Liquidated Damages Definition and Legal Meaning
On this page, you'll find the legal definition and meaning of Liquidated Damages, written in plain English, along with examples of how it is used.
What is Liquidated Damages?
(n) Liquidated damages are the quantified damages payable by a party to the opposite party of the contract for the damages caused by his failure or on his incapacity to do or fulfill the conditions set in the agreement. Liquidated damages are the conditions included in the agreement and hence it is payable unless there is a fraud or gross misunderstanding to make the agreement itself as void