Liquidated damage clauses, which establish the amount of damages to be paid in the event of a breach or cancellation of a contract, have become a standard part of hotel agreements. They can benefit both sides of a contract, but they can also be abused. Meeting executives need to negotiate these clauses carefully to minimize their potential negative impact. A liquidated damage clause is frequently mistaken for a "penalty" provision, but they are different. First, penalties for cancellation ...

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