Free xnxx join - Liquidating damages clause
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Contract parties are free to structure their relations as they see fit, but within limits set by statute or by the courts.
That raises the question, does it make sense to state in a contract that you’re complying with a given legal requirement?
Use liquidated damages clauses only when— (1) The time of delivery or timely performance is so important that the Government may reasonably expect to suffer damage if the delivery or performance is delinquent; and (2) The extent or amount of such damage would be difficult or impossible to estimate accurately or prove.
(b) Liquidated damages are not punitive and are not negative performance incentives (see 16.402-2).
Let’s take a look at some factors that will help you figure out the value of a liquidated damages clause. In general, liquidated damages are an amount of predetermined, stipulated compensation to be recovered upon the occurrence of a particular event.