Maryland Clauses Relating to Defaults, Default Remedies
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How to fill out Clauses Relating To Defaults, Default Remedies?
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FAQ
A breach occurs if a party without legal excuse fails to perform an obligation in a timely manner, repudiates a contract, or exceeds a contractual use term, or otherwise is not in compliance with an obligation placed on it by this title or the agreement.
Compensatory and liquidated damages ? to restore you to roughly the same position as before the breach. Punitive damages ? for a severe breach, awarded on top of any other damages sought in court. Specific performance remedy ? for when a financial payment isn't enough to put you in the before-contract position.
A liquidated damages clause is a means of ensuring that you are compensated if the party you hired fails to do the job. It should include a clause that sets out the specific amount of damages you are to receive if a specific type of breach occurs.
Generally, liquidated damages are meant to be compensatory rather than punitive. This is why the amount of compensation that a party is required to pay in a liquidated damages clause should be a genuine estimation of the loss that would result from a breach of contract.
Maryland courts will uphold a liquidated damages clause as valid, and not a penalty, if it satisfies two primary requirements. First, the clause must provide a fair estimate of potential damages at the time the parties entered into the contract. See Heister, 392 Md. at 157, 896 A.
In most cases, there is no cooling off period after signing a contract. However, there are a few exceptions. The Federal Trade Commission's (FTC) Cooling-off Rule applies to purchases made at your home (e.g., door-to-door sales) or at locations that are not the seller's permanent place of business.
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.
Section 22-804 - Liquidation of damages (a) Damages for breach of contract by either party may be liquidated by agreement in an amount that is reasonable in light of: (1) The loss anticipated at the time of contracting; (2) The actual loss; or (3) The actual or anticipated difficulties of proving loss in the event of ...