<P> The last chapter of the bank fees saga took place in July 2016 where the High Court dismissed the appeal for leave and held that the full court was correct to characterise the loss provision costs, regulatory capital costs and collection costs as affecting the legitimate interests of the Bank . The Court asserted that the fact that those categories of costs could not be recovered in an action for damages did not alter that conclusion . Further, neither the fact that the late payment fees were not genuine pre-estimates of damage nor the fact that the amounts charged were disproportionate to the actual loss suffered by itself rendered the late payment fees penalties . High Court </P> <P> In the United States, Section 2 - 718 (1) of the Uniform Commercial Code provides that, in contracts for the sale of goods: </P> <Dl> <Dd> Damages for breach by either party may be liquidated in the agreement but only at an amount which is reasonable in the light of the anticipated or actual harm caused by the breach, the difficulties of proof of loss, and the inconvenience or nonfeasibility of otherwise obtaining an adequate remedy . A term fixing unreasonably large liquidated damages is void as a penalty . </Dd> </Dl> <Dd> Damages for breach by either party may be liquidated in the agreement but only at an amount which is reasonable in the light of the anticipated or actual harm caused by the breach, the difficulties of proof of loss, and the inconvenience or nonfeasibility of otherwise obtaining an adequate remedy . A term fixing unreasonably large liquidated damages is void as a penalty . </Dd>

Where do you find the liquidated damages clause