Liquidated damages are a pre-determined amount of monetary damages specified in a contract that a party will pay to the other party if they breach the contract. This is a common clause included in real estate contracts and it helps to ensure that a party will be reimbursed in case the other party fails to fulfill its contractual obligations. For example, if a landlord fails to make repairs to a rental property, the tenant could claim the liquidated damages specified in the lease agreement.
What does liquidated damages mean?
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