Can a penalty clause be enforced?

Generally, any clause included within a commercial contract which is included for the sole purpose of punishing a breaching party is deemed a 'penalty,' and is consequently unenforceable in law to the extent that it extends beyond the actual loss sustained as a result of the breach.

US Legal Forms
Artist Management Agreement

Sample Management Contract With Penalty Clause Philippines In Collin

Category:

Contracts - Entertainment

State:

Multi-State

County:

Collin

Control #:

US-0021BG

Format:

Instant download

Description

Itâ€™s important that the business arrangement between a manager and their client (artist, musician, songwriter, producer, engineer, etc) be put into writing and signed by both parties in the form of an artist management contract or music manager agreement. Even though disasters cannot always be avoided, obligations can be made much clearer and responsibilities more easily understood with the presence of a written artist management agreement. Before you get an attorney to draft a contract for you, however, you should first take stock of what you are prepared to do with and for an artist and what you expect out of the relationship.

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FAQ

While liquidated damages clauses are generally enforceable, courts do not enforce penalty clauses.

A penalty clause is a provision in a contract that imposes a monetary or other punishment on a party for failing to fulfill specific terms of the agreement. These clauses are typically designed to deter breach of contract and to encourage parties to perform their obligations as agreed.

Specific Penalty Amounts: Specify the exact monetary penalty that will be imposed for each failure to meet an obligation or deadline. Conditions for Imposition: Detail the conditions under which the penalty will be imposed, including how the breach or delay will be determined.

Contract clauses which have the effect of placing the non-breaching party in a better position than if the contract were fully performed are presumptively unenforceable because they amount to penalties; the goal of enforcing contracts is not to penalize, but to prevent loss to the non-breaching party.

These clauses allow parties, at the time of contracting, to agree to their respective damages liability if they later breach. While liquidated damages clauses are generally enforceable, courts do not enforce penalty clauses.

Generally, any clause included within a commercial contract which is included for the sole purpose of punishing a breaching party is deemed a 'penalty,' and is consequently unenforceable in law to the extent that it extends beyond the actual loss sustained as a result of the breach.

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1.1 The CONTRACTOR shall supply all the necessary labor, tools, materials, equipment, and supervision to construct and complete the PROJECT ("WORK"). The contract outlines the terms of an agreement between a company and a talent to manage the company's Facebook page called "Mr.Looking for a property management agreement template? 4.1.3 Fill-out and submit registration form which is downloadable from PS website;. 4.1. 4 Deposit the fund as stated in Article 3 and related provisions; and. The Property Manager shall manage, operate and maintain the Project in a commercially reasonable manner for the tenants thereof. Management, contract management, and project management. He is currently on the faculty of the. FAR 52.252-2 CLAUSES INCORPORATED BY REFERENCE (FEB 1998). A contract penalty clause sets out specific penalties or punishments that a party will face if they breach the agreement.

Sample Management Contract With Penalty Clause Philippines In Collin

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