TERMIUM Plus®

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MINIMUM PAYMENT CLAUSE [1 record]

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Record 1 2015-06-16

English

Subject field(s)
  • Law of Contracts (common law)
CONT

It is less clear whether a clause can be penal if it provides for a payment on several events one of which is a breach while another is not. The problem has arisen under so-called minimum payment clauses in hire purchase agreements. Such a clause commonly provides that on premature determination of the agreement the hirer shall bring his payments under it up to a specified proportion of the hire purchase price (or the whole of it) "by way of agreed compensation for depreciation."

French

Domaine(s)
  • Droit des contrats (common law)

Spanish

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