Nebraska Clauses Relating to Termination and Liquidation of Venture
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FAQ
Liquidation or limitation of damages; deposits. A term fixing unreasonably large liquidated damages is void as a penalty. (b) in the absence of such terms, twenty percent of the value of the total performance for which the buyer is obligated under the contract or five hundred dollars, whichever is smaller.
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 are a variety of actual damages and a remedy for breach of contract. Parties to a contract use liquidated damages where actual damages, though real, are difficult or impossible to prove.
Sample liquidated damages clause: In the event of delay in [type of project] completion, the [performing party] shall pay liquidated damages to [the owner] in the amount of [dollar amount per day/week, etc.] [or] ["X" percent of the total contract price per day/week, etc.].
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 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.
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.
Liquidated damages provisions are generally enforceable if they are intended to compensate the non-breaching party rather than penalize the breaching party. Contracts often provide for fixed amounts of money ? often called ?liquidated damages? ? for breaches of certain contract provisions.