The by-laws or contract may fix specific sums, in amounts fairly related to the actual damages ordinarily suffered in like circumstances, to be paid to the association as liquidated damages by a member who shall fail to perform any obligation to the association imposed upon him by the certificate of incorporation, the by-laws or a contract between him and the association. Such provision shall be valid and enforceable in an action brought by the association against a member.
N.J. Stat. Ann. § 4:13-28
Liquidated damages for failure of member to perform
Known as the New Jersey Aquaculture Development Act
The act spans §§ 4:10-1 to 4:9-38 (1,329 sections).
Amended by L.1966, c. 286, s. 25.
Current official text: New Jersey Legislature. Digitized from the New Jersey Legislature bulk statutes download. Reproduced from public-domain New Jersey statutes; confirm against the official source for the current text. Not legal advice.