedia

LIQUEFIED PETROLEUM GAS

Propane, butane and other fuel gases which are transported under pressure in their liquid phase. Accidents involving LPG are hazardous because the gas excapes under pressure, is very flammable, and is heavier than air. Shipments of LPG receive special handling.

LIQUIDATED DAMAGES

An amount fixed in the contract which is assessed against a Contractor when it breaches the delivery provision of a contract (e.g., it fails to complete delivery, installation, service, or the work specified in a contract within the contract period…

LIQUIDIATED DAMAGES PROVISION

A pay adjustment schedule whose primary function is to recover costs associated with the contractor’s faliure to provide the desired level of quality.