A clause in a contract that seeks to punish one party for breaching the agreement. Remedies for breach of contract seek to restore parties to where they would have been had the breach not taken place. It is not possible for the injured party to benefit beyond that from the other party’s breach, so damages which have a punitive effect on the party who breaches the agreement by enriching the injured party are not enforceable in law. See also Damages, Liquidated.« Back to Glossary Index
Discover the world’s largest Glossary of Procurement terms
With over 800 Procurement specific terms (and growing) you will find everything you need to know or thought you knew about the Procurement function. Our aim is to provide you with a comprehensive list collated from the Comprara Groups hub of training and consulting source materials.The Procurement Glossary has been compiled by industry expert Paul Rogers.