Penal Clause Sample Clauses

Penal Clause. 1. In case the Contractor is delayed in finishing and delivering the Work and fails to meet the given deadline of handover on the 15th September 2018, 14:00 p.m. CET, the Contractor is obliged to pay the Client, a fine in the amount equal to 1,5 percent (1,5%) of the final Price (excluding any options not awarded and any variation order) per hour (including Sundays & Public Holidays), for every hour of delay until works are performed or until 18th September 2018, 22:00 p.m. passes. 2. In case the Contractor fails to comply with any Work requirements specified in Annex no. 1 to this Contract and in Article VI., paragraph 2 (e.g. material, quality, etc.), the Contractor shall rectify such failure within the time specified in delivery and acceptance report. Failing to do so, the Contractor must pay the Client, a fine in the amount equal to 10 percent (10%) of the final Price (excluding any options not awarded and any variation order) per day (including Sundays & Public Holidays), for every day of delay until works are performed or until 18th September 22:00 p.m. passes. 3. In case the Contractor fails to commence with the flaw rectification within the period specified in Article VI., paragraph 3 of this Contract, the Contractor must pay the Client a fine in the amount equal to 10% of the final price. In case the Contractor fails to rectify the flaw within the period specified in Article VI., paragraph 3 of this Contract, the Contractor must pay the Client, a fine in the amount equal to 1,5 percent (1,5%) of the final contract price (excluding any options not awarded and any variation order) per hour (including Sundays & Public Holidays), for every hour of delay until works are performed or until 18th September 2018, 22:00 p.m. passes. 4. The contractual fine will be balanced against the amount of the final invoice issued upon the Work completion. The due fine will be calculated and deducted from the final balance which the Client should pay to the Contractor. 5. Any contractual penalty settlement does not exclude the right of the Client to claim the entire damage (direct or indirect).
Sample 1See All (5)
AutoNDA by SimpleDocs
Penal Clause. If the Exhibitor cancels its participation after signing the contract and after paying the advance, but before 15 February 2025, it will lose the advance amount and the booking of the space rental. If the Exhibitor notifies its withdrawal after 15 February 2025, it will lose the entire amount paid up to the time of its withdrawal. In both cases, the Exhibitor must notify the Organizer in writing about the cancellation of its participation. If, without notifying the cancellation of participation in the exhibition, the Exhibitor fails to occupy the stand designated by the Organizer 24 hours prior to the opening of the exhibition, the Organizer may designate another company that will occupy the stand in question. In such a case, the Exhibitor will lose all the amounts paid to the Organizer and undertakes to pay in addition all services related to the stand.
Sample 1
Penal Clause. In case any of the Parties fails to comply with any obligation contained in the Agreement, excluding all those that depend on the will of a third party, provided that in this last event the obligated Party acted diligently, the Unfulfilled Party will pay as penalty to the Party that has fulfilled with an amount equivalent ten percent (10%) of the purchase Price. Once notified of the event of non-compliance with these obligations by the Fulfilled Party that has complied with the Unfulfilled Party or its agent, the Unfulfilled Party shall have a term of thirty (30) calendar days to cure the unfulfilled. In the event that the Unfulfilled Party does not cure its unfulfilled in the aforementioned term, the penalty contemplated herein may be demanded by the executive proceeding in the ordinary jurisdiction, with the simple presentation of this Agreement and the affirmation of the Fulfilled Party with the non-compliance of the opposing party, and without the need for a requirement or constitution in default, rights to which the Parties renounce in their reciprocal benefit. The penalty will cause interest at the maximum rate allowed by the Applicable Law. In addition to the requirement of the penalty, the Party that has fulfilled may request the termination of the Agreement and compensation for damages that may arise. The Parties declare that this document provides executive merit for the executive collection of this penal clause. The Unfulfilled Party shall pay the amount of the penalty established in this clause to the Fulfilled Party, immediately after the expiration of the term for the Unfulfilled Party to cure its non-compliance.
Sample 1
Penal Clause. After completing the Seismic program specified under Article 1.2.1, Farmee, until February 28, 2024, shall decide whether there are potential structures worth drilling a well in the license areas. If Farmee chooses not to drill a well, it may withdraw from the partnership by transferring all the work it has done to DERKİM. After acquiring the license transfer, Xxxxxx agrees to cover 50% of its remaining obligations (to fulfill the Minimum Work Obligation) in the 5-year work and investment programs that DERKİM submits to GDMPA for each license.
Sample 1
Penal Clause. In case OSGB fails to perform the Service in accordance with this Agreement, the Employer reserves their right to procure the non-performed service from another company and the price difference and other expenses thereof shall be incumbent upon OSGB.
Sample 1
Penal Clause. 11.1. The party that adversely affects the other in no compliance with any clause above is obliged to reimburse the adversely affected party in the exact proportion of the damage caused, in addition to a fine of 20% (twenty percent) of the amount of the commercial transactions made by PST and the SUPPLIER in the retroactive period of 1 (one) year counting from the date of the breach.
Sample 1
Penal Clause. The breach of this Agreement declared by an arbitration panel decision pursuant to the procedure agreed upon in this Agreement, [whether it causes the termination of this Agreement pursuant to Section Eight, Clause 3,] shall bind the breaching party to pay to the other party that complied or attempted to comply, a penalty in immediately available funds equal to [*] for every box of volume of pineapples that has not been delivered or purchased during the rest of the term of this Agreement or each extension, if any. Such penalty shall constitute the sole and definitive payment of the entire damages to which the affected party may have any right, including any prejudice for collateral, eventual or consequential damages. The payment of such penalty shall free the breaching party from the performance of any other obligation arising pursuant to this Agreement. Notwithstanding the foregoing, the breached party shall have the right to continue to demand the fulfillment of the International Banana Purchase Agreement entered into on this date between Xxxxxxxx International Limited and Banana International Corporation.
Sample 1
AutoNDA by SimpleDocs

