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What is the meaning of liquidated damages?

Liquidated damages are presented in certain legal contracts as an estimate of otherwise intangible or hard-to-define losses to one of the parties. It is a provision that allows for the payment of a specified sum should one of the parties be in breach of contract.

Which of the following best describes the concept of liquidated damages?

Which of the following best describes the concept of liquidated damages? Non-monetary losses such as emotional distress or loss of reputation.

What the meaning of liquidated damages?

Related Content. A fixed or determined sum agreed by the parties to a contract to be payable on breach by one of the parties. If a liquidated damages payment constitutes a penalty it will be unenforceable. The term also describes sums expressly payable as liquidated damages under statute.

What is an example of a liquidated damages clause?

An example of this would be how a contract for a university dorm rental may state: \u201cStudents who cancel their dormitory housing agreement after moving into their room shall pay liquidated damages amounting to $5.00/day for the remainder of the rental term (not to exceed $500.00).\u201d

What is liquidated unliquidated?

When the agreement between the parties stipulates the sum payable for non-performance, the damages hence paid are known as liquidated damages. Unliquidated damages are awarded by the courts or arbitral tribunals after assessing the loss or injury caused to the party suffering from such breach of contract.

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