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liquidated damages
- liquidated damages
- liquidated damages
A stipulation in a contract of a monetary amount that must be paid by the
contractor if the contractor fails to deliver supplies or perform services as
specified in the contract or any subsequent modification. Payments are in lieu
of actual damages related to the failure.
Source: Max Wideman.com
Copyright: Wideman Comparative Glossary
of Common Project Management Terms v3.1 is copyright by R. Max Wideman, March
2002.
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