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baddestbunny
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Simple English definitions for legal terms
land damages
Read a random definition: Rental agreement
A quick definition of land damages:
Land damages refer to compensation paid by the government to a property owner whose land has been taken under eminent domain. This compensation is usually the fair market value of the property, so the owner is not worse off after the taking. Compensation is payment for work done, including wages, benefits, and other remuneration. Unemployment compensation is paid to people who have been laid off, and deferred compensation is payment for work to be done in the future. Just compensation is a payment made by the government to property owners whose land has been taken under eminent domain.
A more thorough explanation:
Land damages refer to compensation paid by the government for property it has taken under eminent domain. This compensation is usually the fair market value of the property, so that the owner is theoretically no worse off after the taking. It is also known as just compensation or adequate compensation.
- If the government takes a piece of land to build a highway, they must pay the owner just compensation for the value of the land.
- An employee may receive deferred compensation, which is payment for work performed that will be paid in the future or when some future event occurs.
- Unemployment compensation is paid by a state agency to an unemployed person, especially one who has been laid off.
These examples illustrate the different types of compensation that exist. Just compensation is paid by the government for property taken under eminent domain, deferred compensation is payment for work that will be paid in the future, and unemployment compensation is paid to those who are unemployed.