Liquidated Damages
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.
(2) If the lease agreement provides for liquidation of damages, and such provision does not comply with subsection (1), or such provision is an exclusive or limited remedy that circumstances cause to fail of its essential purpose, remedy may be had as provided in this article… (ยง46-2A-504)"
Cases
Comments
If the clause does not comply with the statutory requirements, there may be an entitlement to restitution under W. Va. Code Ann. § 46-2A-504 (2)-(4).
Contributors
The statutory information was edited and reviewed with the support of MultiState