18 Guam Code Ann. § 13117
Terms Used In 18 Guam Code Ann. § 13117
- Contract: A legal written agreement that becomes binding when signed.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
COL070307
18 Guam Code Ann. BUSINESS STRUCTURE & FUNCTION
CH. 13 NONPROFIT COOPERATIVE ASSOCIATIONS
The bylaws or the marketing contract may fix, as liquidated damages, specific sums to be paid by the member or stockholder to the association upon the breach by him of any provisions of the marketing contract regarding the sale or delivery or withholding of products; and may further provide that the member will pay all costs, premiums for bonds, expenses and fees, in case any action is brought upon the contract by the association; and any such provisions shall be valid and enforceable in the courts of this territory; and such clauses providing for liquidated damages shall be enforceable as such and shall not be regarded as penalties.
SOURCE: CC § 650.17.