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* Stipulated Damages *

STIPULATED DAMAGES - The sum agreed by the parties to be paid, on a breach of a contract, by the party violating his engagement to the other.

It is difficult to distinguish, in some cases, between stipulated damages and a penalty. The effect of inserting stipulated damages, either at law or equity, appears to be that both parties must abide by the stipulation and the prescribed sum must be given.
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