Liquidated Damages: A definite amount of damages, set forth in a contract, to be paid by the party breaching the contract. A pre-determined estimate of actual damages from a breach.

 

Related Words

Liquidated Damages: A definite amount of damages, set forth in a contract, to be paid by the party breaching the contract. A pre-determined estimate of actual damages from a breach.

Nominal Damages: Monetary damages of a token amount awarded for a wrongful act where no loss occurred.

Punitive Damages: Damages awarded to one party to punish another party for dishonest conduct. Meant to deter others from committing a similar offense.

Exemplary Damages: Monetary damages that go beyond the actual compensatory damages. They are awarded to punish a wrongdoer for fraudulent, malicious and wrongful conduct.

Compensatory Damages: Monetary damages paid to compensate an injured party for a loss.

Damages: The indemnity recoverable by a person who has sustained an injury, either in his/her person, property, or relative rights, through the act or default of another.

Actual Damages: Real, substantial and just damages, or the amount awarded to a complainant in compensation for his actual and real loss or injury.