☩ SOTERIAN GLOSSARY ☩

Living Language Lexicon of the Soteria Covenant

Liquidated Damages

A specific sum agreed upon by the parties at the time of contracting to be paid as damages in the event of a breach. Enforceable if the amount is a reasonable estimate of anticipated harm and actual damages would be difficult to calculate.

Category: Contract Law
0 terms published 0 awaiting endorsement
Propose a New Term

Submit a term for the community. Two endorsements from other members will publish it.

Per page: