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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Social and retirement insurance
Social and retirement insurance is any government-sponsored program and it is mandatory for for all citizens of the Czech Republic. It is also…
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