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Stipulated damages

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STIPULATED DAMAGES, contracts. The sum agreed by the parties to be paid, on a breach of a contract, by the party violating his engagement to the other.
     2. It is difficult to distinguish, in some cases, between stipulated damages and a penalty; (q.v.) 3 Chitty's Commer. Law, 627; 2 Bos. & Pull. 346. The effect of inserting stipulated damages, either at law or equity, a pears to be, that both parties must abide by the stipulation, and the prescribed sum must be given. Holt, C. N. P. 46 Newl. Contr. 313; see 5 Taunt. Rep. 247. Vide Damages, Liquidated.
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Whinston, On the Efficiency of Privately Stipulated Damages for Breach of Contract: Entry Barriers, Reliance, and Renegotiation, 26 RAND J.
The efficient performance hypothesis by Brooks, Richard R.W. / Yale Law Journal
Some courts have ruled that the stipulated damages must be difficult to estimate at the time that the contract was formed.
Setting arbitrators' fees: an international survey by Gotanda, John Yukio / Vanderbilt Journal of Transnational Law
Therefore, parties should resort to liquidated or stipulated damages provisions in contracts, whenever possible.
Mistaken notions about entering Mexico by Neff, Richard E. / Directors & Boards
 
 
 
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