Test yourself

Fill in the blanks with the missing words.
equity; law; annum; waive; arising; construed; payable; accrue; mitigate;

3. Payment of Liquidated Damages
The liquidated damages shall be (1 p.) within (number of days) from the date of notice from the Fund Manager specifying the amount due. Failure to pay the liquidated damages within the specified period shall (1 p.) interest at the rate of (insert interest rate) per (1 p.) .

4. Sole Remedy
The liquidated damages specified in this clause shall be the sole and exclusive remedy for late payments or failure to meet capital commitments, and the Fund Manager agrees to (1 p.) any other claims for damages or remedies available at (1 p.) or in (1 p.) .

5. Mitigation of Damages
The parties agree to make reasonable efforts to (1 p.) damages. The Fund Manager shall use commercially reasonable efforts to secure replacement capital in the event of a failure to meet capital commitments.

6. Governing Law
This clause and any disputes (1 p.) under or in connection with it shall be governed by and (1 p.) in accordance with the laws of (insert jurisdiction).