Contractual penalties definition

Contractual penalties means obligation to pay a certain sum of money in case of a breach of the Sale contract. The amount of the Contractual penalties is agreed with regard to the expected extent of loss which might arise out of a breach of the relevant contractual obligations.
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Contractual penalties shall have the meaning ascribed to it in Clause 26.10 (Delay – Contractual Penalties);
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Examples of Contractual penalties in a sentence

  • Contractual penalties are payable within 30 days of notification demanding payment thereof.

  • Contractual penalties and default interest are payable within 14 calendar days from the date of the delivery of the written notice by which they are claimed.

  • Contractual penalties already paid shall be set off against such compensation payable for specific capacity overruns.

  • Contractual penalties are payable within 30 days of receipt of the demand for payment.

  • The Buyer shall be entitled to claim a contractual penalty against the Seller in the amount of 30 % of the Price, in case it will subsequently take advantage of the opportunity to withdraw from the Contract pursuant to Section 13.2.1 and 13.2.2. Contractual penalties are payable within 30 days of notification demanding payment thereof.

  • The Buyer shall be entitled to claim a contractual penalty against the Seller in the amount of 30 % of the Price, in case it will subsequently take advantage of the opportunity to withdraw from the Contract pursuant to Section 12.2.1 and 12.2.2. Contractual penalties are payable within 30 days of notification demanding payment thereof.

  • Contractual penalties already paid shall be set off against such com- pensation payable for specific capacity overruns.

  • Contractual penalties Each contractual penalty set forth in this Agreement operates as a measure for achieving the performance and not as a substitute for the performance of the Agreement.

  • Contractual penalties shall be payable within 15 days of delivery of their enumeration by the other Party.

  • Contractual penalties are payable within thirty (30) days after a demand for payment made out by authorized party is delivered to obliged party.

Related to Contractual penalties

  • PAGA Penalties means the total amount of PAGA civil penalties to be paid from the Gross Settlement Amount, allocated seventy-five percent (75%) to the LWDA and the twenty-five percent (25%) to the Aggrieved Employees in settlement of PAGA claims.

  • CAISO Penalties means any fees, liabilities, assessments, or similar charges assessed by the CAISO for (a) violation of the CAISO Tariff and all applicable protocols, WECC rules or CAISO operating instructions or orders or (b) as a result of Seller’s failure to follow Prudent Electrical Practices. “CAISO Penalties” do not include the costs and charges related to Scheduling and imbalances as addressed in Section 14.1 of this Agreement.

  • Statutory Penalties are those amounts awarded as a penalty, but are fixed in amount by statute.

  • Published Penalties means any additional published cancellation penalties levied by Your travel agency or Travel Supplier that apply to all clients of the travel agency or Travel Supplier and can be documented at time of Your purchase of Travel Arrangements from Your travel agency. The maximum amount reimbursable for travel agency published penalties is 25% of the total trip cost excluding taxes and other non-commissionable items.

  • Extra Contractual Obligations shall be defined as those liabilities not covered under any other provision of this Contract and that arise from the handling of any claim on business covered hereunder, such liabilities arising because of, but not limited to, the following: failure by the Company to settle within the Policy limit, or by reason of alleged or actual negligence, fraud or bad faith in rejecting an offer of settlement or in the preparation of the defense or in the trial of any action against its insured or reinsured or in the preparation or prosecution of an appeal consequent upon such action.