Author: Lavanya Gupta

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I am a Law student at Sushant University, Gurugram, Haryana. I am a learned and a leader with quite good experience at work and aim to be a judicial officer in the future. I worked as a student researcher in a book with some good mentors and learned a lot from them. want to explore me and want to improve my loopholes for my career.

Section 74 of ICA in Contemporary Commercial Context

Indian Law

Where the amount specified in the contract is likely to be a true prior estimate of the damage caused by the breach, it is called “one-time damages”, otherwise the amount is called a “fine” under Section 74 and Section 73 of the Indian Contract Act, 1872.  It is also commonly believed that a “fine” is an amount specified in a contract to prevent a breach.  It is intended to provide triple protection: For the injured party, it may constitute the only possibility for damages that cannot be proven with certainty; For the violator, it has the effect of limiting the…

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