Penalty clause

Penalty clause

Provision in a contract that imposes a specified sum on the defaulting contracting party for a specified default.

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Part of Speech: noun
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Industry/Domain: Law
Category: Contracts
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Related terms

penalty clause

Law; Contracts

Provision in a contract that imposes a specified sum on the defaulting contracting party for a specified default.

penalty clause

Construction; General

A provision in a contract that provides for a reduction in the amount otherwise payable under a contract to a contractor as a penalty for failure to meet deadlines or for failure ...

penalty clause

Law; Legal services; General law

A contract clause that calls for payment of a specific amount of money to punish a breach. Unlike liquidated damages, it is not based on the money that would compensate for the ...

penalty clause

Law; General law

A contract clause that calls for payment of a specific amount of money to punish a breach. Unlike liquidated damages, it is not based on the money that would compensate for the ...

clause

Language; Grammar

Group of words containing a subject and its verb.

Contract

Law; Contracts

Contract, same meaning of agreement, a commercial contract this is a commercial agreement

contract

Law; Contracts

A lawful agreement between two or more parties, usually written is called as contract.Contract was made between both parties in written form.

act no.

Law; Contracts

A product, such as a statute, decree, or enactment, resulting from a decision by a legislative or judicial body

coll.

Law; Contracts

collected, coll., follows the number of an act, eg. Act No 111 Coll.

commercial register

Law; Contracts

a document that compulsorily registers individuals and legal entities (companies) engaging in commercial activities

as amended

Law; Contracts

a legislative measure altered formally by adding, deleting, or rephrasing

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