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Sagot :
The correct answer is “the contract stipulated a specific amount to compensate a harmed party”.
Liquidated Damages are several types of actual damages. When actual damages, while real, are difficult or impossible to prove, contract parties use liquidated damages.
What are liquidated damages?
The term "liquidated damages" appears frequently in contracts and is frequently the title for an entire clause or section. By "liquidated damages," we mean losses whose amount the contracting parties quantify and designate during contract negotiation for the non-breaching party to receive as recompense for a specific breach (e.g., non-performance, late performance or inadequate performance).
What advantages do liquidated damages have?
Because the entitlement to be paid liquidated damages emerges immediately when the specified breach of contract occurs, liquidated damages give certainty and eliminate a disagreement about the amount to be deducted for the violation.
To know more about Liquidated damages, visit: https://brainly.com/question/14104246
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