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Breach
The violation or breaking of a legal obligation or agreement, which can result in legal action against the party that fails to honor their part of the contract.
Lessor
The party or entity that leases or rents property to another party, known as the lessee, under a lease agreement.
Liquidated Damages Clause
A contractual provision specifying a predetermined amount of damages to be paid if one party breaches the contract.
Punitive
Relating to punishment, often referring to punitive damages in legal contexts, which are awarded in addition to actual damages to punish the defendant and deter future misconduct.
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