Common use of PENALTY FOR BREACH OF CONTRACT Clause in Contracts

PENALTY FOR BREACH OF CONTRACT. 6.1 Party B shall ensure the delivery of assets to Party A on time in accordance with the Agreement or each specific Purchase Order, depending on the case of delay in asset formation as committed in Article 5.2 or delay in each specific Purchase Order. In case Party B delays to deliver the assets on schedule (but not due to force majeure events and not due to Party A’s fault), Party B shall be subject to a penalty of [***] of the [***] for each day of delay, but the total delay shall not be more than [***] days. The total penalty value shall not exceed [***] of the [***]. 6.2 In case Party A delays in payment for Party B, Party A shall be subject to a penalty of [***] of the due value for payment of the Purchase Order for each day of late payment, the delay time shall not be more than [***] days. If Party A has not paid Party B for more than [***] days, Party B will have the right to recover the assets until Party B receives payment from Party A.