Penal sum definition

Penal sum means a sum to be paid as a penalty especially under the terms of a bond.
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Penal sum or “penal amount” means the amount of money specified in a bond (or a percentage of the bid price in a bid bond) as the maximum payment for which the surety is obligated or the amount of security required to be pledged to the Government in lieu of a corporate or individual surety for the bond.
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Penal sum. The amount in which a bond is issued is called the “penal sum,” or the “penalty amount,” of the bond.
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More Definitions of Penal sum

Penal sum as used in this Agreement, shall mean the sum of the Fees plus the estimated cost to install and warrant the Improvements, as such Fees and costs are set forth under the "RECITALS" of this Agreement.
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Penal sum means the Initial Bond Penal Sum or the INI Current Penal Sum, as applicable. Any proceeds received by TETRA in excess of the amount so utilized shall be maintained by TETRA in escrow and such funds shall be used exclusively to pay for the performance of the Abandonment Obligations, and shall be treated as replacement security for a portion of the Initial Bonds as provided in Section III.7.
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Penal sum means the Original Stage 1 Permanent Bond Penal Sum or the Current Stage 1 Permanent Bond Penal Sum, as appropriate.
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Related to Penal sum

  • Provisional Sum means a sum (if any) which is specified in the Contract as a provisional sum, for the execution of any part of the Works or for the supply of Plant, Materials or services under Sub-Clause 13.5 [Provisional Sums].

  • Principal Sum means the Maximum Benefit.

  • Late Charge shall have the meaning set forth in Section 13.09 hereof.

  • LATE CHARGES All invoices are due and payable upon receipt. Any invoices not paid within thirty (30) days of the invoice date are subject to a one percent (1%) per month financing charge on any unpaid balance but only to the extent permitted by law.

  • Default Interest means interest chargeable in terms of this Agreement to unpaid amounts or outstanding obligations which interest shall be calculated, from the due date until date of payment, on a daily balance and compounded monthly in arrear at an annual rate of two percent (2%) above the prevailing, variable prime rate publicly quoted by ABSA Bank Limited from time to time.