Economic Value
/ɪˌkɑːnəˈmɪk ˈvæljuː/
Definitions
- (n.) The monetary worth of a good or service as determined by the market or its utility to a party, often used in assessing damages or compensation.
The court awarded damages based on the economic value of the lost property.
- (n.) Value attributed to an asset or action in legal contexts, reflecting its potential to generate economic benefit.
Economic value was a key factor in the valuation of the intellectual property during litigation.
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Commentary
In legal drafting, economic value is often distinguished from market value; clarity about the basis of valuation aids in precise damage awards.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.