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Liquidated damages

   Also found in: Legal, Financial, Wikipedia 0.04 sec.
(Law) damages the amount of which is fixed or ascertained.
- Abbott.

See also: Liquidate



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In addition to the back wages, the owners of JBL Cal Apparel, Louis and Raymond Wang, also must pay another $59,787 in liquidated damages.
BRIEFCASE by Daily News (Los Angeles, CA)
The thing that is of major concern to us is that if owners [are covered] for liquidated damages in their contracts and our schedules are delayed, we'll have to strongly consider potential lawsuits against the TWU.
Battle of the unions likely if strike hurts contractors by Misonzhnik, Elaine / Real Estate Weekly
The ruling did not address the employment tax treatment of liquidated damages paid by an employer to an employee as part of a settlement (traditionally treated as nonwage payments).
"Wages" and the employer-employee relationship: a change in IRS ... by Laffie, Lesli S. / Journal of Accountancy
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