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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.
Liquidated damages; Liquidated damages refer to a predetermined amount of money that must be paid by the breaching party, and they are fixed numbers agreed upon by both parties during the formation of a contract. Courts enforcing a liquidated damages provision would consider the reasonableness of its amount, specifically if it approximates the ...
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]
Inadequacy of Common Law Damages: Common law damages must be an inadequate remedy for the breach. Party is Ready, Willing, and Able to Perform: The party seeking specific performance must demonstrate their willingness and ability to fulfill their own obligations under the contract. When a Court Will Not Order Specific Performance:
A prayer for relief, in the law of civil procedure, is a portion of a complaint in which the plaintiff describes the remedies that the plaintiff seeks from the court. For example, the plaintiff may ask for an award of compensatory damages, punitive damages, attorney's fees, an injunction to make the defendant stop a certain activity, or all of these.
Damages may include the cost to repair or complete the work in accordance with the contract documents, or the value of lost or damaged work. [4] In addition to the compensatory damage, an owner can also seek for consequential damages (sometimes referred to as "indirect" or "special" damages), which include loss of product and loss of profit or ...
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.
Reliance damages is the measure of compensation given to a person who suffered an economic harm for acting in reliance on a party who failed to fulfill their obligation. [1] If the injured party could go back in time, they should be indifferent to entering into the contract that would be breached and receiving the reliance damages as opposed to ...