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liquidated damages


  as an issue of Agreement (read more...)

liquidated damages, defined:

an agreement provision that places a fixed dollar amount for damages in the event of a breach of contract. In other words, by using a liquidated damages clause parties agree to a fixed award on damages no matter how trivial the breach of contract may be. Compare liquidated damages to limitation of damages, which sets a ceiling on potential damages for breach of contract instead of a fixed dollar amount.
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