Common use of Contractual Penalty Clause in Contracts

Contractual Penalty. (1) For each breach of the Consultant’s duties under Section 1 para (2) of the Consultancy Contract (except due to death or inability to work by reason of illness or permanent disability), that is continued despite a written warning sent by the Company to the Consultant (“Warning”) and after giving the Consultant a period of 14 days to cure any alleged breach (“Curing Period”), the Consultant shall pay a contractual penalty of US$ 25,000 (in words: Dollar twenty five thousand) to the Company for each calendar day (after the Curing Period) as long as the violation is continued (“Contractual Penalty”). After having received a Warning the Consultant shall notify the Company in writing if he cured the breached (“Cure Notification”). If the Consultant has duly given a Cure Notification the breach shall be deemed cured and the Company shall be pre-cluded from claiming any Contractual Penalty with respect to such cured breach unless the Company has given a written notice of objection to the Cure Notification within five days after receipt of the Cure Notification describing in reasonable detail the reason why the Company believes the breach was not. If a breach was cured in accordance with the aforesaid sentences, this § 1 shall apply again to any new breach.

Contractual Penalty. (1) For each breach of the Consultant’s duties under Section 1 para (2) of the Consultancy Contract (except due to death or inability to work by reason of illness or permanent disability), that is continued despite a written warning sent by the Company to the Consultant (“Warning”) and after giving the Consultant a period of 14 days to cure any alleged breach (“Curing Period”), the Consultant shall pay a contractual penalty of US$ 25,000 (in words: Dollar twenty five thousand) to the Company for each calendar day (after the Curing Period) as long as the violation is continued (“Contractual Penalty”). After having received a Warning the Consultant shall notify the Company in writing if he cured the breached (“Cure Notification”). If the Consultant has duly given a Cure Notification the breach shall be deemed cured and the Company shall be pre-cluded from claiming any Contractual Penalty with respect to such cured breach unless the Company has given a written notice of objection to the Cure Notification within five days after receipt of the Cure Notification describing in reasonable detail the reason why the Company believes the breach was notnot cured. If a breach was cured in accordance with the aforesaid sentences, this § 1 shall apply again to any new breach.