Liquidated damages

Liquidate Liq"ui*date (l[i^]k"w[i^]*d[=a]t), v. t. [imp. & p. p. {Liquidated} (-d[=a]`t[e^]d); p. pr. & vb. n. {Liquidating}.] [LL. liquidatus, p. p. of liquidare to liquidate, fr. L. liquidus liquid, clear. See {Liquid}.] 1. (Law) To determine by agreement or by litigation the precise amount of (indebtedness); or, where there is an indebtedness to more than one person, to determine the precise amount of (each indebtedness); to make the amount of (an indebtedness) clear and certain. [1913 Webster]

A debt or demand is liquidated whenever the amount due is agreed on by the parties, or fixed by the operation of law. --15 Ga. Rep. 321. [1913 Webster]

If our epistolary accounts were fairly liquidated, I believe you would be brought in considerable debtor. --Chesterfield. [1913 Webster]

2. In an extended sense: To ascertain the amount, or the several amounts, of, and apply assets toward the discharge of (an indebtedness). --Abbott. [1913 Webster]

3. To discharge; to pay off or settle, as an indebtedness. [1913 Webster]

Friburg was ceded to Zurich by Sigismund to liquidate a debt of a thousand florins. --W. Coxe. [1913 Webster]

4. To make clear and intelligible. [1913 Webster]

Time only can liquidate the meaning of all parts of a compound system. --A. Hamilton. [1913 Webster]

5. To make liquid. [Obs.] [1913 Webster]

6. To convert (assets) into cash. [PJC]

7. To kill; -- used mostly of governments or organizations killing their enemies; as, Stalin liquidated many of the Kulaks. [PJC]

8. To dissolve (an organization); to terminate (an activity). [PJC]

{Liquidated damages} (Law), damages the amount of which is fixed or ascertained. --Abbott. [1913 Webster]