Solicitors & Lawyers
Legal Dictionary
Term: liquidated damages
1.
The pre-agreed method of calculating damages in a contract, such that a judge is not required to make a formal assessment of damages or loss. The pre-estimate of damages must be a genuine estimate of the losses that will be sustained by the breach, otherwise the clause is deemed an unenforceable penalty.
Usage: The liquidated damages clause took effect in the event of late delivery.
Related Words: general damages; special damages; penalty clause; mitigation of damage; breach of contract; quantum meruit; remoteness of damage; contributory negligence; contract; assessment of damages.
Contract Terms – Briefing Note - Use of Defined Terms in Commercial Contracts
Contract Disputes – Agreeing Contracts and Avoiding Legal Ambiguity
Damages & Compensation – Claiming Compensation in the UK – Assessment of Damages
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