Meaning of “liquidated damages” in the English Dictionary

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"liquidated damages" in Business English

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liquidated damagesnoun [ plural ]

uk us

LAW in a written agreement, a sum of money that one person, organization, etc. will pay to the other if the agreement is broken:

He agreed to pay liquidated damages of nearly $1.4 million.

(Definition of “liquidated damages” from the Cambridge Business English Dictionary © Cambridge University Press)