Mississippi Jury Instruction - Stipulated Damages
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FAQ
An example of liquidated damages can be found in a case wherein a basketball coach breached his contract with his university employer to take an identical position at a higher paygrade.
Liquidated damages are pre-agreed amounts of compensation which are to be paid to the 'innocent' party to a contract by the 'contract-breaker' on the occurrence of specified breaches of contract; liquidated damages are, for example, commonly payable when there is a delay in completing works by the agreed completion
Liquidated damages are damages defined in the construction contract and chargeable against funds due to the contractor for each day the contractor fails to complete the project beyond the contract completion date.
A Liquidated damages clause specifies the amount of damages to be paid by the breaching party if it fails to perform specified obligations and otherwise in the event of certain types of breaches under the contract.
Liquidated damages are presented in certain legal contracts as an estimate of otherwise intangible or hard-to-define losses to one of the parties. It is a provision that allows for the payment of a specified sum should one of the parties be in breach of contract.
Stipulate \\STIP-yuh-layt\\ verb. 1 : to make an agreement or covenant to do or forbear something : contract. 2 : to demand an express term in an agreement.
1) An agreement between the parties to a lawsuit. For example, if the parties enter into a stipulation of facts, neither party will have to prove those facts: The stipulation will be presented to the jury, who will be told to accept them as undisputed evidence in the case.
A provision for liquidated damages will be regarded as valid, and not a penalty, when three conditions are met: (1) the damages to be anticipated from the breach are uncertain in amount or difficult to prove, (2) there was an intent by the parties to liquidate them in advance, and (3) the amount stipulated is a
1 : to make an agreement or covenant to do or forbear something : contract. 2 : to demand an express term in an agreement used with for. transitive verb. 1 : to specify as a condition or requirement (as of an agreement or offer)