By Andrew R. Schwartz | Published January 20, 2025 | Posted in Commercial Litgation | Tagged Tags: Contract breach, Illinois law, Liquidated damages | Comments Off on When Is a Liquidated Damages Clause an Unenforceable Penalty?
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When Is a Liquidated Damages Clause an Unenforceable Penalty?
Liquidated damages clauses generally provide a predetermined amount of compensation in case of a contract breach, especially when actual damages may be difficult to calculate. However, Illinois courts will not enforce such a clause if it seeks to punish the breaching party rather than to approximate actual damages. A party challenging the enforceability of a Read More
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How Judgment Creditors Can Use Citations to Freeze Assets
Illinois law entitles judgment creditors to initiate supplementary proceedings to discover assets or income of a judgment debtor. Judgment creditors can use this process to seek out non-exempt assets or income by examining both the judgment debtor and other individuals who may hold relevant information. The remedy is particularly useful where the debtor may have Read More
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