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Liquidated damages … bite size

Liquidated damages are a sum of money which is specified in a contract to be awarded in the event the contract is breached.

The sum specified must be a genuine attempt to calculate what loss the injured party would have incurred in the event of a breach.

Where the sum is a genuine attempt to calculate what loss the injured party would have incurred, the claimant can recover that full amount even if their level of loss is greater or smaller.

 

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