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What is Understanding Section 74 of ICA 1872 about?

Section 74 of the Indian Contract Act deals with compensation for breach of contract where a penalty is specified. It distinguishes between a legitimate pre-estimate of damages (liquidated damages) and a penalty intended to enforce performance. Liquidated damages represent a reasonable assessment of damages and are recoverable. A penalty is meant to deter breach rather than estimate damages and typically only the actual damages caused can be recovered. The section provides that where a contract names a sum

Author

aditya singh

Language

EN