Meaning of "liquidated damages equal to actual incurred costs"?

[Howei Yeh]

Dear BP,

Can you help me understand some language in a pm agreement for a termination clause?

"Owner shall pay liquidated damages equal to actual incurred costs to date."

Does it mean the damages equal all the management fees to date? For example, if the PM fees were $1000/yr, and the PM worked for 15 years (all paid for), the owner would have to pay out $15,000? 

Thanks.