Related to Penal Clause

  • Final Clauses This Agreement will enter into force upon signature by both Parties and shall remain in force until completion of all obligations of the Parties under this Agreement.

  • Survival Clause It is the intent of the Parties that this Agreement and procurement method applies to any TIPS Sale made during the life of this Agreement even if made on or near the Contract Expiration Date as defined herein. Thus, all TIPS Sales, including but not limited to: leases, service agreements, license agreements, open purchase orders, warranties, and contracts, even if they extend months or years past the TIPS Contract Expiration Date, shall survive the expiration or termination of this Agreement subject to the terms and conditions of the Supplemental Agreement between Customer and Vendor or unless otherwise specified herein.

  • Additional Clauses 31.13.1 The Parties expressly agree that if any limitation or provision contained or expressly referred to in this Clause 31 (Indemnities and Liability) is held to be invalid under any Law, it will be deemed omitted to that extent, and if any party becomes liable for loss or damage to which that limitation or provision applied, that liability will be subject to the remaining limitations and provisions set out in this Clause 31 (Indemnities and Liability). 31.13.2 Nothing in this Clause 31 (Indemnities and Liability) will act to reduce or affect a Party's general duty to mitigate its loss and for the avoidance of doubt including any circumstances under which a party has the benefit of an indemnity under this Agreement.

  • General Clauses 29.1 This Deed of Sale constitutes the entire agreement between the Parties as to the subject matter hereof and no agreement, representation or warranty between the Parties other than those set out herein are binding on the Parties. 29.2 No extension of time, waiver, indulgence or suspension of any of the provisions of this agreement, which any Party hereto may have given, shall be binding unless recorded in a written document signed by all Parties. 29.3 No variation or alteration or cancellation of this Deed of Sale or any of the terms hereof, shall be of any force or effect, unless in writing and signed by the Parties hereto. 29.4 The Parties signing this document confirm that they have read and understood all of the terms and conditions contained herein and agree that they are bound hereto. 29.5 The Seller and the Purchaser warrants that they are duly authorised to sign acceptance of the Deed of Sale. 29.6 The agreements and undertaking of parties contained in this agreement shall each be construed as an agreement and undertaking independent of any other provision of this agreement. The parties hereby expressly agree that it is not the intention of any party to violate any public policy, statutory or common law, and that if any sentence, paragraph, clause or combination of the same is in violation of the law of the Republic of South Africa, such sentence, paragraph, clause or combination of the same alone shall be void in the jurisdiction where it is unlawful, and the remainder of such clause and this agreement shall remain binding upon the parties hereto. The parties further acknowledge that it is their intention that the provisions of this agreement be binding only to the extent that they may be lawful under existing applicable law of the Republic of South Africa, and in the event that any provision hereof is determined to be overly broad or unenforceable, the parties hereto agree to the modification of such provisions by their attorneys to the minimum extent required to make them valid and enforceable. SIGNED at on this the day of 20 . AS WITNESS:

