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Liquidated damages, also referred to as liquidated and ascertained damages (LADs), [1] are damages whose amount the parties designate during the formation of a contract [2] for the injured party to collect as compensation upon a specific breach (e.g., late performance). [3] This is most applicable where the damages are intangible.
"Demurrage" / d ɪ ˈ m ʌ r ɪ dʒ / [1] in vessel chartering is the amount of liquidated damages owed by a charterer to a shipowner when the charterer remained in possession of the vessel for the purpose of loading and unloading beyond the time allowed by contract. [2]
The Washington State Department of Transportation (WSDOT or WashDOT, both / ˈ w ɒ ʃ d ɒ t /) is a governmental agency that constructs, maintains, and regulates the use of transportation infrastructure in the U.S. state of Washington. Established in 1905, it is led by a secretary and overseen by the governor.
wsdot.wa.gov /travel /washington-state-ferries Washington State Ferries ( WSF ) is a public ferry system in the U.S. state of Washington . It is a division of the Washington State Department of Transportation (WSDOT) and operates 10 routes serving 20 terminals within Puget Sound and in the San Juan Islands .
The court's calculation operated on the premise that but for Berkley's breach, Naval would have sold the same number of books that it did the month before. Though the evidence showed that the hardcover sales were in decline in September and the number was purely hypothetical, the court believed the uncertainty to this hypothesis was to "lay at ...
Under common law, a liquidated damages clause will not be enforced if the purpose of the term is solely to punish a breach (in this case it is termed penal damages). [23] The clause will be enforceable if it involves a genuine attempt to quantify a loss in advance and is a good faith estimate of economic loss.
Other than pecuniary damages, which is the most common type of damages recovered, there are a few other recognizable types of damages under English law, and still others that have their validity subject to ongoing debate: Injured feelings and disappointment; Injured reputation; Speculative damages; Liquidated damages and penalty; Quantum meruit [4]
Statutory damages are a damage award in civil law, in which the amount awarded is stipulated within the statute rather than being calculated based on the degree of harm to the plaintiff. Lawmakers will provide for statutory damages for acts in which it is difficult to determine a precise value of the loss suffered by the victim.