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. 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. 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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Examples of Penalty Clause in a sentence

  • In case it cannot withhold, or the payment of any sums that person was claiming THE COMPANY to the CONTRACTOR by the reasons outlined in this clause, THE COMPANY may terminate this Contract for breach of the same, making effective the policies and Guarantees ruling the compliance with this Contract, including the Penalty Clause agreed here.

  • Such failure will result in the enforcement of the Penalty Clause under this Contract, for which this Contract provides enforceability.

  • For these purposes, the COMPANY is entitled to deduct from any amount to the CONTRACTOR the value of the Penalty Clause or judicially charged, without any court order.

  • The violation stated herein may result in immediate termination of this Contract without prejudice to any penalty that might arise and collection of the Penalty Clause established in this Contract, as well as the damage caused.

  • If THE COMPANY cannot hold the amount to be recognized to a third party for damages attributable to the CONTRACTOR and/or if such amount is not repaid to the COMPANY by the CONTRACTOR within five (5) business days following the notification date, this conduct will be understood as a breach of the Contract and will empower THE COMPANY to: (i) terminate, and/or (ii) collect the Penalty Clause under this Contract, without prejudice to legal actions that may be required.

  • In the event of failure to comply with the obligations of the TENANT set forth in paragraphs 8.01.1, 8.01.24, 8.02.4 of this Contract, except for the monetary obligations such as the monthly monetary Consideration established in this Contract, the TENANT shall pay OPAIN, as a Penalty Clause, an amount corresponding to one (1) year of installments, once the TENANT is required to comply with its obligations and the term established in clause 9.08.1 has expired without solving the failure.

  • The bidder whose items are not found up to the mark of standards shall be liable to immediate action under Penalty Clause of this tender.

  • As a result, if the Agreement is withdrawn from before the end of said initial term or extension, or if it is terminated due to a cause attributable to the Lessee, the latter shall pay the Lessor as damages and as a Penalty Clause a lump sum determined by mutual agreement without the need to certify the actual damages and without possible moderation by courts and tribunals the amount equivalent to the rent, costs and fees corresponding to the period remaining till such termination.

  • Penalty Clause As required by ORS 279C.580(4), the CMGC shall include a payment clause and an interest penalty clause in each of the first-tier subcontractor’s subcontracts that conforms to the standards defined in ORS 279C.580(3).

  • Effective when the Monday of a pay week is a statutory holiday, there shall be a twenty-four (24) hour grace period on the Penalty Clause as it applies to Clause Vacation and statutory pay shall be at the rate of ten percent of the hourly earnings of which four percent (4%) be in lieu of Vacation Pay and six percent (6%) shall be in lieu of statutory holiday pay.


More Definitions of Penalty Clause

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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Penalty Clause means the terms and conditions for monetary penalty on Original Equipment Manufacturer (OEM)/ Contractor.’
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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

  • 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.

  • 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.