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ARTICLE · 23 AUGUST 2018

Mitigation Of Damage

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The word "damage" simply means a sum of money given as compensation for loss or harm of any kind.

IndiaCorporate/Commercial Law
Rohit Singh Raghuwanshi
Rohit Singh Raghuwanshi
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Introduction-

The word "damage" simply means a sum of money given as compensation for loss or harm of any kind.1 In other words, "damages" is compensation for causing loss or injury through negligence or a deliberate act, or an estimate of Court or award of a sum as a fine for breach of a contract or of a statutory duty. It is the amount of money which the law awards or imposes as pecuniary compensation, recompense, or satisfaction for an injury done or a wrong sustained as a consequence of a breach of a contractual obligation. According to Black Law Dictionary, a damage is "Money compensation awarded as a remedy for a breach of contract or tortuous acts."2

Liquidated Damages and Unliquidated Damages

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