Contractual penalty

 

Meaning of the word: Contractual penalty

Contractual penalty is a penalty that is listed directly in the contract between the client and the bank institutions. As for sanctions, the bank may require the compensation for breach of conditions and client must pay it. The purpose of the penalty is mainly preventive.

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Annuity

An annuity is a term connecting with financial field. It means stream of fixed payments, it is periodically received over a specified period of time.…

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