/lɪˈkwɪdətɪd ˈdæmɪdʒɪz/ – Phrase
Definition: Bồi thường thiệt hại ước tính
A more thorough explanation: Liquidated damages refer to a specific sum of money agreed upon by parties in a contract to be paid as compensation for a breach of contract. This predetermined amount is intended to estimate the actual damages that may arise from a breach and is specified in the contract terms.
Example: In the event of a breach of contract, the non-breaching party may be entitled to recover liquidated damages as specified in the agreement.