The amount required to satisfy a loss resulting from breach of contract.
An amount pre-determined by the parties to an agreement that will be forfeited as compensation for breach of contract.
a sum of money agreed upon by the parties to a contract that will be paid as damages if there is a breach of the contract
Any amount of liquidated damages shall be proportionate to the overstated expenditure and unjustified portion of the Community contribution. The following formula shall beused to calculate any possible liquidated damages: Liquidated damages = unjustified financial contribution x (overstated expenditure/total claimed) The calculation of any liquidated damages shall only take into consideration the financial period relating to the contractor's claim for the Community contribution for that period. It shall not be calculated in relation to the entire Community contribution.(FR:Indemnité forfaitaire, IT:Multa convenzionale )
The amount of money specified in a contract to be awarded in the event that the agreement is violated.
Scaled penalties can be defined in a contract of sale to cater for the risk that an exporter/contractor may overrun an agreed contract period. It is possible to insure against he imposition of liquidated damages but ONLY if they arise as a result of the delay in completing the contract being caused by a "specified peril" (fire, storm etc)
A stipulation in a contract of a monetary amount that must be paid by the contractor if the contractor fails to deliver supplies or perform services as specified in the contract or any subsequent modification. Payment s are in lieu of actual damages related to the failure. [D03527] GAT
The amount of damages to be awarded in the case of a breach of a contract agreed upon in advance by both parties.
A fixed sum agreed upon by the parties to a contract, to be paid as ascertained damages by the party who breaches the contract.
An amount of money usually set on a per-day basis, which the contractor agrees to pay the owner for delay in completing the Work in accordance with the contract documents
Amounts stipulated in advance for damages to be recovered for breach of contract.
A sum agreed upon by both buyer and seller prior to contract signing as a substitute for actual damages for breach of contract. This sum is to be paid in lieu of actual damages in the event of a specific contract breach. This is NOT a penalty for contract breach. Rather, the parties to the contract agree that quantification of actual damages for contract breach would be difficult; therefore the agreed liquidated damages sum will be substituted. A liquidated damage clause is usually limited to a specific event or breach. For example, in construction such clauses are common relative to project completion. If the buyer does to have use of the building by a specific date, the contractor must pay liquidated damages of the agreed daily amount. Other contract breaches by either party would not be included nor affected.
A definite amount set forth in a contract to be paid by the party breaching the contract. The amount must be a reasonable estimate of damages in order to be enforceable.
An agreed upon amount of damages to apply if a certain event occurs.
An amount determined ahead of time by parties to a contract as the compensation for an injured party will receive if the other breaches a part of the contract.
The parties to a contract may provide in advance that a specific sum be recoverable if the contract is breached. If the amount specified is reasonable and if the nature of the contract is such that actual damages would be difficult to determine, liquidated damage provisions are enforced. If the amount specified is unreasonably great in relation to the loss or injury suffered, or if the amount of damages could be determined easily in the event of breach, the courts declare the provision to be a penalty and refuse to enforce it.
A definite amount of damages, set forth in a contract, to be paid by the party breaching the contract. A pre-determined estimate of actual damages from a breach.
Damages, usually monetary, spelled out in a contract which would be available in the event of a default, to the party not in default.
A specific sum of money, agreed to as part of a contract to be paid by one party to the other in the event of a breach of contract in lieu of actual damages, unless otherwise provided by law.
A predetermined compensation amount in a contract, payable to the injured party should the other party default.
An amount of money agreed on in advance, by parties to a contract, to be paid in the event of a breach of the contract.
Successful plaintiffs are usually entitled to recover double the amount of improperly unpaid back wages. This is called "liquidated damages" and is awarded in lieu of interest. Plaintiffs are entitled to this extra payment unless the employer can show they had a good faith belief that they were following the law and that they had reasonable grounds for believing they were complying.
A sum agreed upon by the parties to be full damages if a certain event occurs.
a sum detailed in the conditions of contract which is designed to cover the financial loss a client would face in the event of late completion. The sum usually stated as a weekly or occasionally daily rate is recovered from the contractor.
An amount agreed to in advance by the parties to a contract that will serve as compensation in the event of default. In real estate transactions, the buyer´s earnest money deposit is often treated as liquidated damages.
A sum specified in a purchase agreement that one party must pay the other in the event the contract is breached.
