Liquidated damages

(redirected from Liquidated Damage)
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(Law) damages the amount of which is fixed or ascertained.
- Abbott.

See also: Liquidate

References in periodicals archive ?
According to the company, the agreement resolves all past commercial issues and increases the certainty of the project schedule, which has all three liquefaction trains producing LNG in 2019; provides incentive bonus payments related to expedited project completion; as well as waiver of any schedule-related liquidated damages related to the original contract and reestablishment of liquidated damage start dates according to the settlement.
(Note that this article does not address a situation where nonpartners leave the firm with clients that they brought to the firm; a different analysis applies for that case.) As part of the transaction., the acquired firm's partners sign the acquirer's partnership agreement, which typically contains non-nonservice, and liquidated damage provisions obligating a partner who leaves with clients to reimburse the firm for additional expenses taken on to service the acquired partner's clients.
Section 361 thus instructs courts not to infer a party intention to price the refusal to perform the contract's trade terms from the "mere" presence of a liquidated damage clause.
Rebecca Marshall, Recent Development, Bootstrapping a Malice Requirement into ADEA Liquidated Damage Awards, 62 WASH.
So, in seeking out an enforceable liquidated damage amount, the parties
Liquidated damage clauses should be negotiated between the parties.
To be enforceable, these required lease payments must be properly written as liquidated damage clauses.
Liquidated damage clauses which are reasonable in amount are enforceable as part of a contract and are not treated as penalty clauses.
" The audit body pointed out that under Republic Act 9184 or the Government Procurement Reform Act and its Revised Implementing Rules and Regulations (RIRR), "no bidding and award of contract for infrastructure projects shall be made unless the detailed engineering investigations, surveys and designs, including the acquisition of the ROW, for the project have been sufficiently carried out and duly approved in accordance with the standards and specifications prescribed by the Head of the Procuring Entity." The audit body said that despite the failure of the contractors to perform their obligations on time, the NIA did not impose any monetary sanctions against them such as payment of liquidated damages (LDs) or forfeiture of their security bonds.
"Several contracts with an aggregate amount of P684.42 million were not terminated in due time resulting in the accumulation of uncollected liquidated damages of P74.304 million and non-forfeiture of P208.899 million performance security, depriving the government of the compensation it suffered from the suppliers' default," COA said in the 2018 annual audit report for PS-DBM.
Sullivan will get unpaid overtime of $523 for 48 hours, plus $523 in liquidated damages for a total of $1,046.