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Home > Legal Research > Glossary
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Liquidated damages |
Definition
: damages whose amount is agreed upon by the parties to a contract as adequately compensating for loss in the event of a breach
Liquidated damages in an amount exceeding that needed to reasonably compensate the injured party constitute a penalty and are therefore void.
Based on Merriam-Webster's Dictionary of Law ©2001.
Merriam-Webster, Incorporated
Published under license with Merriam-Webster, Incorporated.
http://www.m-w.com |
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