The amount payable for delays and sub-standard performance under a construction, equipment supply, or Operations & Maintenance contract. Bloomberg Financial Dictionary
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liquidated damages UK US noun [plural]
► LAW in a written agreement, a sum of money that one person, organization, etc. will pay to the other if the agreement is broken: »
He agreed to pay liquidated damages of nearly $1.4 million.
Financial and business terms. 2012.