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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Loan

The loan is the commitment that arises between lender and borrower on the basis of the conclusion of the loan agreement. The lender will lend the…

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