Dante v. Herrero: Calculating Liquidated Damages You work for Sheridan Paralegals Inc., Court and Tribunal Agents, 22 County Court Boulevard, Unit 123, Brampton, ON A1A 2B3 TEL: 905 111 2222 FAX: 905 111 2233. Your client is Francesca Dante. Ms. Dante lives at 98 Calendar Court, Mississauga, and Ontario X2X 3Y4 TEL: 905 111 2222. On December 1, 2015, Ms. Dante loaned $4,000.00 to her best friend, Suzanne Herrero. Ms. Herrero lives at 105 Morton Avenue, Mississauga, Ontario L2X 4Y5. The loan is secured by a promissory note dated December 1, 2015 signed by Ms. Herrero. The terms of the note are as follows: By her signature hereto, the undersigned SUZANNE HERRERO acknowledges receipt of the sum of FOUR THOUSAND DOLLARS ($4,000.00), paid by Francesca Dante to Suzanne Herrero on today's date. Interest shall be payable on said sum at a rate of 12% per annum, commencing December 1, 2015. The entire principal amount plus interest thereon shall be due and payable in full on March 1, 2016. In the event of default by Suzanne Herrero, interest shall continue to accrue at a rate of 12% per annum until such time as all amounts owing are paid in full or judgment is obtained, and post-judgment interest shall accrue on the judgment amount, including costs, at a rate of 12% per annum until such time as the amount owing is paid in full. On March 1, 2016, Ms. Herrero gave Ms. Dante a cheque in the amount of $4,120.00, on account of the principal owing of $4,000.00 plus three months' interest of $120.00. The cheque was returned due to insufficient funds. An NSF charge of $37.50 was debited from Ms. Dante's account