Explain the rationale behind such a reference

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Reference no: EM133597599

When referring to liquidated damages as a remedy for a breach, many contracts contain language that states: "...as liquidated damages, and not as a penalty...."

Questions:

Explain the rationale behind such a reference.
Provide an example of a liquidated damages formula that would, in your opinion, be a "penalty."

Reference no: EM133597599

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