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Liquidated Damages |
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Liquidated Damages Present in certain legal contracts, this provision allows for the payment of a specified sum should one of the parties be in breach of contract. Notes: This is meant as a fair representation of losses in situations where actual damages are difficult to ascertain. These liquidated damages are meant to be fair rather than punitive.See also: Liquidation Liquidated damages The amount payable for delays and sub-standard performance under a construction, equipment supply, or Operations & Maintenance contract. |
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In addition to the back wages, the owners of JBL Cal Apparel, Louis and Raymond Wang, also must pay another $59,787 in liquidated damages. The thing that is of major concern to us is that if owners [are covered] for liquidated damages in their contracts and our schedules are delayed, we'll have to strongly consider potential lawsuits against the TWU. The ruling did not address the employment tax treatment of liquidated damages paid by an employer to an employee as part of a settlement (traditionally treated as nonwage payments). |
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Liquidated Damages
