What is a liquidating agreement and how does it function?
What will be an ideal response?
A liquidating agreement is one where the subcontractors pool their claims
with those of the prime contractor, and the prime will present them against
the owner. Under such an agreement, the prime confesses liability to the
subcontractor for owner-caused delay (for example), the subcontractor
releases the prime from all other liability, and the subcontractor is relegated
to whatever delay damages the prime can recover from the owner.
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Answer the following statement true (T) or false (F)