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In relation to juristic persons, the constitutional documents (sometimes referred to as the charter documents) of the entity are the documents which define the existence of the entity and regulate the structure and control of the entity and its members. The precise form of the constitutional documents depends upon the type of entity. (Wikipedia)

In the United States, a liquidated damage clause is intended to estimate damages in the event of non-performance or breach of contract. [...] The intent of liquidated damages is simply to measure damages that are hard to prove once incurred. If the liquidated damages are disproportionate, they can, however, be declared a penalty. The clause is then void, and recovery will be limited to the actual damage that results from the breach. [...]

In civil law countries, the attitude toward contractual penalties is quite different from the common law approach. The Napoleonic Code, upon which most civil codes are based, allowed for penalties to encourage performance of contractual obligations. (This is the precise rationale that is rejected in the United States.) (lexology.com)

Some liabilities are not contingent liabilities but are estimated liabilities. For example, the electricity consumed, property taxes, worker compensation insurance premiums, repairs, etc. are absolutely owed because the services or goods were delivered. There is nothing contingent about these. However, the precise amounts may not be known at the time that the financial statements are prepared. Therefore, these liabilities had to be recorded by using estimated amounts. I suspect that many of the accrual-type adjusting entries involve estimated liabilities. (accountingcoach.com)

The well-worn words of Clause 10.1 of the NEC3 contract provide that the parties “shall act as stated in this contract and in a spirit of mutual trust and co-operation”. The precise nature of the legal obligation imposed by this clause has been the subject of much debate. (Lexology)