Penalty Clause definition

Penalty Clause means a fine for not fulfilling the build time identified in the RFP. “Proponent”, “Contractor” or “Consultant” means the legal entity submitting a response to a proposal.
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Penalty Clause means the terms and conditions for monetary penalty on Original Equipment Manufacturer (OEM)/ Contractor.’
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Penalty Clause. In the event that Center Coal fails to deliver 380 tons of lignite per day, Center Coal shall be penalized and shall forfeit to RTE the sum of $1,500 per day for all days when RTE had ordered coal and had expected delivery of such coal, unless the failure or inability to deliver is caused by an Act of God or any other cause which is beyond the control of Center Coal.
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Examples of Penalty Clause in a sentence

  • Penalty Clause for non-functioning of equipment in term of hardship to the patients and financial loss to institute: 95% up time of 365 days (24 hours a day) that is from the day of successful handing over of the whole complex.

  • The Contractor will take immediate action to resolve the same failing which the Penalty Clause will be invoked.

  • Except as provided under the Force Majeure clause of the GCC, a delay by the Supplier in the performance of its delivery obligations shall render the Supplier liable to the imposition of penalty pursuant to Penalty Clause of the GCC unless an extension of time is agreed upon pursuant to above clause without the application of penalty clauses.

  • Except as provided under the Force Majeure clause, a delay by the Supplier in the performance of its delivery obligations shall render the Supplier liable to the imposition of penalty pursuant to Penalty Clause unless an extension of time is agreed upon pursuant to above clause without the application of penalty clause.

  • Penalty Clause for non-Compliance of AMC: If the vendor fails to provide the AMC service for either of the quarter, a penalty of Rs.500/- per branch per quarter will be imposed on the respective service provider.

  • Penalty Clause ExclusionThere shall be no recovery for any and/or all liabilities, costs and expenses incurred as a result of the operation of any penalty clause or liquidated damages agreement, or any performance bond or guarantee, or any agreement in respect of tax or any other revenue liabilities.

  • If Concessionaire fails to create new assets which are damaged by theft or any other reason and Services are affected then the penalties will be levied as per Penalty Clause for not meeting the desired level of SLA.

  • If the contractor fails to carry out the entrusted job contract services and related miscellaneous works within the stipulated time and as per the scope of work and job specification, Vishwavidyalaya reserves the right to impose penalty as specified in the Penalty Clause and has the right of get the work done through someone else.

  • Penalty Clause: The supplier and/or its Indian agent will be required to give the guarantee towards the performance of the equipment during the warranty period and in case of comprehensive maintenance contract period for maintaining the equipment in good working condition for a period of at least 300 days out of a period of 365 days a year (i.e. 95% uptime) 24X7.

  • The contractor will take immediate action to resolve the same failing which the Penalty Clause will be invoked.


More Definitions of Penalty Clause

Penalty Clause. Acceptance for the Penalty clause as per point 15.1 of tender document 31 Acceptance for the point 15.2 of tender document 32 Acceptance for the Penalty clause for preventive maintenance as per point 15.3 of tender document 33 Acceptance for deployment of manpower for stand-by duties as per point 15.4 of tender document 34 Security Deposit: Confirmation & acceptance of depositing sum of 3% of annual cost of maintenance towards security deposit vide point 16.0 of tender document.
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Penalty Clause. In the event Thinkpath does not file the SB-2 Registration Statement within 30 days of execution of this Agreement then Thinkpath agrees to a 30,000 share per month penalty, to be issued on a pro-rata basis under the Terms of this Agreement, until such time as Thinkpath files the SB-2
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Penalty Clause. Refers to the provision for payment by the Service Provider to the Service Recipient in case of non-compliance with contractual obligations, as outlined in Article 9.
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Related to Penalty Clause

  • Deemer clause means a provision under this title under which upon the

  • Due-on-sale clause means a contract provision which authorizes the lender, at its option, to declare due and payable sums secured by the lender's security instrument if all or any part of the property, or an interest in the property, securing the real property loan is sold or transferred without the lender's prior written consent.

  • Additional Clauses means the additional Clauses specified in paragraph 2.1 of Annex A to this Contract that were requested in the Order by the CUSTOMER and that shall apply to this Contract.

  • Penalty Charge Notice means a notice served by a Civil Enforcement Officer pursuant to the provisions of section 78 of the 2004 Act and supporting regulations;

  • Penalty Charge means a penalty charge which is payable by virtue of paragraph 3(1) and (2) of Schedule 3 to this Act;

  • Prepayment Penalty Schedule A data field in the Mortgage Loan Schedule attached hereto as Exhibit A which sets forth the amount or method of calculation of the Prepayment Penalty Amount and the term during which such Prepayment Penalty Amount is imposed with respect to a Mortgage Loan.

  • Penalty Charges means any amounts collected from the Borrower that represent default charges, penalty charges, late fees and/or default interest, but excluding any yield maintenance charge or prepayment premium.

  • Alternative Clauses means the alternative Clauses specified in paragraph 2.2 of Annex A to this Contract that were requested in the Order by the CUSTOMER and that shall apply to this Contract.