Money to be paid if a contract is breached. The amount is roughly equal to the actual loss or damages caused by breaking the contract, including the cost of lost or damaged property and time spent dealing with the problem. A lease can include liquidated damages to compensate when the lease is broken, but not to punish the person who broke the lease. If the liquidated damages are really a penalty, they are illegal and unenforceable.
The amount of money agreed upon by the parties to a contract that must be paid by one or the other in the event that contract is breached.
Compensation paid to the seller if the buyer fails to complete the purchase even though all contingencies have been satisfied. For example, the seller may keep the buyer's earnest money in the event the buyer defaults on the contract.
A definite sum of money to be paid under a contract in the event of a breach of the contract.
A provision of the purchase contract which specifies the amount of damages the seller will recover in the event the buyer breaches the contract. Liquidated damages do not establish that the buyer has breached, but sets the amount of damages once a breach has been proven. In California, if the property has no more than four units, one of which the buyer intends to occupy, then the amount retained by the seller shall be the amount actually deposited or 3% of the purchase price, whichever is less. Any excess shall be returned to the buyer.
An amount predetermined by the parties to an agreement as the total amount of compensation an injured party should receive if the other party breaches a specified part of the contract.
A sum of money that a contracting party agrees to pay to the other party for breaching an agreement, particularly important in a contract in which damages for breach may be difficult to assess.
(1) An amount of money that parties to a contract agree will compensate one party to the contract in the event of breach of the contract by the other party. (2) Damages that are anticipated by the parties to a contract and are specified in the contract as an agreed upon amount to be paid to compensate one party in the event of a material breach of the contract by the other party.
A contract clause which limits a party to a sum certain in lieu of actual damages. In the case of a real estate purchase and sale contract, the seller's legal remedy is limited to the buyer's earnest money deposit.
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.
a specific sum of money which has been agreed upon by the parties to a lease (or other contract) as the amount of damages to be paid by a party who has breached the agreement.
An amount of money agreed upon in advance by parties to a contract to be paid in the event of a breach or dispute.
In most real estate contracts, buyers and sellers may agree at the beginning of the transaction regarding how much money would be awarded to one party if the other party violates the terms of the contract without good cause. Liquidated damages confines and defines how much money the injured party may recover. Buyers, for example, generally limit their losses to the amount of their deposit. You should discuss the advisability of using the liquidated damages provision with a lawyer or real estate agent.
A specific sum of money, set as part of a contract, to be paid by one party to the other if the first should default on the contract.
The damages a party suffers as a result of the breach of a contract by the other party.
When a real estate deal goes awry, one party often is entitled to liquidated damages, a sum of money set out in the purchase contract in that event.
An amount set forth in a contract that is agreed to be the amount due one party from a breach of the contract by the other party. Enforceability of liquidated damage claims must be deemed reasonable in respect to anticipated and/or actual harm incurred.
An amount agreed upon in a contract that one party will pay the other in the event of a breach of the contract
A form of money payment in an amount specified in advance by a contract or agreement as the sum to be paid if terms were violated.
The buyer and the seller determine in advance a set amount of money to be paid should one of the parties fail to meet the terms of their Purchase and Sales Agreement.
An amount predetermined by the parties to a contract as the total compensation to an injured party should the other party breach the contract.
an amount stipulated in a CONTRACT, which the parties agree to as a reasonable estimate of the DAMAGES owed to one in the event of a breach by the other. This provides an upper limit on the defaulting party's LIABILITY. If the liquidated damages amount is unreasonably high, it may represent a penalty, rather than a good faith effort to estimate probable damages, which can make it unenforceable.
A sum of money specified in the purchase contract to be paid by one party to the other in the event of a breach of contract.
Damages that are agreed to either by the court or by the parties to a suit or action.
The amount of valuable consideration specified in an agreement as a penalty for default
The compensation predetermined by both parties to a contract to be paid to the injured party, should the other party breach the contract
A provision in a purchase contract that specifies the amount of damages a seller will recover from the buyer if it is proven that the buyer breached the contract.
A sum, usually a fixed amount per day, to be paid as damages to an owner by a contractor due to the failure of the contractor to complete the specified work within the time frame stipulated in the contract.
Liquidated damages - damages are said to be liquidated (also referred to as liquidated and ascertained damages) when the amount of damages recoverable in the event of a specified breach (eg late performance) is agreed at the date of the contract. In such circumstances a liquidated damages provision will be included in the contract. 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).