Employment Agreement Form Sample With Penalty Clause
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FAQ
But, are such penalty clauses valid and enforceable? The short answer is no. It is well established that parties may agree to a set liquidated damage amounts for a breach of the contract, at the time of contracting, as long as the set liquidated damage clause is not intended to be a penalty.
Broadly speaking, a penalty clause is a contractual provision which levies an excessive monetary penalty on a party in breach of contract which is out of all proportion to the loss suffered by the innocent party. Penalty clauses are generally unenforceable in English law.
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.
A penalty clause is a contractual clause that imposes liquidated damages that are unreasonably high and represent a punishment for breach, rather than a reasonable forecast of damages for the harm that is caused by the breach, are referred to as penalty clauses.