Contractual Penalties: questionnaire

Does the local law cover a contractual penalty concept? If yes, please provide details, including how this could be stipulated (eg. fixed amount, descriptive definition, % from the agreed fee etc) and whether the amount of penalty shall be in some kind of correlation to the value of the transaction or could be unlimited.

Yes, it does. The Civil Code and more specific Chapter V of the Contracts Law establish statutory contractual penalty concept.

Chapter V of the Contracts Law provides for different kinds of liability which can b...

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Contractual Penalties: questionnaire

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