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Tag: penalty


Liquidated damages


Jul
19
2017

Liquidated damages is a concept that often results in confusion when used in continental law. This article aims at clarifying the difference between liquidated damages and penalty, and to advise on the correct terminology in situations when a delay or non-performance is sanctioned under the civil law. Liquidated damages is a common law term which means that the parties agree on a sum to be paid if a party fails to fulfill an obligation. It also means that if the concept of liquidated damages is applied, then the defaulting party must...


Tags: liquidated damages, penalty
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