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Liquidated Damages to be payable irrespective of actual damages

The High Court of Delhi in its recent judgment in the case of Sudhir Gensets Ltd. v. Indian Oil Corporation Ltd., while interpreting Section 74 of the Indian Contract Act,1872, held that if a contract specifies the limit of liquidated damages that would be payable in the event of a breach,  then the claimant is entitled to receive reasonable compensation whether or not actual loss is proved to have been caused by such breach.

Tag: Contract

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eMinds Legal is a Corporate Law Firm based in Gurgaon, India specializing in Corporate Legal, Corporate Secretarial and Compliance. The Firm comprises of a team of Corporate Lawyers and Company Secretaries with in-depth subject matter knowledge and participative industry experience of over 15 years.

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