Alaska Statutes 10.15.220 – Liquidated damages clause in cooperative contracts
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Terms Used In Alaska Statutes 10.15.220
- Contract: A legal written agreement that becomes binding when signed.
- cooperative: means a cooperative corporation subject to the provisions of this chapter. See Alaska Statutes 10.15.595
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- member: means a person who has been qualified and accepted for membership in a cooperative. See Alaska Statutes 10.15.595
The contract referred to in Alaska Stat. § 10.15.215 may fix and require liquidated damages to be paid by the member to the cooperative in the event of a breach of the contract by the member. Liquidated damages may be a percentage of the value or a specified amount per unit of the products, goods or services involved by the breach, or a specific sum.