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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FROM DICTIONARY
General conditions of insurance
General conditions of insurance define the contract between the policyholder and the insurer. This is a legal framework that provides all the…
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