  • SPECIAL CLAUSES [No special clauses apply to this grant agreement.] [The following special clauses apply to this grant agreement:]

  • Penalty Clause a. Non-execution of supply order - For the reasons of failure to supply partially or completely within 30 days, if the Procurement cell has to buy the items from the RC 2 (L-2), RC 3 (L-3) or approved local vendor firm, the rate difference in cost will be recovered from XX xxxxxx i.e. L1 /Billing Agency as appointed by the Rate Contract Holder. The difference amount will be deducted from the forthcoming bills of the supplier pertaining to any product. Repeated failure (Three times) to supply in part or in full may amount to termination of rate contract for the product (s) and forfeiture of Performance Security. Reasons of failure to supply the material will be communicated by the firm to the Procurement cell timely. b. Late delivery clause -The date & time of the delivery as stipulated in the supply order shall be deemed to be the essence of the contract and delivery must be completed no later than the date(s) as specified in the supply order. Unsupplied items of each supply order which will not be supplied during stipulated time period of 30 days should be treated as cancelled and will be procured from RC-2/RC-3 or approved local vendor and difference amount deducted from forthcoming bills of RC1 (L1)/Billing Agency as appointed by the Rate Contract Holder. c. Non production of item – Difference in the value between existing source and source from where supplies are being obtained for remaining tendered quantity will be recovered from the billing agency.

  • BREAK CLAUSE IF YOU HAVE OPTED FOR A FIXED TERM CONTRACT YOU WILL NOT HAVE THE DETAILS OF A BREAK CLAUSE NOTED IN YOUR PARTICULARS. 5.1. The Landlord shall be entitled to serve upon the Tenant Statutory Notice of not less than two calendar months to break this tenancy. Such Notice: 5.1.1. Shall be at least 2 months’ notice to break this Tenancy 5.1.2. Shall not expire before the end of the «D0000_401C_0#Landlord_notice_take_effect» month of the term 5.

  • Sunset Clause The provisions of this Section expires automatically on the expiration date of this Agreement.

  • Standard Contractual Clauses Where (i) Personal Data of an EEA or Swiss based Controller is processed in a country outside the EEA, Switzerland and any country, organization or territory acknowledged by the European Union as safe country with an adequate level of data protection under Art. 45 GDPR, or where (ii) Personal Data of another Controller is processed internationally and such international processing requires an adequacy means under the laws of the country of the Controller and the required adequacy means can be met by entering into Standard Contractual Clauses, then: (a) SAP and Customer enter into the Standard Contractual Clauses; (b) Customer enters into the Standard Contractual Clauses with each relevant Subprocessor as follows, either (i) Customer joins the Standard Contractual Clauses entered into by SAP or SAP SE and the Subprocessor as an independent owner of rights and obligations ("Accession Model") or, (ii) the Subprocessor (represented by SAP) enters into the Standard Contractual Clauses with Customer ("Power of Attorney Model"). The Power of Attorney Model shall apply if and when SAP has expressly confirmed that a Subprocessor is eligible for it through the Subprocessor list provided under Section 6.1(c), or a notice to Customer; and/or (c) Other Controllers whose use of the Cloud Services has been authorized by Customer under the Agreement may also enter into Standard Contractual Clauses with SAP and/or the relevant Subprocessors in the same manner as Customer in accordance with Sections 7.2

  • NO STRIKE CLAUSE During the life of this Agreement the VSEA and employees covered by this Agreement acknowledge their statutory obligations in relation to 3 VSA 903(b) and agree to be bound thereby.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!