  • Model Clauses means the standard contractual clauses annexed to the EU Commission Decision 2010/87/EU of 5 February 2010 for the transfer of Personal Data to Processors established in third countries under the EU Directives and any amendment, replacement or renewal thereof by the European Commission.

  • Specified Discount Prepayment Response means the irrevocable written response by each Lender, substantially in the form of Exhibit J, to a Specified Discount Prepayment Notice.

  • Penalty Notice means a notice given to a Person pursuant to section 5 of this By-law;

  • Erroneous Payment Deficiency Assignment has the meaning assigned to it in Section 10.10(d).

  • Loss Payable Clauses means the provisions regulating the manner of payment of sums receivable under the Insurances which are to be incorporated in the relevant insurance document, such Loss Payable Clauses to be in the forms set out in paragraph 4 of this Schedule, or such other form as the Bank may from time to time agree in writing;

  • Fourth Allocation of Principal means, with respect to any Payment Date, an amount equal to (1) the excess, if any, of (a) the sum of the Class A Note Balance, the Class B Note Balance, the Class C Note Balance and the Class D Note Balance as of such Payment Date (before giving effect to any principal payments made on the Notes on such Payment Date) over (b) the Pool Balance as of the end of the related Collection Period minus (2) the sum of the First Allocation of Principal, the Second Allocation of Principal and the Third Allocation of Principal for such Payment Date; provided, however, that the Fourth Allocation of Principal on and after the Final Scheduled Payment Date for the Class D Notes shall not be less than the amount that is necessary to reduce the outstanding principal amount of the Class D Notes to zero (after the application of the First Allocation of Principal, the Second Allocation of Principal and the Third Allocation of Principal).

  • EU Model Clauses means the (Standard Contractual Clauses (processors)) or any subsequent version thereof published by the European Commission (which will automatically apply). The Standard Contractual Clauses current as of the effective date of the Agreement are attached hereto as Appendix 4.

  • Loan Terms means and refers collectively to (a) all the terms and conditions set out in the Application Form, (b) these General Terms and Conditions, and (d) all terms and conditions specified in the other Loan Documents.

  • Event of Loss Proceeds means, with respect to any proceeds from any Event of Loss, all Satellite insurance proceeds received by the Issuer or any of the Restricted Subsidiaries in connection with such Event of Loss, after

  • Net Proceeds Deficiency shall have the meaning set forth in Section 7.4 hereof.

  • Third Allocation of Principal means, with respect to any Payment Date, an amount equal to (1) the excess, if any, of (a) the sum of the Class A Note Balance, the Class B Note Balance and the Class C Note Balance as of such Payment Date (before giving effect to any principal payments made on the Class A Notes, the Class B Notes and the Class C Notes on such Payment Date) over (b) the Pool Balance as of the end of the related Collection Period minus (2) the sum of the First Allocation of Principal and the Second Allocation of Principal for such Payment Date; provided, however, that the Third Allocation of Principal on and after the Final Scheduled Payment Date for the Class C Notes shall not be less than the amount that is necessary to reduce the outstanding principal amount of the Class C Notes to zero (after the application of the First Allocation of Principal and the Second Allocation of Principal).

  • Second Allocation of Principal means, with respect to any Payment Date, an amount equal to (1) the excess, if any, of (a) the sum of the Class A Note Balance and the Class B Note Balance as of such Payment Date (before giving effect to any principal payments made on the Class A Notes and the Class B Notes on such Payment Date) over (b) the Pool Balance as of the end of the related Collection Period minus (2) the First Allocation of Principal for such Payment Date; provided, however, that the Second Allocation of Principal on and after the Final Scheduled Payment Date for the Class B Notes shall not be less than the amount that is necessary to reduce the outstanding principal amount of the Class B Notes to zero (after the application of the First Allocation of Principal).

  • Loss Proceeds means, collectively, all Insurance Proceeds and all Condemnation Proceeds.

  • Request for Tender (RFT means the document(s) containing or referring to the Conditions of Tendering and Contract, the Annexure, Special Conditions of Contract (if any), Northern Territory Procurement Code, Scope of Services, Response Schedules, Drawings or Diagrams (if any) and any other document issued for the purposes of inviting tenders for the Services.

  • Special Purpose Provisions has the meaning specified in Section 11.02 of the LLC Agreement.

  • Reportable Modified Mortgage Loan Any Mortgage Loan that (i) has been subject to an interest rate reduction, (ii) has been subject to a term extension or (iii) has had amounts owing on such Mortgage Loan capitalized by adding such amount to the Stated Principal Balance of such Mortgage Loan; provided, however, that a Mortgage Loan modified in accordance with clause (i) above for a temporary period shall not be a Reportable Modified Mortgage Loan if such Mortgage Loan has not been delinquent in payments of principal and interest for six months since the date of such modification if that interest rate reduction is not made permanent thereafter.

  • Prepayment Charge Schedule A data field in the Mortgage Loan Schedule attached hereto as Exhibit A which sets forth the amount or method of calculation of the Prepayment Charge and the term during which such Prepayment Charge is imposed with respect to a Mortgage Loan.

  • Non-Discount Mortgage Loan Any Mortgage Loan with an Adjusted Net Mortgage Rate that is greater than or equal to the Required Coupon.