Liquidated damages usually only exist when there is a contract between two parties. Basically what it means is that the two parties come together and they decide on what money amount is going to be assigned to a specific breach. So, a good example would be a landlord and tenant can agree to a certain amount if the tenant decides to break the lease early. This puts both parties in a place where they understand what their risks are, and it makes resolving any kind of breach a lot simpler.
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Portuondo Law Firm
Portuondo Law Firm provides custom services to South Florida businesses and residents. The Firm provides the personalized experience only a boutique firm can, without sacrificing quality.
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- Do You Know What You’re Asking For? Performance vs. Payment Bonds - September 20, 2019
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Portuondo Law Firm
Portuondo Law Firm provides custom services to South Florida businesses and residents. The Firm provides the personalized experience only a boutique firm can, without sacrificing quality.
Latest posts by Portuondo Law Firm (see all)
- Do You Know What You’re Asking For? Performance vs. Payment Bonds - September 20, 2019
