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Liquidated damages (also referred to as liquidated and ascertained damages) are damages whose amount the parties designate during the formation of a contract for the injured party to collect as compensation upon a specific breach (e.g., late performance). For example if we want to get out of the Rumpke Contract we can but we would have to pay Rumpke what ever the "liquidated damages" total up to be according to the contract. This information came from Wikipedia, the free encyclopedia that's on the internet. I use this definition in an article about the Rumpke contract and some opionion articles. __________________ |
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