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A penal bond is a written instrument executed between an obligor and an obligee designed to secure the performance of a legal obligation through the in terrorem effect of the threat of a penalty for nonperformance.
The essence of a penalty is a payment of money stipulated as in terrorem of the offending party; the essence of liquidated damages is a genuine covenanted pre-estimate of damage. It will be held to be penalty if the sum stipulated for is extravagant and unconscionable in amount in comparison with the greatest loss that could conceivably be ...
Similar issues arise for callable bonds in the American municipal, corporate, and government agency sectors. As another way to compensate for prepayment risk (which is a reinvestment risk), a prepayment penalty clause is often included in the loan contract. [2] "Soft" prepayment terms can allow prepayment without penalty if the home is sold.
The penalty relief is automatic for taxpayers who owe back taxes, though it’s limited to tax bills of $100,000 or less, Rob Seltzer, a certified public accountant (CPA) at Seltzer Business ...
Any penalty is presumed to constitute liquidated damages. In the U.S. state of Louisiana, which follows a civil law system, liquidated damages are referred to as "stipulated damages". [21] Prior to 1 January 1985, Louisiana law used the term “penal clause” under former article 2117 of the Civil Code. [22]
Usually, a surety bond or surety is a promise by a surety or guarantor to pay one party (the obligee) a certain amount if a second party (the principal) fails to meet some obligation, such as fulfilling the terms of a contract. The surety bond protects the obligee against losses resulting from the principal's failure to meet the obligation.
Medicaid is one of the government safety nets that helps seniors pay for their care. Long-term care is a necessity for many seniors as they age and can be very expensive. Medicaid helps to pay for ...
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