What type of damages are specified in the contract?

The type of damages specified in a contract are typically referred to as "liquidated damages." These are damages the amount of which has been predetermined by the parties to a contract, to be paid in case of breach of the contract. The purpose of liquidated damages is to estimate potential loss in case of breach.

Here are the steps to identify them in a contract:

1. Read the Contract: Start by thoroughly reading the entire contract.

2. Look for a Damages Clause: Most contracts will have a clause that specifically talks about damages. This is often under a heading like "Remedies," "Breach," or "Damages."

3. Identify Liquidated Damages: Within the damages clause, look for language that specifies a certain amount of money to be paid in the event of a breach. This is the liquidated damages clause.

4. Understand the Terms: Make sure you understand the conditions under which the liquidated damages will be paid. This usually involves some sort of breach of the contract by one of the parties.

5. Consult a Lawyer: If you have trouble understanding the contract, it's a good idea to consult with a lawyer. They can help you understand the terms and conditions, and what you're agreeing to.

Remember, not all contracts will have liquidated damages clauses. Some contracts may specify other remedies for breach of contract, such as specific performance or injunctions.