Question

What is liquidated damages ​

Answer 1

Answer:

Liquidated damages, also referred to as "liquidated and ascertained damages" are damages whose amount the parties designate during the formation of a contract for the injured party to collect as compensation upon a specific breach

Answer 2

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ᴀ ғɪxᴇᴅ ᴏʀ ᴅᴇᴛᴇʀᴍɪɴᴇᴅ sᴜᴍ ᴀɢʀᴇᴇᴅ ʙʏ ᴛʜᴇ ᴘᴀʀᴛɪᴇs ᴛᴏ ᴀ ᴄᴏɴᴛʀᴀᴄᴛ ᴛᴏ ʙᴇ ᴘᴀʏᴀʙʟᴇ ᴏɴ ʙʀᴇᴀᴄʜ ʙʏ ᴏɴᴇ ᴏғ ᴛʜᴇ ᴘᴀʀᴛɪᴇs. ɪғ ᴀ ʟɪǫᴜɪᴅᴀᴛᴇᴅ ᴅᴀᴍᴀɢᴇs ᴘᴀʏᴍᴇɴᴛ .