Liquidated Damages

Lineal Reading Liquidated Damages 1 minute Next Liquidation

Definition:   the amount of valuable consideration specified in an agreement as a penalty for default

Pronunciation:   \ˈli-kwə-ˌdāt\ \ˈda-mij\

Used in a Sentence:    Some contracts have a special box for parties to initial if they desire to treat the earnest money as liquidated damages.

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