If a contract provides for the payment of a certain amount on breach of a contract, such payment is termed as:

Name: If a contract provides for the payment of a certain amount on breach of a contract, such payment is termed as:
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Liquidated damages are a predetermined form of compensation for breach of contract, agreed upon by the parties at the time of forming the contract. This contrasts with other forms of damages that are assessed and awarded after the breach occurs.

If a Contract Provides for the Payment of a Certain