REDUCTION OF PENALTIES IN THE NEW CIVIL CODE AND IN OTHER EUROPEAN LEGISLATION. THE LIMIT IMPOSED TO THE JUDGE, THE LIMIT BELOW WHICH NO PENALTY VALUE CAN DROP
REDUCTION OF PENALTIES IN THE NEW CIVIL CODE AND IN OTHER EUROPEAN LEGISLATION. THE LIMIT IMPOSED TO THE JUDGE, THE LIMIT BELOW WHICH NO PENALTY VALUE CAN DROP

Summary/Abstract: According to New Civil Code, the penalty clause may be reduced by the judge in case the main obligation was partly fulfilled and the creditor benefited by this fulfillment and in the situation in which the penalty is clearly excessive compared to the damage that could be foreseen by the parties upon the signing of the contract.

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