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.
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, Xxxxxx 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.
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.
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.
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.
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 Xxxxxxxx International Limited and Banana International Corporation.
