Employment Agreement Clause With Penalty
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FAQ
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.
A penalty clause is a stipulation of a contract where the parties agree that if one of them does not comply with certain arrangements, requirements or instructions, a certain sum of money has to be paid.
A penalty clause is a clause within a contract that seeks to make the counterparty responsible for paying a large sum of money if they breach the contract. However, this sum of money is usually not proportionate to the loss that will be suffered due to the breach.
Penalty clauses on the other hand are penal damages which are more than the loss which is incurred. Section 74 of the Act defines Compensation for breach of Contract where penalty is stipulated for.