Estimating Damages Sample Clauses
The Estimating Damages clause defines how financial losses will be calculated if one party breaches the contract. Typically, it outlines the method or formula for determining the amount owed, such as referencing actual losses, market values, or pre-agreed sums. This clause provides predictability and reduces disputes by clarifying compensation expectations in advance, thereby streamlining the resolution process if a breach occurs.
Estimating Damages. It is acknowledged by both parties that time is of the essence in the completion of this Agreement. It is difficult to estimate the amount of damages resulting from delay in performance. The parties have used their judgment to arrive at a reasonable amount to compensate for delay.