liquidated damages(A fixed or determined sum agreed by the parties to a contract to be payable on breach by one of the parties. If a liquidated damages payment constitutes a penalty it will be void. The term also describes sums expressly payable as liquidated damages under statute. In all other cases where the court quantifies or assesses damages or loss, whether pecuniary or non-pecuniary, the damages are known as unliquidated damages. PLG Alexander Demidov)
unliquidated damages(Damages (monetary compensation) which cannot be precisely quantified upon commencement of legal proceedings (as opposed to liquidated damages which can). LE Alexander Demidov)
