Editing Contracts/Liquidated damages
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'''Liquidated damages''' (also referred to as liquidated and ascertained damages) are damages whose amount the parties designate during the formation of a [[contracts|contract]]<ref name= Liquidated>{{Cite web | url = http://legal-dictionary.thefreedictionary.com/Liquidated+damages | title = Liquidated Damages | format = w | accessdate = 2012-12-18 }}</ref> for the injured party to collect as compensation upon a specific breach (e.g., late performance).<ref name= "Liquidated" /> | '''Liquidated damages''' (also referred to as liquidated and ascertained damages) are damages whose amount the parties designate during the formation of a [[contracts|contract]]<ref name= Liquidated>{{Cite web | url = http://legal-dictionary.thefreedictionary.com/Liquidated+damages | title = Liquidated Damages | format = w | accessdate = 2012-12-18 }}</ref> for the injured party to collect as compensation upon a specific breach (e.g., late performance).<ref name= "Liquidated" /> | ||
When | When damages are not predetermined/assessed in advance, then the amount recoverable is said to be 'at large' (to be agreed or determined by a court or tribunal in the event of breach). | ||
==Common law== | ==Common law== |