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liquidated damages

   Also found in: Dictionary/thesaurus, Medical, Legal, Financial, Acronyms, Wikipedia 0.01 sec.
liquidated damages
A sum specified in a contract whereby damages in the event of breach are to be determined. In a construction contract, liquidated damages usually are specified as a fixed sum per day for failure to complete the work, 1 within a specified time. If set at a level consistent with a reasonable forecast of actual harm to the owner, liquidated damage clauses will be upheld and will preclude use of standards for computation of damages that would otherwise be imposed by law. If the amount prescribed for liquidated damages is unreasonably high, the provision will be denominated an illegal “penalty” by the courts and held invalid; in such case, damages will be determined pursuant to otherwise applicable rules of law.
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The Seller should sign a CNC with no allocation of any portion of the sale price to the CNC, side by side with a liquidated damages clause that will impose an agreed upon amount of liquidated damages in the event the Seller breaches the CNC.
Strategies to Reduce Taxes in the Sale of A Business ? Covenant not ... by Dynamic Business Brokers Inc. / Business community
The contract down payment is routinely used as the liquidated damages sum.
The risk of losing RE down payments in the current market by Goodman, Peter / Real Estate Weekly
The court also found that the employee was entitled to liquidated damages because the employer acknowledged that it knew the amount of the bonus prior to the employee resigning, and there was evidence in the record that the employer's decision not to pay the employee the bonus was made from anger at the employee for leaving after the employer spent time and money training her.
A verbal promise proves costly to employer by Johnson, Linda / New Hampshire Business Review
 
 
 
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