Liquidated Damages
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Statutes
(1) Damages payable by either party for default, or any other act or omission, including indemnity for loss or diminution of anticipated tax benefits or loss or damage to lessor's residual interest, may be liquidated in the lease agreement but only at an amount or by a formula that is reasonable in light of the then anticipated harm caused by the default or other act or omission. (Va. Code Ann § 8.2A-504)
Cases
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Contributors
Steven L. Higgs, P.C.
The statutory information was edited and reviewed with the support of MultiState
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