MEDICAL,USA: Amount stipulated in a contract that estimates a value to be recovered by an individual if the other party breaches. The sum is a measure of damages for a breach, whether it exceeds or falls short of the actual damages.
***
Damages that are agreed to either by the court or by the parties to a suit or action.
***
Specific sum of money which has been expressly stipulated by the parties to a contract as the amount of damages to be recovered by any party for a breach of the agreement by the other(s).

Course of action of converting all assets into cash and paying all outside creditors according to the order of their preference and distributing what is left over to the owners in proportion and in the order of preference of ownership. Also called liquidation .

Individual who is administering assets in any liquidation proceeding.