Liquidating damages defined
{"Image DocumentName": "Liquidated Damages vs Penalties : English law", "Image ImageDescription": "A basic principle of contract law is that a contracting party will be held liable only for such damages as it has actually caused. There should be no profit or punishment element. The other party is obligated to mitigate its loss. A penalty clause violates this principle, and is generally illegal. Liquidated damages clauses \u2013 should be a genuine estimate of anticipated loss.", "Image XResolution": "37", "Image YResolution": "37", "Image ResolutionUnit": "Pixels/Centimeter", "Image Software": "SlidePlayer", "Image YCbCrPositioning": "Centered"}