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Anong treatment ng liquidated damages sa books of accounts? Kailangan ba itong i-recognized?
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13 thoughts on “Anong treatment ng liquidated damages sa books of accounts? Kailangan ba itong i-recognized?”
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We remitted sa BTR po.
Liquidated damages is reduction to the contract cost.. it will change the cost of the asset to be recorded in the books. Savings ang mangyayari, adjust the ObR.
Section 3.2, Annex D of the Revised IRR of RA 9184 states that ‘the procuring entity need not prove that it has incurred actual damages to be entitled to liquidated damages. Such amount shall be deducted from any money due or which may become due to the supplier, or collected from any securities or warranties posted by the supplier, whichever is convenient to the procuring entity concerned.”
Likewise, Section 8.3, Annex E of the Revised IRR of RA 9184 states that “to be entitled to such liquidated damages, the procuring entity does not have to prove that it has incurred actual damages. Such amount shall be deducted from any money due or which may become due the contractor under the contract and/or collect such liquidated damages from the retention money or other securities posted by the contractor whichever is convenient to the procuring entity.”
Thus, we can directly deduct the liquidated damages from the claims of the suppliers/contractor. But the law is giving us leeway as enunciated on the phrase “whichever is convenient to the procuring entity concerned”.
Samin naka misc income heheeheh
Hindi eh, Sir Jon. Sabi sa RA 9184 “the supplier shall be liable for damages for the delay and shall pay the procuring entity liquidated damages, NOT BY WAY OF PENALTY, an amount equal to one-tenth (1/10) of one percent (1%) of the cost of the delayed goods scheduled for delivery for every day of delay until such goods are finally delivered and accepted by the procuring entity concerned.” (emphasis ours) 😁