Economic Extortion Sample Clauses

The Economic Extortion clause is designed to prohibit and address situations where one party attempts to obtain money, goods, or services from another through coercion, threats, or undue pressure. In practice, this clause applies to any conduct that leverages economic threats—such as threatening to withhold payments, disrupt business operations, or damage reputations—to force compliance or gain unfair advantage. Its core function is to deter and provide remedies for unethical or illegal economic pressure, thereby protecting parties from being compelled into unfavorable agreements or actions under duress.
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Economic Extortion. It is construed as economic extortion any act to subdue the will of an officer accompanied by a threat or force, in order to obtain a benefit for the person or for a third party; in this sense, Cenit rejects any act of extortion, which have criminal sanctions regulated in Law 599 of 2000, Colombian Criminal Code. DC – Contrato de Transporte de Crude Oil – 008 – 2013 100