Liquidated Damages Clause Example
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The Liquidated Damages Provision Sample displayed on this page is a reusable official template crafted by expert attorneys in accordance with federal and state regulations.
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FAQ
(c) The Liquidated Damages shall be paid to each Holder in cash within ten (10)Business Days following the last day of 30-day period that the Holders are entitled to such Liquidated Damages. Any payments made pursuant to this Section2. 02 shall constitute the Holders' exclusive remedy for such events.
Liquidated damages are not designed to punish contractors, and thus cannot be an amount that could be considered excessive or punitive. For example, $20-$25 per day for each $100,000 of the contract price would be considered a reasonable amount.
Example: Contractor contracts to paint Owner's house for $10,000. In the basic contract, the parties agree that for every day after the deadline that Contractor finishes, the price charged by him will be reduced by $100. This provision is a liquidated damages clause.
An example of liquidated damages is when a bank or person offers money in the form of a loan and the stipulated time of repayment ends before the completion of payment. The defaulting party must compensate for this damage as agreed in the contract.
Ingly, Lender and Borrower agree that any fees, balance adjustments, Default Interest or other charges assessed under this Note are not penalties but instead are intended by the parties to be, and shall be deemed, liquidated damages (under Lender's and Borrower's expectations that any such liquidated damages will ...
