Common use of Contractual penalties and default interest Clause in Contracts

Contractual penalties and default interest. 1. If the Seller is in default on the delivery of Equipment at the agreed time, under Article III (1) of this Agreement, the Purchaser is entitled to require that the Seller pay a contractual penalty of 0.05 % of the total purchase price of the Equipment, exclusive of VAT, for each day of default or part thereof, until full performance of the obligation.

Contractual penalties and default interest. 1. If the Seller is in default on the delivery of Equipment at for more than 14 days after the agreed time, under Article III (1) of this Agreement, the Purchaser is entitled to require that the Seller pay a contractual penalty of 0.05 % of the total purchase price of the Equipment, exclusive of VAT, for each day of default or part thereof, max. 5% of the applicable value, until full performance of the obligation.