MLchartDataset catalogue

Liquidated damages

Term · Law · MLC-T-LAW-003071

A sum of money, the amount of which is agreed upon by the parties at the time of contract formation, that will be payable as compensation for a breach of contract. This amount is intended to be a reasonable pre-estimate of the actual damages that would be suffered. Courts will enforce such clauses if they are not deemed a penalty.

Table 1. Record
IdentifierMLC-T-LAW-003071
FieldLaw
Record as JSON 
{
  "id": "MLC-T-LAW-003071",
  "term": "Liquidated damages",
  "field": "Law",
  "definition": "A sum of money, the amount of which is agreed upon by the parties at the time of contract formation, that will be payable as compensation for a breach of contract. This amount is intended to be a reasonable pre-estimate of the actual damages that would be suffered. Courts will enforce such clauses if they are not deemed a penalty.",
  "url": "https://mlchart.com/terminology/law/liquidated-damages/"
}

Record 3,027 of 5,439 in Law terminology (MLC-0107). Request the full dataset.