Common use of Not a Penalty Clause in Contracts

Not a Penalty. The parties have both been represented by, or had the opportunity to consult with, legal counsel in the negotiation of this Agreement and have bargained for and agreed to the foregoing liquidated damages provision, giving consideration to the fact that Employer will incur administrative and recruiting costs in obtaining a replacement for Employee, that Employer will lose the benefit of its investment in the Employee, and that Employer may face potentially increased compensation costs if Employee terminates this Agreement for convenience, all of which amounts are extremely difficult to determine with certainty. The parties further agree that the payment of such liquidated damages by Employee is Employer’s sole remedy and the acceptance thereof by Employer shall constitute adequate and reasonable compensation to Employer for any and all damages and injury suffered by it because of such termination by Employee. The liquidated damages are not, and shall not be construed to be, a penalty.

Not a Penalty. The parties have both been represented by, or had the opportunity to consult with, legal counsel in the negotiation of this Agreement and have bargained for and agreed to the foregoing liquidated damages provision, giving consideration to the fact that the Employer will incur administrative and recruiting costs in obtaining a replacement for the Employee, that the Employer will lose the benefit of its investment in the Employee, and that the Employer may face potentially increased compensation costs if the Employee terminates this Agreement for convenience, all of which amounts are extremely difficult to determine with certainty. The parties further agree that the payment of such liquidated damages by the Employee is the Employer’s sole remedy and the acceptance thereof by the Employer shall constitute adequate and reasonable compensation to the Employer for any and all damages and injury suffered by it because of such termination by the Employee. The liquidated damages are not, and shall not be construed to be, a penalty.

Not a Penalty. The parties have both been represented by, or had the opportunity to consult with, legal counsel in the negotiation of this Agreement and have bargained for and agreed to the foregoing liquidated damages provision, giving consideration to the fact that the Employer will incur administrative and recruiting costs in obtaining a replacement for the Employee, that the Employer will lose the benefit of its investment in the Employee, and that Employer may face potentially increased compensation costs if the Employee terminates this Agreement for convenience, all of which amounts are extremely difficult to determine with certainty. The parties further agree that the payment of such liquidated damages by the Employee is the Employer’s sole remedy and the acceptance thereof by the Employer shall constitute adequate and reasonable compensation to the Employer for any and all damages and injury suffered by it because of such termination by the Employee. The liquidated damages are not, and shall not be construed to be, a penalty.