liquidated damages

liquidated damages
liquidated damages see damage 2

Merriam-Webster’s Dictionary of Law. . 1996.

liquidated damages
The amount of damages that a party to a contract agrees to pay if he or she breaches it.

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

liquidated damages
In a contract, an amount of money agreed upon by both parties that a party who breaches the contract will pay to the other party. Liquidated damages clauses may not be enforced by judges when they appear in consumer contracts, because they are often used to punish the party who breaks the contract, rather than to compensate the other side for its actual damages.
Category: Accidents & Injuries
Category: Representing Yourself in Court
Category: Small Claims Court & Lawsuits

Nolo’s Plain-English Law Dictionary. . 2009.

liquidated damages
A fixed or determined sum agreed by the parties to a contract to be payable on breach by one of the parties. If a liquidated damages payment constitutes a penalty it will be void. The term also describes sums expressly payable as liquidated damages under statute. In all other cases where the court quantifies or assesses damages or loss, whether pecuniary or non-pecuniary, the damages are known as unliquidated damages.
Related links

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

liquidated damages
Monetary compensation for a loss, detriment, or injury to a person or a person's rights or property, awarded by a court judgment or by a contract stipulation regarding breach of contract.

Dictionary from West's Encyclopedia of American Law. 2005.

liquidated damages
Monetary compensation for a loss, detriment, or injury to a person or a person's rights or property, awarded by a court judgment or by a contract stipulation regarding breach of contract.

Short Dictionary of (mostly American) Legal Terms and Abbreviations.

liquidated damages
   an amount of money agreed upon by both parties to a contract which one will pay to the other upon breaching (breaking or backing out of) the agreement or if a lawsuit arises due to the breach. Sometimes the liquidated damages are the amount of a deposit or a down payment, or are based on a formula (such as 10% of the contract amount). The non-defaulting party may obtain a judgment for the amount of liquidated damages, often based on a stipulation (clear statement) contained in the contract, unless the party who has breached the contract can make a strong showing that the amount of liquidated damages was so "unconscionable" (far too high under the circumstances) that it appears there was fraud, misunderstanding or basic unfairness.
   See also: contract, damages

Law dictionary. . 2013.

Игры ⚽ Нужна курсовая?

Look at other dictionaries:

  • 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

  • liquidated damages — Compensation for non performance or loss which is cash or easily converted into cash. (Dictionary of Canadian Bankruptcy Terms) United Glossary of Bankruptcy Terms 2012 …   Glossary of Bankruptcy

  • 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 damages — Liquidate Liq ui*date (l[i^]k w[i^]*d[=a]t), v. t. [imp. & p. p. {Liquidated} ( d[=a] t[e^]d); p. pr. & vb. n. {Liquidating}.] [LL. liquidatus, p. p. of liquidare to liquidate, fr. L. liquidus liquid, clear. See {Liquid}.] 1. (Law) To determine… …   The Collaborative International Dictionary of English

  • Liquidated damages — Als liquidated damages (englisch liquidierte Schäden) wird im anglo amerikanischen und internationalen Recht ein pauschalierter Schadenersatz bezeichnet. Ein solcher wird in den meisten Verträgen im internationalen Anlagenbau anstelle einer… …   Deutsch Wikipedia

  • Liquidated Damages — Present in certain legal contracts, this provision allows for the payment of a specified sum should one of the parties be in breach of contract. This is meant as a fair representation of losses in situations where actual damages are difficult to… …   Investment dictionary

  • liquidated damages —    An amount of money specified in a contract that a defaulting party will pay to the other if there is a breach of contract. The prearranged liquidated damages may be the amount of a deposit or a downpayment, or an agreed percentage of the total …   Business law dictionary

  • liquidated damages — A sum stipulated and agreed upon by the parties, at the time of entering into a contract, as being payable as compensation for loss suffered in the event of a breach. 22 Am J2d Damg § 212. As to the distinction between penalties and liquidated… …   Ballentine's law dictionary

  • liquidated damages clause — USA A contractual provision requiring a party in breach to pay a pre determined amount to the other party as compensation for the breaching party s failure to perform a specific task or comply with a particular duty or obligation. Parties… …   Law dictionary

  • liquidated damages — noun 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. See Also: unliquidated damages …   Wiktionary

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”