Liquidated damages (also referred to as liquidated and ascertained damages) are damages in which that the amount recoverable in the event of a specified breach (e.g., late performance) is agreed at the date of a contract. In such circumstances a liquidated damages provision will be included in the contract. When damages are not predetermined/assessed in advance then the amount recoverable is said to be 'at large' (to be agreed or determined by a court or tribunal in the event of breach).