Common use of DEFAULT PENALTY Clause in Contracts

DEFAULT PENALTY. 8.1. If, due to their exclusive fault, the Provider fails to fulfil the obligations undertaken in this contract, then the Beneficiary is entitled to claim as penalties, an amount equivalent to 0.1% of the outstanding value, for each day of delay, starting with the first business day after the due date, until the effective fulfilment of the obligations, by law, on an invoice basis and without any other formalities. 8.2. If the Beneficiary does not pay the invoices within the agreed deadline, then the Beneficiary may be charged, as penalties, an amount equivalent to 0.1% per day of late payment, starting with the first business day after the due date, until the effective fulfilment of the obligations, by law, on an invoice basis and without any other formalities.