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A specified amount of compensation that is awared to a damaged party when actual damages may be difficult to determine. In construction contracts, Liquidated Damages or LD’s are often assessed daily when projects are not completed in accordance with the contract’s completion date. Surety Bond underwriters prefer contracts that specifiy Liquidated Damages because they known and can be calculated.

Vice President at Axcess Surety
Vice President of Axcess Surety. Surety Bond and financial expert dedicated to helping businesses and individuals understand and obtain surety credit.
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