Penalties for violations and compensation for damage are two regular sanctions applied when one of the parties to the contractual relationship breaches the agreed obligations. Sanctions against contract breaches have the main purpose of punishing, affecting the consciousness of subjects in order to educate the sense of respect for the law, to prevent contract breaches. Meanwhile, compensation for damage is a form of application aimed at restoring and compensating for the lost material benefits of the party violating the sale and purchase contract. So what should enterprises pay attention to when negotiating, signing and implementing contracts to avoid penalties and compensation for contract breaches?
This is the content discussed in the Business and Law program dated August 15, 2020 with the participation of Mr. Nguyen Hung Quang, Managing Partner of NHQuang&Associates with the topic: Penalty and compensation for damage from breach of contract.
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