Liquidate

v. t.

(Law) To determine by agreement or by litigation the precise amount of (indebtedness); or, where there is an indebtedness to more than one person, to determine the precise amount of (each indebtedness); to make the amount of (an indebtedness) clear and certain.
In an extended sense: To ascertain the amount, or the several amounts, of, and apply assets toward the discharge of (an indebtedness).
To discharge; to pay off or settle, as an indebtedness.
To make clear and intelligible.
To make liquid.
To convert (assets) into cash.
To kill; -- used mostly of governments or organizations killing their enemies; as, Stalin liquidated many of the Kulaks.
To dissolve (an organization); to terminate (an activity).

Liquidated damages

(Law)