Sentences with phrase «of penalty clause»

Try creating a contract with yourself that includes some sort of penalty clause.

Not exact matches

And The Ten Commandments make clear that «Thou shalt not kill» — there is no clause for retribution towards terrorists or the death penalty or anything of the sort.

After an appropriate introduction relating all laws to God, the Book of the Covenant proceeds to state its laws and regulations for the most part without further reference to the deity, and omitting any clause as to why the law shall be observed or what will result from its infraction (other than the legal penalty) or its observance.

The Bill also contains clauses paving the way for Making Tax Digital, substantial changes to the rules for fulfilment businesses and a range of anti-avoidance measures, including penalties for enablers of avoidance schemes.

Some distant talk of Jaguars although there penalty clause for leaving a new stadium is insane and not affordable....

In the event, it would have cost the exchequer more to cancel the projects because of punishing penalty clauses than to complete the carriers - which may not be able to carry any British fixed - wing aircraft until 2019.

Clause 95 of the Finance Bill 2017 provides for a new penalty which will apply to anyone found to have claimed input tax on a transaction which they «knew or should have known» was connected with a VAT fraud (the input tax claim thus being bad in law).

Article 14 (1) Every person shall be entitled to his personal liberty and no person shall be deprived of his personal liberty except in the following cases and in accordance with procedure permitted by law; Article 19 (1) A person charged with a criminal offence shall be given a fair hearing within a reasonable time by a court; Article 19 (11) No person shall be convicted of a criminal offence unless the offence is defined and the penalty for it is prescribed in a written law; Article 19 (12) Clause (11) of this article shall not prevent a Superior Court from punishing a person for contempt of itself notwithstanding that the act or omission constitution the contempt is not defined in a written law and the penalty is not so prescribed; and Article 126 (2) The Superior Courts shall be superior courts of record and shall have the power to commit for contempt to themselves and all such powers as were vested in a court of record immediately before the coming into force of this constitution.

Details delivery dates of the full text of the book, penalties or out clauses if the manuscript isn't delivered, etc..

The penalty clauses usually provide an interest penalty on top of already existing rates.

However, both these types of payment have penalty clauses in case you default with paying your loan.

Prepayment clause provides a limit, restriction or a payment of penalty due to the lender if the borrower decides to prepay the loan.

The effect of compounding on bills can even be greater if the agreement between you and the lender carries added penalties or other clauses.

In this clause 6 «Claims» means and includes any action, suit, proceeding, claim, demand, damage, penalty, cost or expense however arising (including negligence, trespass to the person or for breach of implied terms in the sale of services under section 74 of the Trade Practices Act (1974) Cth and equivalent provisions contained in State sale of goods or fair trading legislation).

It has written into it a penalty clause that claws back a large part of the salary of the elected member responsible if it isn't proven to be neutral in any one year, by a fixed date.

The High Court applied the principles established in Dunlop Tyre in deciding whether the contractual clause entitling the defendant to draw upon and retain the bank guarantee in the face of the plaintiff's default constituted a penalty clause.

Lord Dunedin in Dunlop Tyre laid down the guidelines to assist in determining if a clause for payment of a fixed sum was a penalty or a genuine pre-estimate of loss:

The fact that a clause is not a genuine pre-estimate of loss does not automatically make it a penalty clause.

In determining whether a contractual provision is a penalty clause, the test has been to assess whether the consequence that follows the breach of that provision is a genuine pre-estimate of the innocent party's loss.

The majority of the Supreme Court held that the new test to determine penalty clauses is whether the impugned provision is a secondary obligation which imposes a detriment on the contract - breaker out of all proportion to any legitimate interest of the innocent party in the enforcement of the primary obligation.1

This is because a provision in a complex commercial contract may not be a penalty clause even though consequences following the breach may not represent a genuine pre-estimate of the loss suffered by the innocent party.

(1.1) For greater certainty, if a hearing by the Tribunal is required under section 140 in respect of an order to pay an administrative penalty, the regulations made under clause 182.3 (13)(b) governing the determination of the amounts of administrative penalties apply to the Tribunal.

Clause 10 of the earlier version prohibited victims from using a solicitor to help them fill out or submit the claim form or to take any active role at the crucial initial stages of the claim on penalty of the entire claim being rejected outright.

A penalty clause is not legitimate if it is does not bear any relation to the actual losses, but is merely a threat designed to frighten the tenant into timely payment of rent.

Ultimately, whether or not a Penalty Clause is legitimate is up to the decision of a Judge.

Recent cases encompass the duties of senior employees, directors, and shareholders; confidential information and restraint of trade; complex discrimination and whistleblowing claims; penalty clauses; and professional negligence by solicitors.

Therefore, a penalty clause will not be legitimate where the sum is extravagant or excessively large compared to the possible losses, or if the tenant agrees to pay a certain sum of money and a larger sum if the first sum is not paid.

The rule, generally, is that a Penalty Clause is legitimate if it is a genuine pre-estimate of loss that a landlord will suffer as a result of late or non-payment of rent.

The court unanimously agreed, based on a 1976 Supreme Court decision, that the reasonableness of the monetary amount, i.e., whether the lump sum payments set out in the clause amounted to a genuine estimate of anticipated damages or a penalty, was only relevant to the issue of damages; it was not relevant to the reasonableness of the clause itself.

The application judge found that the two - member firm partnership had been dissolved and declared the restrictive covenant unenforceable as a penalty, but directed a trial of an issue to determine the damages payable by the appellant as a result of a breach of the portion of the portion of the covenant he found valid and severable — the withdrawal having triggered a clause in the agreement which called for the reduction of the withdrawing partner's capital account «by 500 % of the average fees billed by the firm to clients who transfer to the withdrawing partner within 24... Read More

The application judge found that the two - member firm partnership had been dissolved and declared the restrictive covenant unenforceable as a penalty, but directed a trial of an issue to determine the damages payable by the appellant as a result of a breach of the portion of the portion of the covenant he found valid and severable — the withdrawal having triggered a clause in the agreement which called for the reduction of the withdrawing partner's capital account «by 500 % of the average fees billed by the firm to clients who transfer to the withdrawing partner within 24 months of the withdrawal date».

Every lease I have ever seen (and most of the free template lease forms on the web have) had a clause stating that making unauthorized changes to the property is not permitted, along with the possible penalties, like paying for the damages, losing a deposit, even eviction.

However, careful drafting is needed to ensure that this type of loss is both quantifiable and that an indemnity clause covering it could not be successfully challenged for being a «penalty» clause within the supply agreement.

With the passing of the Insurance Laws (Amendment) Bill, 2015, a penalty clause fining insurance companies up to Rs 25 crore for mis - selling was announced.

The Agreed Value Option is an excellent tool for policy holders to avoid the penalty of the coinsurance clause in both property and business income insurance.

The settlement carried no financial penalties but included a clause stating that Facebook could face fines of $ 16,000 per violation per day.

You can also include a bonus clause, (which is sometimes required legally) that allows the contractor to be paid extra for finishing ahead of schedule, (usually the same amount as the penalty clause).

Enact federal laws prohibiting yield - spread premiums to mortgage brokers, loan flipping, mandatory arbitration clauses, balloon loans, and steep prepayment penalties, and laws setting minimal underwriting standards, establishing uniform mortgage broker licensing requirements, and a national database of disciplinary actions.

Any property offered with seller financing should have a no pre-payment penalty clause built into the loan papers for the benefit of the buyer.