Construction Contract Sample With Penalty Clause Philippines
Description
How to fill out Construction Contract For Home - Fixed Fee Or Cost Plus?
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FAQ
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.
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.
What is the penalty for delay? Article 21.05 provides that upon failure of the Contractor to complete the Work within the Completion Time, the Contractor shall pay the Owner liquidated damages in the amount stipulated in the Contract as indemnity, but shall not exceed ten percent (10%) of the total contract price [Art.
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.
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.