Contract Manufacturing Sample With Penalty Clause Philippines
Description
How to fill out Contract Manufacturing Statement Of Work?
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FAQ
A penalty clause states that one contracting party is required to give something, usually money, to the other party if he or she breaches the contract. With such a provision in place, the breaching party is more likely to pay the penalty to the other party instead of settling the matter in court.
Any clause which provides that a contracting party ? should he fail in the performance of a contractual obligation ? must pay a sum of money or perform another obligation, is considered a penalty clause.
How to Draft an Enforceable Penalty Clause? Make sure there is a legitimate interest that is proportionate to the enforcement of the main obligation by the innocent party. Consider whether the penalty clause has an actual pre-estimation of loss. ... Avoid making the penalty extravagant or unconscionable.
For example, if a landlord leases an apartment to a tenant for $1000 a month and the lease provides that if a tenant holds over, the tenant must pay $750 per day, then this would be considered a penalty clause and be invalid because the damages for holding over are excessive.
The use of the word penalty is not conclusive ? even where the parties have used the word penalty the court could find that the clause is a valid but in view of the rule against penalties is seems to make sense not to use the word in your agreement.