Sentences with phrase «penalty clause in»

Also, if you have a pre-payment penalty clause in your present mortgage, you will have to pay that penalty if you refinance.

Some banks still had an IRD penalty clause in their standard charge terms, but the formula for calculating this was very different from today.

some Banks still had an IRD penalty clause in their standard charge terms but the formula for calculating this was very different from today.

The Reds also have a policy against renegotiating, but General Manager Bob Howsam did agree to knock out the penalty clauses in Seaver's contract.

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

The ability to manage your contracts through a process such as this will allow you to leverage the knowledge in your existing contracts, report on the extracted data, even recover hidden revenue (e.g. by policing penalty clauses in your supplier agreements) and comply with current and upcoming regulations.

Not exact matches

I have no idea what clauses Mullen has in his current contract, but if they don't have much penalties in there for leaving to another SEC school, I can see this happening.

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.

Donaldson also questioned whether «penalty clauses» [exposure] in the proposed contract are «less a business decision and more a political one.»

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.

The Michigan Truth in Renting Act regulates residential leases prohibiting certain clauses or provisions and prescribing penalties.

Virtually any legally owned property can be mortgaged, although real property (land and buildings) are the most common.A clause in a mortgage contract that says if the mortgage is prepaid within a certain time period, a penalty will be assessed.

As another way to compensate for prepayment risk (which is a reinvestment risk), a prepayment penalty clause is often included in the loan contract.

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 legislationIn 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 legislationin 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 legislationin 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 ability to waive an implied reasonableness term usually goes hand in hand with the contract doctrine that holds «penalties» in contracts to be void as against public policy, but upholds «liquidated damages» clauses.

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:

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.

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.

When would a contractual provision be considered a penalty clause not enforceable in courts?

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».

A penalty clause finding would have removed the time limitation constraints for customers in issuing proceedings.»

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.

In your contract you can include a penalty clause which provides liquidated damages for each day that the project runs over the schedule.

Pre-payment penalties will generally provide you with a slightly lower interest rate in exchange for the pre-payment penalty clause.