Common use of Penalty Clause Clause in Contracts

Penalty Clause. In case of violation of the conditions regarding the use of the license right in Article 4 of this agreement, the violating party is obliged to pay the penalty specified in this article. If the Licensee violates the license rights of the Licensor in any way, the Licensee accepts, declares and undertakes to pay 4 times of total paid license amount as a penalty. If the violation is detected, a written notification will be made by the Licensor and the payment of the penal clause by the Licensee will be made to the Licensor within 30 (thirty) days from the notification.