n. 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-de...
Found on
http://dictionary.law.com/Default.xhtml?selected=1171
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 damages are not predetermined/assessed in advance, then the amount recoverable is said t...
Found on
http://en.wikipedia.org/wiki/Liquidated_damages
The amount payable for delays and sub-standard performance under a construction, equipment supply, or Operations & Maintenance contract.
Found on
http://www.duke.edu/~charvey/Classes/wpg/bfglosl.htm
The amount of money agreed as compensation for losses incurred though failure to meet the terms of a contract.
Found on
http://www.encyclo.co.uk/local/20698
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.
Found on
http://www.encyclo.co.uk/local/20935
A monetary amount agreed upon by two parties to a contract prior to performance under the contract that specifies what a either party owes the other if that party defaults under the contract.
Found on
http://www.encyclo.co.uk/local/21074
(n) Liquidated damages are the quantified damages payable by a party to the opposite party of the contract for the damages caused by his failure or on his incapacity to do or fulfill the conditions set in the agreement. Liquidated damages are the conditions included in the agreement and hence it is payable unless there is a fraud or gross misunders...
Found on
http://www.encyclo.co.uk/local/21213
The fixed amount agreed upon by parties to a contract, to be paid to one party in the case of a breach of contract by the other party
Found on
http://www.encyclo.co.uk/local/22643
When the parties to a contract agree to the payment of a certain sum as a fixed and agreed upon satisfaction for not doing certain things particularly mentioned in the agreement, the sum is called liquidated damages. The amount of money specified in a contract to be awarded in the event that the agreement is violated. The fixed amount which a par.....
Found on
http://www.lectlaw.com/def/l045.htm
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 a...
Found on
http://www.nolo.com/dictionary/liquidated-damages-term.html
(PROJECT GLOSSARY) Term used in T+C's - Where parties agree in advance the cash value of the damages for specific breach of contract. Usually late delivery.
Found on
https://www.encyclo.co.uk/local/20479
An amount of money that the contractor would owe the owner in the event of a breach of contract. These are typically calculated by a formula such as $10,000 per day of substantial delay of completion.
Found on
https://www.fieldwire.com/resources/construction-glossary/
No exact match found.
