Common use of Remedy for Breach of Contract Clause in Contracts

Remedy for Breach of Contract. In the event that ▇▇. ▇▇▇▇▇▇▇ commits any breach of Articles 9, 10 and/or 11 he shall, in variance from the provisions of Section 7:650 subsections 3, 4 and 5 of the Civil Code, forfeit to the Company an immediately payable penalty of EUR 50,000 for each such breach, to be increased by EUR 5,000 for each day that any such breach continues, without prior notice or judicial intervention being required and entirely without prejudice to the Company's right to demand full compensation for the loss actually suffered by it and/or to demand specific performance instead of the aforesaid penalty.