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Definition of 'Liquidated Damages'
Present in certain legal contracts, this provision allows for the payment of a specified sum should one of the parties be in breach of contract.
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Investopedia explains 'Liquidated Damages'
This is meant as a fair representation of losses in situations where actual damages are difficult to ascertain. These liquidated damages are meant to be fair rather than punitive.
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Search results for 'Liquidated Damages'
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http://www.investopedia.com/articles/basics/08/mishandled-accounts.asp
... Do not count on large settlements that include punitive damages, as such generous ...
or loss, they have probably moved to another firm, liquidated their holdings ...
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