What is the difference between liquidated damages and penalty ?

Question added by Mahmoud ALy , FIELD SERVICE ENGINEER , TENARIS GLOBAL SERVICES
Date Posted: 2015/03/09

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by Satish Rai , Deputy General Manager , Inabensa

LD : Liquidation amount of compensation is always defined and fixed through out the contract.

Penalty : Amount of money demanded as compensation based on extent of damage, its called penalty.

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