In the second episode of our M&A On Trial podcast series, Sachin Trikha and Harriet Martin tackle the burning question in everyone's minds in the event of a breach: what is the loss? What does it mean in practice if you only have a damages claim, particularly if you're the buyer and you've discovered a breach of warranty? What are your options if payment of cash isn't enough to address the breach? And what should you look out for if you want to introduce a break fee or similar "liquidated damages" clause to try to incentivise your counterparty to behave in a certain way?