Penal Clause Clause Samples

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Penal Clause. 1. In case the Contractor is delayed in finishing and delivering the Work and fails to meet the given deadline of handover on the 15th September 2018, 14:00 p.m. CET, the Contractor is obliged to pay the Client, a fine in the amount equal to 1,5 percent (1,5%) of the final Price (excluding any options not awarded and any variation order) per hour (including Sundays & Public Holidays), for every hour of delay until works are performed or until 18th September 2018, 22:00 p.m. passes. 2. In case the Contractor fails to comply with any Work requirements specified in Annex no. 1 to this Contract and in Article VI., paragraph 2 (e.g. material, quality, etc.), the Contractor shall rectify such failure within the time specified in delivery and acceptance report. Failing to do so, the Contractor must pay the Client, a fine in the amount equal to 10 percent (10%) of the final Price (excluding any options not awarded and any variation order) per day (including Sundays & Public Holidays), for every day of delay until works are performed or until 18th September 22:00 p.m. passes. 3. In case the Contractor fails to commence with the flaw rectification within the period specified in Article VI., paragraph 3 of this Contract, the Contractor must pay the Client a fine in the amount equal to 10% of the final price. In case the Contractor fails to rectify the flaw within the period specified in Article VI., paragraph 3 of this Contract, the Contractor must pay the Client, a fine in the amount equal to 1,5 percent (1,5%) of the final contract price (excluding any options not awarded and any variation order) per hour (including Sundays & Public Holidays), for every hour of delay until works are performed or until 18th September 2018, 22:00 p.m. passes. 4. The contractual fine will be balanced against the amount of the final invoice issued upon the Work completion. The due fine will be calculated and deducted from the final balance which the Client should pay to the Contractor. 5. Any contractual penalty settlement does not exclude the right of the Client to claim the entire damage (direct or indirect).
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Penal Clause. After completing the Seismic program specified under Article 1.2.1, Farmee, until February 28, 2024, shall decide whether there are potential structures worth drilling a well in the license areas. If Farmee chooses not to drill a well, it may withdraw from the partnership by transferring all the work it has done to DERKİM. After acquiring the license transfer, ▇▇▇▇▇▇ agrees to cover 50% of its remaining obligations (to fulfill the Minimum Work Obligation) in the 5-year work and investment programs that DERKİM submits to GDMPA for each license.
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Penal Clause. In case any of the Parties fails to comply with any obligation contained in the Agreement, excluding all those that depend on the will of a third party, provided that in this last event the obligated Party acted diligently, the Unfulfilled Party will pay as penalty to the Party that has fulfilled with an amount equivalent ten percent (10%) of the purchase Price. Once notified of the event of non-compliance with these obligations by the Fulfilled Party that has complied with the Unfulfilled Party or its agent, the Unfulfilled Party shall have a term of thirty (30) calendar days to cure the unfulfilled. In the event that the Unfulfilled Party does not cure its unfulfilled in the aforementioned term, the penalty contemplated herein may be demanded by the executive proceeding in the ordinary jurisdiction, with the simple presentation of this Agreement and the affirmation of the Fulfilled Party with the non-compliance of the opposing party, and without the need for a requirement or constitution in default, rights to which the Parties renounce in their reciprocal benefit. The penalty will cause interest at the maximum rate allowed by the Applicable Law. In addition to the requirement of the penalty, the Party that has fulfilled may request the termination of the Agreement and compensation for damages that may arise. The Parties declare that this document provides executive merit for the executive collection of this penal clause. The Unfulfilled Party shall pay the amount of the penalty established in this clause to the Fulfilled Party, immediately after the expiration of the term for the Unfulfilled Party to cure its non-compliance.
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Penal Clause. If the Exhibitor cancels its participation after signing the contract and after paying the advance, but before 15 February 2025, it will lose the advance amount and the booking of the space rental. If the Exhibitor notifies its withdrawal after 15 February 2025, it will lose the entire amount paid up to the time of its withdrawal. In both cases, the Exhibitor must notify the Organizer in writing about the cancellation of its participation. If, without notifying the cancellation of participation in the exhibition, the Exhibitor fails to occupy the stand designated by the Organizer 24 hours prior to the opening of the exhibition, the Organizer may designate another company that will occupy the stand in question. In such a case, the Exhibitor will lose all the amounts paid to the Organizer and undertakes to pay in addition all services related to the stand.
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Penal Clause. In case OSGB fails to perform the Service in accordance with this Agreement, the Employer reserves their right to procure the non-performed service from another company and the price difference and other expenses thereof shall be incumbent upon OSGB.
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Penal Clause. The breach of this Agreement declared by an arbitration panel decision pursuant to the procedure agreed upon in this Agreement, [whether it causes the termination of this Agreement pursuant to Section Eight, Clause 3,] shall bind the breaching party to pay to the other party that complied or attempted to comply, a penalty in immediately available funds equal to [*] for every box of volume of pineapples that has not been delivered or purchased during the rest of the term of this Agreement or each extension, if any. Such penalty shall constitute the sole and definitive payment of the entire damages to which the affected party may have any right, including any prejudice for collateral, eventual or consequential damages. The payment of such penalty shall free the breaching party from the performance of any other obligation arising pursuant to this Agreement. Notwithstanding the foregoing, the breached party shall have the right to continue to demand the fulfillment of the International Banana Purchase Agreement entered into on this date between ▇▇▇▇▇▇▇▇ International Limited and Banana International Corporation.
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Penal Clause. 11.1. The party that adversely affects the other in no compliance with any clause above is obliged to reimburse the adversely affected party in the exact proportion of the damage caused, in addition to a fine of 20% (twenty percent) of the amount of the commercial transactions made by PST and the SUPPLIER in the retroactive period of 1 (one) year counting from the date of the breach.
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Penal Clause. Without prejudice to the possible implementation of the resolutory clause and the claim for damages, pursuant to Article 1231-5 of the French Civil Code relating to penalty clauses, the parties agree that a default in payment of rent or charges will result in an increase of 15% of the sums due. This penalty clause will take e"ect in the event of inaction by the lessee beyond seven days from the sending, by the Landlord, of a formal notice by registered letter with acknowledgement of receipt.
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Related to Penal Clause

