Definitions for Liquidated Damages
liq·ui·dat·ed dam·ages

WiktionaryRate this definition:0.0 / 0 votes

1. liquidated damagesnoun

   An amount owed to a plaintiff in a lawsuit by the defendant that is determined by operation of law, such as the unpaid amount in a breach of contract.

WikipediaRate this definition:0.0 / 0 votes

1. Liquidated damages

   Liquidated damages, also referred to as liquidated and ascertained damages (LADs), are damages whose amount the parties designate during the formation of a contract for the injured party to collect as compensation upon a specific breach (e.g., late performance). This is most applicable where the damages are intangible, such as a failure by the contractor on a public project to fulfill minority business subcontracting quotas. An average of the likely costs which may be incurred in dealing with a breach may be used. Authority for the proposition that averaging is the appropriate approach may be taken from the case of English Hop Growers v Dering, 2 KB 174, CA (1928).When damages are not predetermined/assessed in advance, then the amount recoverable is said to be "at large" (to be agreed or determined by a court or tribunal in the event of breach). The purpose of a liquidated damages clause is to increase certainty and avoid the legal costs of determining actual damages later if the contract is breached. Thus, they are most appropriate when (a) the parties can agree in advance on reasonable compensation for breach, but (b) the court would have a difficult time determining fair compensation at the time of breach. Under the common law, liquidated damages may not be set so high that they are penalty clauses rather than fair compensation.

WikidataRate this definition:5.0 / 1 vote

1. Liquidated damages

   Liquidated damages are damages whose amount the parties designate during the formation of a contract for the injured party to collect as compensation upon a specific breach. When damages are not predetermined/assessed in advance, then the amount recoverable is said to be 'at large'. At common law, a liquidated damages clause will not be enforced if its purpose is to punish the wrongdoer/party in breach rather than to compensate the injured party. One reason for this is that the enforcement of the term would, in effect, require an equitable order of specific performance. However, courts sitting in equity will seek to achieve a fair result and will not enforce a term that will lead to the unjust enrichment of the enforcing party. In order for a liquidated damages clause to be upheld, two conditions must be met. ⁕First, the amount of the damages identified must roughly approximate the damages likely to fall upon the party seeking the benefit of the term. ⁕Second, the damages must be sufficiently uncertain at the time the contract is made that such a clause will likely save both parties the future difficulty of estimating damages.

How to pronounce Liquidated Damages?

1. Alex

   US English

   David

   US English

   Mark

   US English

   Daniel

   British

   Libby

   British

   Mia

   British

   Karen

   Australian

   Hayley

   Australian

   Natasha

   Australian

   Veena

   Indian

   Priya

   Indian

   Neerja

   Indian

   Zira

   US English

   Oliver

   British

   Wendy

   British

   Fred

   US English

   Tessa

   South African

How to say Liquidated Damages in sign language?

Numerology

1. Chaldean Numerology

   The numerical value of Liquidated Damages in Chaldean Numerology is: 6

2. Pythagorean Numerology

   The numerical value of Liquidated Damages in Pythagorean Numerology is: 8

References

1. ^ Wiktionary
   https://en.wiktionary.org/wiki/Liquidated_Damages
2. ^ Wikipedia
   https://en.wikipedia.org/wiki/Liquidated_Damages
3. ^ Wikidata
   https://www.wikidata.org/w/index.php?search=Liquidated Damages