contractual penalty election right

A penalty stipulated in a contract for breach, with the amount capped by a maximum. It sets the upper limit of the contractual penalty payable in case...

Definition describes the legal or contractually agreed upper limit (cap) on a contractual penalty for breach of contract; prevents excessive sanctions...

A pre-agreed monetary amount that must be paid by a party for breaching a contractual obligation; it is fixed and independent of actual damages, as sp...

A tiered contractual penalty is a clause in which the amount of liquidated damages or penalty increases in steps according to predefined thresholds (f...

A written notice that warns a party that breaches of contractual obligations may trigger a pre‑agreed contractual penalty, typically used to encourage...

A contractual penalty in which the stipulated damages are the exclusive remedy for a breach, excluding claims for additional damages or compensation b...