Sample Employment Contract With Penalty Clause

Name: Sample Employment Contract With Penalty Clause
Brand: US Legal Forms
Rating: 4.58 (304 reviews)

Category:

Corporations - Public - Employment

State:

Multi-State

Control #:

US-EG-9115

Format:

Instant download

Description Telocity

Employment Agreement between Telocity, Inc. and Jeff Raskin as Vice President of Human Interaction dated November 15, 1999. 6 pages

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FAQ

Broadly speaking, a penalty clause is a contractual provision which levies an excessive monetary penalty on a party in breach of contract which is out of all proportion to the loss suffered by the innocent party. Penalty clauses are generally unenforceable in English law.

How to Draft an Enforceable Penalty Clause?Make sure there is a legitimate interest that is proportionate to the enforcement of the main obligation by the innocent party.Consider whether the penalty clause has an actual pre-estimation of loss.Avoid making the penalty extravagant or unconscionable.

A penalty clause is a contractual clause that imposes liquidated damages that are unreasonably high and represent a punishment for breach, rather than a reasonable forecast of damages for the harm that is caused by the breach, are referred to as penalty clauses.

But, are such penalty clauses valid and enforceable? The short answer is no. It is well established that parties may agree to a set liquidated damage amounts for a breach of the contract, at the time of contracting, as long as the set liquidated damage clause is not intended to be a penalty.

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The employment contract may include that the employee owes a penalty if he violates the agreedupon conditions. A penalty clause sets out the amount a party must pay the other for breaching the contract.Compensation and Benefits.

Sample Employment Contract With Penalty Clause

Description Telocity

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FAQ

What is a penalty clause in a contract?

How do you write a penalty clause?

Can you have a penalty clause in a contract?

Are penalty clauses in employment contracts enforceable?

Interesting Questions

What is an employment contract?

What is a penalty clause in an employment contract?

Are penalty clauses common in multi-state employment contracts?

What types of breaches may trigger the penalty clause?

Can penalty clauses be enforceable in all states?

What factors determine the enforceability of a penalty clause in multi-state employment contracts?

What are some potential consequences employees may face for breaching a penalty clause?

How can an employee protect themselves from unfair penalty clauses?

Can an employee challenge the enforceability of a penalty clause?

What if an employee mistakenly breaches a penalty clause?

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