Scott Mollen Realty Law Digest
Scott E. Mollen, a partner at Herrick, Feinstein, discusses "Columbia University v. D'Agostino Supermarkets," a decision involving a clash of competing public policy considerations: freedom to contract, enforceability of settlement agreements and the unenforceability of illegal penalties.
December 22, 2020 at 12:36 PM
17 minute read
Liquidated Damages Provision Violated Public Policy as an Illegal Penalty—It Was Grossly Disproportionate to the Actual Damages—Dissent Asserted It Should Be Enforced as a Valid Settlement Agreement Between Two Sophisticated Counseled Commercial Parties—Landlord-Tenant Surrender Agreement
This decision involved the "propriety of a liquidated damages provision" (damage provision) in a landlord-tenant "surrender agreement" (agreement). The New York Court of Appeals held that the agreement is "an unenforceable penalty in contravention of public policy."
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