Sample Employment Contract With Penalty Clause
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How to fill out Sample Employment Agreement Between Telocity, Inc. And Vice President Of Human Interaction?
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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.
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.
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.
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.