What are contract penalties?
An example of an AI chatbot conversation about contract penalties and their implications.
What are contract penalties?
Contract penalties are provisions in a contract that impose a financial penalty on a party for failing to meet specific obligations.
Can you give me an example of a contract penalty?
Sure! For instance, if a contractor fails to complete a project by the deadline, they might have to pay a penalty of $500 for each day of delay.
Are contract penalties enforceable in court?
Yes, contract penalties can be enforceable in court, but they must be reasonable and not considered punitive.
How can I avoid penalties in a contract?
To avoid penalties, ensure you fully understand the contract terms, communicate proactively, and meet deadlines.
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