Liquidated Damages Essay

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COMPENSATION FOR BREACH OF CONTRACT WHERE PENALTY IS STIPULATED FOR

Liquidated damages where the sentence is specified
Section 74 of the Act deals with the parties have agreed in the contract, the penalty for breach of contract itself provides that liquidated damages. The main principle behind this festival is to promote certainty in commercial contracts. Article 74 stipulates that compensation, the amount does not exceed the terms of the contract, it must take into account the victim default. It further provides that such damage must take into account, whether they prove any actual loss or damage to the injured party. Genuine pre-estimate of damages and punitive interpretation of Article 74 differentiate between. The penalty will be a sum of money, which is specified in order to discourage people from breach of contract. When one of the contractual obligations of …show more content…
• Section 74 read with Section 73 and, therefore, in each case of default, and the aggrieved person to prove that he suffered before he can apply for a decree does not require a breach of contract, the actual loss or damage. Under the circumstances the Court has the ability, even without proof of actual loss suffered the consequences of breach of a violation of a reasonable award of compensation.
• In some contracts, it would be impossible to court, in order to assess the breach, if we consider the compensation will not be punished or unreasonable manner, the court may grant the same, if it is a genuine pre-estimate of the parties arising compensation As a reasonable compensation

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