  • Final Clauses This Agreement will enter into force upon signature by both Parties and shall remain in force until completion of all obligations of the Parties under this Agreement.

  • Survival Clause It is the intent of the Parties that this Agreement and procurement method applies to any TIPS Sale made during the life of this Agreement even if made on or near the Contract Expiration Date as defined herein. Thus, all TIPS Sales, including but not limited to: leases, service agreements, license agreements, open purchase orders, warranties, and contracts, even if they extend months or years past the TIPS Contract Expiration Date, shall survive the expiration or termination of this Agreement subject to the terms and conditions of the Supplemental Agreement between Customer and Vendor or unless otherwise specified herein.

  • Additional Clauses 31.13.1 The Parties expressly agree that if any limitation or provision contained or expressly referred to in this Clause 31 (Indemnities and Liability) is held to be invalid under any Law, it will be deemed omitted to that extent, and if any party becomes liable for loss or damage to which that limitation or provision applied, that liability will be subject to the remaining limitations and provisions set out in this Clause 31 (Indemnities and Liability). 31.13.2 Nothing in this Clause 31 (Indemnities and Liability) will act to reduce or affect a Party's general duty to mitigate its loss and for the avoidance of doubt including any circumstances under which a party has the benefit of an indemnity under this Agreement.

  • General Clauses 29.1 This Deed of Sale constitutes the entire agreement between the Parties as to the subject matter hereof and no agreement, representation or warranty between the Parties other than those set out herein are binding on the Parties. 29.2 No extension of time, waiver, indulgence or suspension of any of the provisions of this agreement, which any Party hereto may have given, shall be binding unless recorded in a written document signed by all Parties. 29.3 No variation or alteration or cancellation of this Deed of Sale or any of the terms hereof, shall be of any force or effect, unless in writing and signed by the Parties hereto. 29.4 The Parties signing this document confirm that they have read and understood all of the terms and conditions contained herein and agree that they are bound hereto. 29.5 The Seller and the Purchaser warrants that they are duly authorised to sign acceptance of the Deed of Sale. 29.6 The agreements and undertaking of parties contained in this agreement shall each be construed as an agreement and undertaking independent of any other provision of this agreement. The parties hereby expressly agree that it is not the intention of any party to violate any public policy, statutory or common law, and that if any sentence, paragraph, clause or combination of the same is in violation of the law of the Republic of South Africa, such sentence, paragraph, clause or combination of the same alone shall be void in the jurisdiction where it is unlawful, and the remainder of such clause and this agreement shall remain binding upon the parties hereto. The parties further acknowledge that it is their intention that the provisions of this agreement be binding only to the extent that they may be lawful under existing applicable law of the Republic of South Africa, and in the event that any provision hereof is determined to be overly broad or unenforceable, the parties hereto agree to the modification of such provisions by their attorneys to the minimum extent required to make them valid and enforceable.

  • SPECIAL CLAUSES [No special clauses apply to this grant agreement.] [The following special clauses apply to this grant agreement:]