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Clauses Relating to Termination and Liquidation of Venture

Clauses Relating to Termination and Liquidation of Venture

Name: Clauses Relating to Termination and Liquidation of Venture
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.59 (307 reviews)

Category:

Partnerships - Drafting Joint Venture Agreements

State:

Multi-State

Control #:

US-P0615-3AM

Format:

Instant download

Description

This form is a model adaptable for use in partnership matters. Adapt the form to your specific needs and fill in the information. Don't reinvent the wheel, save time and money.

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FAQ

A liquidated damages clause specifies a predetermined amount of money that must be paid as damages for failure to perform under a contract. The amount of the liquidated damages is supposed to be the parties' best estimate at the time they sign the contract of the damages that would be caused by a breach.

Liquidated damages are presented in certain legal contracts as an estimate of otherwise intangible or hard-to-define losses to one of the parties. It is a provision that allows for the payment of a specified sum should one of the parties be in breach of contract.

Liquidated damages are a means of compensation for the breach of a contract.However, the purpose of a liquidated damages clause is not to punish the person that breaches the contract. Example: Gerald has agreed to purchase Reta's home for $50,000. As part of the agreement, he must put down a deposit of $5,000.

Liquidated damages are funds covering the costs for each day the project continues past the agreed-upon date of completion. These funds are typically deducted from what the owner owes the contractor for the work, eating into already thin profit margins.

A provision for liquidated damages will be regarded as valid, and not a penalty, when three conditions are met: (1) the damages to be anticipated from the breach are uncertain in amount or difficult to prove, (2) there was an intent by the parties to liquidate them in advance, and (3) the amount stipulated is a

Liquidated damages/genuine pre-estimate of loss provisions are enforceable. Penalties can be payable regardless of actual loss suffered. Liquidated damages can be payable in addition to penalties.The nature and extent of a clause will determine whether it is a penalty or provides for liquidated damages.

Clauses Relating to Termination and Liquidation of Venture

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What is a liquidation clause?

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