Common use of Contractual penalties and default interest Clause in Contracts

Contractual penalties and default interest. 8.1 If the Purchaser is in delay with payment of the purchase price, it will be obliged to pay to SPOLEK a contractual fine of 0.05% of the outstanding amount for each day of delay. 8.2 Should the Purchaser be in delay with taking over Products, it shall pay to SPOLEK a contractual fine of 0.05% of the purchase price of the Products not taken over for each calendar day of the delay, including the date of take-over. 8.3 The title to the payment of contractual fines shall not exclude the right of SPOLEK to liquidated damages in full scope. 8.4 Should any legal regulation specify a fine (penalty) for a breach of any contractual obligations on the side of the Purchaser, the right of SPOLEK for liquidated damages in its full amount resulting from the breach of the contractual obligation shall not be affected. 8.5 Spolek is authorised to request a default interest even if it is above the amount exceeding the principal debt amount from the Purchaser.