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WordNet-Online
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Definitions from the WebLiquidated DamagesDefinition: Liquidated damages refer to a fixed sum of money that is specified in a contract as compensation for a breach or failure to fulfill the contract's terms and conditions. Part of Speech: Noun Sense 1: In law, liquidated damages are pre-determined monetary damages agreed upon by the parties involved in a contract, which provide an easy and predictable solution in the event of a breach. Example sentence: The construction contract included a clause specifying liquidated damages of $10,000 per day for any delays in the project completion beyond the agreed-upon deadline. Sense 2: In finance, liquidated damages are penalties, usually monetary, imposed on a party for a specific violation or default, often related to investment or borrowing agreements. Example sentence: The early withdrawal of funds from the investment account entailed liquidated damages equivalent to three month's interest. Related Products: | ||||
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