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Liquidated_stipulated_damages.pptx

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(STIPULATED) LIQUIDATED DAMAGES (STIPULATED) LIQUIDATED DAMAGES

The aim of this presentation is to provide information about liquidated (stipulated) damages. • The aim of this presentation is to provide information about liquidated (stipulated) damages. • DEFINE THE TERM OF LIQUIDATED (STIPULATED) DAMAGES • DIVIDE MAIN PURPOSES OF LIQUIDATED (STIPULATED) DAMAGES CLAUSES IN CONTRACT • DISTINGUISH TYPES OF LIQUIDATED (STIPULATED) DAMAGES AND THEIR MEANINGS • DEMONSTRATE THE IMPORTANCE OF LIQUIDATED (STIPULATED) DAMAGES IN RUSSIAN LAW SYSTEM

THE DEFINITION LIQUIDATED (STIPULATED) DAMAGES – DAMAGES WHOSE AMOUNT THE PARTIES DESIGNATE DURING THE THE DEFINITION LIQUIDATED (STIPULATED) DAMAGES – DAMAGES WHOSE AMOUNT THE PARTIES DESIGNATE DURING THE FORMATION OF A CONTRACT FOR THE INJURED PARTY TO COLLECT AS COMPENSATION UPON A SPECIFIC BREACH. THE LIQUIDATED DAMAGES AFFORD TO ESTABLISH THE PREDETERMINED SUM THAT MUST BE PAID IF A PARTY FAILS TO PERFORM AS PROMISED.

MAIN PURPOSES THE TWO OPENLY ACKNOWLEDGED PURPOSES OF LIQUIDATED (STIPULATED) DAMAGES CLAUSES IN CONTRACT MAIN PURPOSES THE TWO OPENLY ACKNOWLEDGED PURPOSES OF LIQUIDATED (STIPULATED) DAMAGES CLAUSES IN CONTRACT INCLUDE: DETERRENCE AND PUNISHMENT OF BREACH CONTRACT. THUS, LIQUIDATED DAMAGES SERVE AS A SOURCE OF LIMITED INSURANCE FOR BOTH PARTIES. EACH PARTY HAS THE OPPORTUNITY TO SETTLE ON SUM MONEY THAT IS MUTUALLY AGREEABLE NOT WAITING FOR DECISIONS OF COURTS AND ADDING THE COSTS OF TIME AND LEGAL FEE.

FOUR TYPES OF LIQUIDATED (STIPULATED) DAMAGES • DISCOUNTED DAMAGES • ALTERNATIVE DAMAGES • EXCLUSIVE FOUR TYPES OF LIQUIDATED (STIPULATED) DAMAGES • DISCOUNTED DAMAGES • ALTERNATIVE DAMAGES • EXCLUSIVE DAMAGED • PUNITIVE DAMAGES

DISCOUNTED LIQUIDATED DAMAGES MEANING: LIQUIDATED DAMAGES MAY BE COLLECTED IN COMBINATION WITH ACTUAL DAMAGES. DISCOUNTED LIQUIDATED DAMAGES MEANING: LIQUIDATED DAMAGES MAY BE COLLECTED IN COMBINATION WITH ACTUAL DAMAGES.

ALTERNATIVE LIQUIDATED DAMAGES MEANING : THE NON-BREACHING PARTY GETS THE OPPORTUNITY TO CHOOSE BETWEEN ALTERNATIVE LIQUIDATED DAMAGES MEANING : THE NON-BREACHING PARTY GETS THE OPPORTUNITY TO CHOOSE BETWEEN RECOVERY THE SUM OF MONEY STIPULATING IN CONTRACT OR RECLAMATION DIRECT DAMAGES.

EXCLUSIVE LIQUIDATED DAMAGED MEANING : THE PLAINTIFF RECOVERS DIRECT DAMAGES WHICH ARE RESULT OF EXCLUSIVE LIQUIDATED DAMAGED MEANING : THE PLAINTIFF RECOVERS DIRECT DAMAGES WHICH ARE RESULT OF BREACHING THE CONTRACT.

PUNITIVE LIQUIDATED DAMAGES MEANING : LIQUIDATED DAMAGES MAY BE COLLECTED IN ADDITION TO DAMAGES. PUNITIVE LIQUIDATED DAMAGES MEANING : LIQUIDATED DAMAGES MAY BE COLLECTED IN ADDITION TO DAMAGES.

THE IMPORTANCE OF LIQUIDATED (STIPULATED) DAMAGES PLAY A BIG ROLE. THEY FULFILL BASIS FUNCTIONS THE IMPORTANCE OF LIQUIDATED (STIPULATED) DAMAGES PLAY A BIG ROLE. THEY FULFILL BASIS FUNCTIONS OF RUSSIAN LAW OF CONTRACT REMEDIES: PUNITIVE, DETERRENT AND EDUCATIONAL FUNCTIONS. ALSO, THE RISKS OF FINANCIAL LOSSES ARE REDUCED FOR BOTH PARTIES CONCLUDING THE CONTRACT WITH THEIR HELP.