When "Liquidated Damages" Are Not—The Common Law's Abhorrence of Penalties and What You May or May Not Be Able to Do About It | Weil, Gotshal & Manges LLP
To embed, copy and paste the code into your website or blog: As a general rule, courts do not save sophisticated parties from bad deals; instead, courts enforce both good deals and bad deals between sophisticated parties according to the express terms set forth in a written contract. [1] New York is particularly prone to upholding these freedom of contract principles because freedom of contract avoids “judicial upending of the balance struck at the conclusion of the parties’ negotiations,�...
Source: jdsupra.com