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Damages And Liquidation
DAMAGES AND LIQUIDATION
The following shall apply as a legally binding addendum to the contract made between [First Party's Name] and [Second Party's Name] on [Date of agreement].
In the case of termination due to breach of contract, than all parties acknowledge and agree that the party so deemed in breach shall pay the other a sum in the amount of [Amount paid for liquidated damages] to serve as liquidated damages.
Signature Dated
Signature Dated