The Law Dictionary for Everyone
Liquidated damages are damages that are specified by the parties to a contract as they are drawing up the contract. This part of a contract specifies that, in the event one party breaches the contract, he must pay a specified amount to the other party for his losses. In some cases, the specific amount to be paid as liquidated damages […]
Read moreIncidental damages are reasonable expenses incurred by one party to a contract as a result of the other party’s breach of the contract. These expenses may be awarded in a civil lawsuit in addition to the award of compensatory damages. To explore this concept, consider the following incidental damages definition. Definition of Incidental Noun Something that happens by chance or […]
Read more
