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What is the liquidated damages clause? A contractual provision requiring a party in breach to pay a pre-determined amount to the other party as compensation for the breaching party's failure to perform a specific task or comply with a particular duty or obligation. What Are Examples of Liquidated Damages? Here are some examples of liquidated damages: Example 1: Liquidated damages for selling a product on late delivery Suppose a business agrees to sell a product to another company but fails to deliver the product on time, the buyer is entitled to liquidated damages. It could be in the form of a percentage of the total cost of the product or a specific monetary amount. Example 2: Liquidated damages for the failure to provide a service Suppose a business agrees to provide a service to another company but fails to do so. The supplier is entitled to liquidated damages. It could be in the form of a percentage of the service's total cost or a specific monetary amount. Example 3: Liquidated damages for late payment Suppose you are late in making a payment. In that case, the liquidated damages clause may provide a specific amount of money owed by the late party. For example, suppose you are one day late on a payment of one thousand dollars. In that case, you may owe ten dollars extra as liquidated damages. Such a clause aims to be a deterrent against tardiness. It also provides some predictability in the event of a violation. Example 4: Liquidated damages for copyright or trademark infringement You can use liquidated damages in a construction contract to compensate for copyright or trademark infringement. For example, a contractor reproduces copyrighted material without the copyright holder's permission. As a result, the copyright holder may sue for damages. The parties may agree to a liquidated damages clause specifying a certain amount to avoid this situation. Example 5: Liquidated damages clause in a lease agreement An example of when the landlord may claim liquidated damages is failing to pay rent on time. If the tenant breaches the lease agreement, they may be liable to pay liquidated damages to the landlord. This clause sets out a particular amount of money that the tenant would have to pay in the event of a breach. It can help to avoid costly legal disputes between the two parties.

UPC Focus: A Court in Progress WIPR's Tom Phillips delves into the evolving Unified Patent Court (UPC). Over a year since its launch, the court's growing community and increasing caseload indicate strong interest as rights owners navigate its new legal landscape. Read more insights here: https://ow.ly/cIiE50Tcvl4 #UnifiedPatentCourt #PatentCommunity #LegalInsights

Recommended Reddit Thread: How to find a local Estate Planning Atty? Subreddit: r/EstatePlanning "This Reddit thread discusses how to find a local estate planning attorney, with users sharing advice and recommendations." https://lnkd.in/dErdqdQV

New from Lutzker & Lutzker: "L&L Devotional Clients Win Historic Share of Cable Copyright Royalties." The Copyright Royalty Board has released its unanimous Final Determination in the 2014-2017 Cable Royalty Allocation Proceeding. L&L’s clients (producers of religious programs distributed to commercial stations) were awarded their largest share ever in these royalty proceedings that date back to 1978, averaging more than 6% of the nearly $1 Billion compulsory royalties collected from cable systems for the litigated years. In the coming weeks, the Final Determination will be reviewed by the Librarian of Congress, who will then publish the ruling in the Federal Register, permitting any of the six active litigants to file an appeal. A related 2014-2017 Cable Royalty Distribution Proceeding will commence later this year. Read more IP Bits & Pieces™ at the link below. #copyrightroyaltyboard #librarianofcongress #federalregister #cableroyaltydistributionproceeding

The Supreme Court has vacated and remanded Florida and Texas laws limiting social media platforms' content moderation. Further analysis is needed on these laws' scope and potential First Amendment violations. Notably, Texas' law could threaten free expression rights. Subscribers only: https://ow.ly/6ghX50StUKL #FreeSpeech #SocialMedia #LegalUpdate #LegalNews

An important reminder that contracts are a powerful tool in managing copyright interests. It’s not always just about ownership of the underlying rights, but frequently about how those rights are managed and who is entitled to receive the proceeds pursuant to negotiated terms! #artlaw #artlawlawyer #copyright #copyrightlaw #royalties #contracts #contractlaw https://lnkd.in/g_ZfgpcJ

©️📝 More than 12.5 years since the infamous raid on the Dotcom mansion & almost 4 years since our Supreme Court ruled that Kim Dotcom could be extradited to the US to face criminal charges, our Justice Minister has finally signed the extradition order. Does this seal Dotcom's fate? Or can we expect yet another chapter in the Megaupload saga? Dotcom has maintained that he had no control over what users uploaded to Megaupload & that he provided adequate takedown measures. Yet the platform was widely used & known to be used for digital piracy. Maybe one day we'll finally see a decision on the copyright issues that started all of this... https://lnkd.in/gTJSC3K7 #ip #intellectualproperty #copyright #piracy #megaupload #dotcom

"Be prepared, and don’t assume at the UPC," advises Freshfields Bruckhaus Deringer’s Christopher Stothers, a strong advocate for greater transparency at the court. Despite early challenges, the Unified Patent Court has exceeded expectations, handling high volumes of cases and quickly resolving cross-border disputes. Stothers remains optimistic about the court’s future. Read the full story here: https://ow.ly/96z750TcvqT #UPC #TransparencyAdvocate #IntellectualProperty

Learn about the implications of a recent appellate decision in the case of Patrick et al. v. Running Warehouse, LLC. The court affirmed the trial court's decision to compel arbitration in putative class action lawsuits arising from a 2021 cyber breach affecting online sporting goods retailers. The court's ruling hinged on the concept of mutual assent in online contracts. Learn how the plaintiffs' acknowledgment, or lack thereof, of the website's terms during the checkout process played a crucial role. The decision sheds light on the enforceability of online contracts and the role of inquiry notice. Legal professionals, stay informed on the latest developments in contract law! Read the full Daily Appellate Report for an in-depth analysis. [Full report here] https://ow.ly/isjV50QBjIb #AppellateLaw #OnlineContracts #Arbitration #DataBreach #ClassActionLawsuits