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Maryland courts will uphold a liquidated damages clause as valid, and not a penalty, if it satisfies two primary requirements. First, the clause must provide a fair estimate of potential damages at the time the parties entered into the contract. See Heister, 392 Md. at 157, 896 A.
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.
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.
A contractor cannot accept more than 1/3 of the contract price as a deposit and may not accept any payment until the contract is signed. The agreed upon price of the home improvement contract should be clearly stated.
Section 22-804 - Liquidation of damages (a) Damages for breach of contract by either party may be liquidated by agreement in an amount that is reasonable in light of: (1) The loss anticipated at the time of contracting; (2) The actual loss; or (3) The actual or anticipated difficulties of proving loss in the event of ...
Generally, liquidated damages are meant to be compensatory rather than punitive. This is why the amount of compensation that a party is required to pay in a liquidated damages clause should be a genuine estimation of the loss that would result from a breach of contract.
Under the Maryland Trust Fund Statute, any officer, director or managing agent ?who knowingly retains or uses the monies held in trust ... for any purpose other than to pay those subcontractors for whom the monies are held in trust, shall be personally liable to any person damaged by the action.?
Maryland provides a 20-year period for actions for damages involving improvements to real property, but shortens the period to 10 years for actions against architects, professional engineers or contractors. Md.