penalties

penalties
Penalties are not enforceable. A provision of a contract which professes to fix an amount to be paid as a penalty if it is designed to extract compensation that is greater than a genuine pre-estimate of loss may be considered a penalty.

Easyform Glossary of Law Terms. — UK law terms.


penalties
n.
1 Punishment in the form of fines or prison terms imposed on wrongdoers. Although normally applied in criminal cases, there are some cases of civil misdeeds for which a penalty (as distinct from a remedy) may be imposed.
2 Damages imposed by a contract for failing to meet a certain obligation, such as completion by the agreed-upon date.

Webster's New World Law Dictionary. . 2000.

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