Liquidated Damages

(i) Whether liquidated damages are free to regulate by local laws

The Civil Code provides that liquidated damages are monetary funds, payable by the party in default and are determined by laws or contract.

The Contract Law provides that unless contract provides otherwise the minimum requirement for liquidated damages is at the rate of 0,5 percent of the unfulfilled obligations, whereas the total of liquidated damages should not exceed 50 percent of the unfulfilled obligations.

The Civi...

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Liquidated Damages

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