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Penalty Unenforceability
The legal concept that a penalty clause within a contract may not be enforceable if it is deemed excessively punitive rather than a genuine pre-estimate of loss.
Liquidated Damages
A predetermined amount of money that must be paid as compensation for failure to perform certain obligations of a contract.
Damages Determination
The process by which courts calculate the amount of money to be awarded to a party in a lawsuit for losses or injuries suffered.
Special Use Loss
A financial loss incurred due to the specialized nature of property or equipment that limits its use or marketability.
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