Contract law. Penalty. Pledge. Deposit (most important)

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Contract law. Penalty. Pledge. Deposit (most important)

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18. PENALTY. PLEDGE. DEPOSIT

The penalty can be set in a fixed amount, as a percentage of the amount of the unfulfilled obligation, and also in the form of an increased payment for the delivered goods or services. In this case, the penalty can be charged either once, or for each day of violation of the contract.

Fine and penalty - these are varieties of a penalty to which all the rules about it are fully applicable.

Types of penalty:

1) legal - provided for by the norms of the law, its size can be increased by agreement of the parties, but not reduced; negotiable - freely determined by the parties in the contract they conclude, and they indicate its size and calculation procedure;

2) credit - losses are reimbursed to the extent not covered by the forfeit;

exceptional - recovery of damages is excluded;

penalty area - recovery of damages is allowed, and they can be recovered in full amount in excess of the penalty;

alternative - gives the creditor the right to choose: he can demand either a penalty or compensation for damages.

By virtue of a pledge If the debtor fails to fulfill this obligation, the creditor under the obligation secured by the pledge shall have the right to receive satisfaction from the value of the pledged property preferentially over other creditors of the person who owns this property (the pledger).

Subject of pledge - any property, including property rights (claims), with the exception of those withdrawn from circulation, inextricably linked with the personality of the creditor (alimony, compensation for harm caused to health), and other rights, the assignment of which to another person is prohibited by law.

The deposit performs a number of functions. The security function is that if the party that gave the deposit is responsible for failure to fulfill the contract, it remains with the other party. If the party that received the deposit is responsible for the failure to fulfill the contract, it is obliged to pay the other party double the amount of the deposit. In addition, the party responsible for failure to fulfill the contract is obliged to compensate the other party for losses, minus the amount of the deposit, unless otherwise provided in the contract. The weakness of the deposit as an interim measure is that it can only be used in contractual obligations. Its advantages are the simplicity of fixing the amount of the deposit, the size of which may vary, and simplification of the proof procedure for the interested party to the contract.

A deposit should be distinguished from an advance - the amount paid by the party on account of the payments due from it under the concluded agreement. Like a deposit, an advance payment is a payment under the contract and proof of its conclusion, but it does not perform a security function.

Author: Rezepova V.E.

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