damages, liquidated

damages, liquidated
n.
A sum that a party to a contract agrees to pay if he or she breaches it; meant to be a reasonable estimate of the loss that the breach would cause.

The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. . 2008.

Look at other dictionaries:

  • liquidated damages — see damage 2 Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. liquidated damages …   Law dictionary

  • damages — A pecuniary compensation or indemnity, which may be recovered in the courts by any person who has suffered loss, detriment, or injury, whether to his person, property, or rights, through the unlawful act or omission or negligence of another. A… …   Black's law dictionary

  • damages — A pecuniary compensation or indemnity, which may be recovered in the courts by any person who has suffered loss, detriment, or injury, whether to his person, property, or rights, through the unlawful act or omission or negligence of another. A… …   Black's law dictionary

  • Damages — This article is about the law term. For the television series, see Damages (TV series). For other uses, see Damages (disambiguation) …   Wikipedia

  • liquidated damages — The amount payable for delays and sub standard performance under a construction, equipment supply, or Operations & Maintenance contract. Bloomberg Financial Dictionary * * * liquidated damages liquidated damages ➔ damage1 * * * liquidated damages …   Financial and business terms

  • liquidated — Ascertained; determined; fixed; settled; made clear or manifest. Cleared away; paid; discharged. Adjusted, certain, or settled. Murchison v. Levy Plumbing Co., Tex.Civ.App., 73 S.W.2d 967, 968. Declared by the parties as to amount, U. S. v.… …   Black's law dictionary

  • liquidated — Ascertained; determined; fixed; settled; made clear or manifest. Cleared away; paid; discharged. Adjusted, certain, or settled. Murchison v. Levy Plumbing Co., Tex.Civ.App., 73 S.W.2d 967, 968. Declared by the parties as to amount, U. S. v.… …   Black's law dictionary

  • Liquidated damages — (also referred to as liquidated and ascertained 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 (e.g., late performance).When… …   Wikipedia

  • damages — I noun amends, compensation, costs, expenses, expiation, fine, indemnification, indemnity, injury, just compensation, legal costs, legal liability, loss, penalty, recompense, recovery, reimbursement, remuneration for injury suffered, reparation,… …   Law dictionary

  • Damages, Assessment of — Damages are not assessed in an arbitrary fashion but are subject to various judicial guidelines. The general principle is that the claimant is entitled to full compensation for his or her losses. The purpose of damages in tort is to put the… …   Big dictionary of business and management

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