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The American Heritage Dictionary of Business Terms » severance damages
severance damages
severance damages definition - business
severance damages
Payment for the loss of value to the remaining portion of a tract of land, the other portion of which has been condemned and taken for public use. The state condemns land for highway construction. Payment to the landowner would include the value of the land taken plus severance damages for repairs to the remaining property incurred by the landowner following construction of the highway.
The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.
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