| 释义 |
penalty clause
Translations
penalty clause
penalty clauseA contract provision setting forth the damages a party must pay in the event of his breach. If such a clause is regarded by the court as too harsh to be regarded as a fair estimate of probable damages, it will normally be held invalid. See liquidated damages.Penalty clause
Penalty clauseA clause found in contract agreements that provides for a penalty in the event of default.Penalty ClauseIn a contract, especially a loan agreement, a clause stating that the payer must pay extra in the event of a late payment and/or default. The penalty clause states the amount of the penalty and the circumstances under which it must be paid. |