General Contract Clauses: Liquidated Damages
Standard Clause requiring the breaching party to pay a pre-determined amount to the non-breaching party as exclusive compensation for the breaching party's failure to perform a specific task or comply with a particular obligation, typically negotiated where it may be difficult to estimate the damages that a non-breaching party may suffer if a specific term is breached. This Standard Clause has integrated notes with important explanations and drafting tips.
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