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Liquidated damages, also referred to as liquidated and ascertained damages (LADs), [1] are damages whose amount the parties designate during the formation of a contract [2] for the injured party to collect as compensation upon a specific breach (e.g., late performance). [3] This is most applicable where the damages are intangible.
Liquidation is the process in accounting by which a company is brought to an end. The assets and property of the business are redistributed. When a firm has been liquidated, it is sometimes referred to as wound-up or dissolved, although dissolution technically refers to the last stage of liquidation.
On January 25, 1980, the reorganization court concluded that reorganization was not possible and directed the Trustee of the organization to begin preparing for liquidation of the company. The liquidation was scheduled to happen in March 1980, immediately concluding the ICC's contract with the Kansas City railway company.
Breach of contract is a legal cause of action and a type of civil wrong, in which a binding agreement or bargained-for exchange is not honored by one or more of the parties to the contract by non-performance or interference with the other party's performance. Breach occurs when a party to a contract fails to fulfill its obligation(s), whether ...
A USAID official, speaking on condition of anonymity due to the sensitivity of the matter, said "stop-work" orders issued on Monday for institutional support contracts resulted in 600 people being ...
A group of company promoters for a new hotel business entered into a contract, purportedly on behalf of the company which was not yet registered, to purchase wine. Once the company was registered, it ratified the contract. However, the wine was consumed before the money was paid, and the company unfortunately went into liquidation.
Brent Rooker and the Athletics finalized a $60 million, five-year contract Wednesday for the designated hitter and outfielder, a deal that could be worth up to $92 million over six seasons if he ...
In law, dissolution is any of several legal events that terminate a legal entity or agreement such as a marriage, adoption, corporation, or union.. Dissolution is the last stage of liquidation, the process by which a company (or part of a company) is brought to an end, and the assets and property of the company are gone forever.
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