Definition of the term Penalty Clause

A provision in a contract that provides for a reduction in the amount otherwise payable under a contract to a contractor as a penalty for failure to meet deadlines or for failure of the project to meet contract specifications.

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About the Home Inspector
Dan Joandrea

- I have been working in the home remodeling / construction industry for over 11 years. I have decided to open a home inspection company to help real estate home buyers to make an informed decision before making their biggest investment of their life. The home inspection is a very important step when purchasing a home.