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Liquidated damages are a predetermined amount of money that’s paid as compensation for a breach of contract. They are normally included in a contract as a way to prevent the uncertainty and expense of proving actual damages in court.
Liquidated damages are enforceable if they’re:
If liquidated damages are found to be unreasonable or a penalty, they may be reduced by a court.
Some benefits of using liquidated damages include:
Some drawbacks of using liquidated damages include:
For importers, a common situation where liquidated damages come into play involves customs bonds. The bond is a way for the CBP to guarantee it will receive payment of all duties, taxes, and charges due on the imported merchandise.
If an importer fails to comply with regulations, the CBP can issue a claim for liquidated damages. This claim is essentially a fine. For example, if an importer doesn't complete the necessary paperwork or deliver goods on time as required by the terms of the customs bond, they could be assessed liquidated damages.
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Temporary Import Bond (TIB): Duty-Free Entry of Goods for Re-Export - USA Customs Clearance
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