Liquidated damages

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Related to Liquidated damages clause: Penalty clause
(Law) damages the amount of which is fixed or ascertained.
- Abbott.

See also: Liquidate

References in periodicals archive ?
Payment Terms: The Standard Payment Terms Subject To Recoveries If Any, Under The Liquidated Damages Clause And General Condition Of Contract Will Be As Under:- A 80 Percent Of The Payment Against Inspection Certificate And Receipted Challan Duly Signed By Gazetted Officer Of Consignee Of Receipt Of Documents As Specified.
The liquidated damages clause stipulated a breach by either party would cause irreparable harm, that monetary damages would not be an adequate remedy for such breach, and that the prevailing party in a breach of contract lawsuit would be entitled to court costs and attorney fees (Minnesota Vikings Football Stadium v.
Absent including a liquidated damages clause as part of a vendor's terms, courts will be left to determine actual damages, which is often difficult, and can vary depending on the circumstances.
As a result, until recently UAE courts have consistently applied the rule that where the primary obligation is terminated, the liquidated damages clause shall be disregarded as well.
You could even include a liquidated damages clause, quantifying the loss that will be caused in the event that employees leave following a win without giving notice.
She has also worked on matters related to the enforcement of non-compete agreements, and represented a physician practice in a lawsuit to enforce the liquidated damages clause in the departed employees' shareholder/employment agreements.
Although not required for enforceability that a liquidated damages clause explain in its own language what it is that makes the damages so difficult to calculate, it is required that the damages actually be difficult to calculate at the time the parties execute the lease.
The contractor remains silent and pays" the engineer to bail him out for his non-compliance with the contract to preempt the invoking of liquidated damages clause by the Engineer.
In California and Illinois, a liquidated damages clause is valid unless it was unreasonable under the circumstances existing when the contract was made.
a "liquidated damages clause") quantify the economic remedy to the firm in the case of the breach of a nonsolicitation or nonservice provision--that is, a liquidated damages clause is an estimate, made by the parties at the time they enter into their agreement, of the extent of the injury that the firm will probably sustain as a result of a breach.
An operational liquidated damages clause within a contract allows the innocent party to levy damages for a proven breach at a rate expressed within the agreement.
Law on liquidated damages clause Q: In contracts can we incorporate liquidated damages clause legally?