Georgia Clauses Relating to Termination and Liquidation of Venture
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FAQ
Georgia statutory law permits liquidated damages provisions in contracts. "If the parties agree in their contract what the damages for a breach shall be, they are said to be liquidated and, unless the agreement violates some principle of law, the parties are bound thereby." Ga. Code § 13-6-7 (2000).
Liquidated damages in mediation settlement agreements One party owes the other party money, is liable for the other's loss or injury, or otherwise is in debt to the other party. The parties negotiate a compromise that will address the obligation, as well as the terms of payment of the amount owed.
It is now increasingly common to see liquidated damages clauses in employment agreements. In this context, liquidated damages clauses are used to fix, in advance, the amount of money that an employee must pay to her employer when she leaves her job.
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.
A liquidated damages clause specifies a predetermined amount of money that must be paid as damages for failure to perform under a contract. The amount of the liquidated damages is supposed to be the parties' best estimate at the time they sign the contract of the damages that would be caused by a breach.
Liquidated damages must be clearly stated in a section or clause of a contract and agreed upon by the parties prior to entering a contract. Liquidated damages are a variety of actual damages and a remedy for breach of contract.
What is a Liquidated Damages Clause? A liquidated damages clause is a means of ensuring that you are compensated if the party you hired fails to do the job. It should include a clause that sets out the specific amount of damages you are to receive if a specific type of breach occurs.
Liquidated damages (?LD?) mean a fixed or pre-determined sum that is required to be paid upon breach of a contract, which may arise due to non-fulfilment of the obligations, delay in fulfilling the obligations or abandonment or termination etc.