Common use of Penalty Fees Clause in Contracts

Penalty Fees. Should the CONSULTANT be in breach of any or all of its obligations in providing the Services within time specified under the conditions stipulated in this Agreement, the CONSULTANT consents to pay the COMPANY a penalty corresponding to 0.3% of Contract Price per day, but not exceed 5% of Contract Price. If it appears to the COMPANY that the CONSULTANT does not duly rectify the breach within the reasonable period of time or within the period of time as stipulated in the notice to the CONSULTANT, the COMPANY shall be entitled to terminate this Agreement and to exercise the right to claim in accordance with this clause 12. The imposition of penalty under this clause 12.5 shall not prejudice the right of the COMPANY to claim for compensation due to any breach by the CONSULTANT of this Agreement.

Penalty Fees. Should the CONSULTANT CONTRACTOR be in breach of any or all of its obligations in providing the Services within time specified under the conditions stipulated in this Agreement, the CONSULTANT CONTRACTOR consents to pay the COMPANY a penalty corresponding to 0.3% of Contract Price per day, but not exceed 510% of Contract Price. If it appears to the COMPANY that the CONSULTANT CONTRACTOR does not duly rectify the breach within the reasonable period of time or within the period of time as stipulated in the notice to the CONSULTANTCONTRACTOR, the COMPANY shall be entitled to terminate this Agreement and to exercise the right to claim in accordance with this clause 12. The imposition of penalty under this clause 12.5 shall not prejudice the right of the COMPANY to claim for compensation due to any breach by the CONSULTANT CONTRACTOR of this Agreement.