How is the Penalty for Breach of Contract Stipulated?

According to Article 328 of the Civil Code 2015, the provision on the guarantee measure of deposit is specified as follows:

- Deposit is the act of one party (hereinafter referred to as the depositor) delivering to the other party (hereinafter referred to as the deposit recipient) a sum of money or precious metals, gemstones, or other valuable items (hereinafter collectively referred to as the deposit assets) within a term to ensure the conclusion or performance of a contract.

- In the event that a contract is concluded and performed, the deposit assets shall be returned to the depositor or deducted to perform the payment obligation; if the depositor refuses the conclusion or performance of the contract, the deposit assets shall belong to the deposit recipient; if the deposit recipient refuses the conclusion or performance of the contract, they must return the deposit assets to the depositor along with an amount equivalent to the value of the deposit assets, except where otherwise agreed.

In the transaction you mentioned, you are the depositor, therefore you have the right to purchase that piece of land. If the seller deliberately breaches the deposit agreement, it is considered a violation of the deposit commitment. According to Section 1, Article 351 of the Civil Code 2015, the party with the obligation that violates the obligation shall bear civil liability to the party with the rights as follows:

Violation of obligation is the act of the obligor failing to perform the obligation on time, performing the obligation incompletely, or not performing the obligation correctly.

=> Therefore, the responsibility of the deposit recipient has been specified right in the aforementioned Article 328, specifically the land seller must refund you the 150 million VND you handed over. Additionally, they must also pay you an additional amount of 150 million VND, except where the parties have otherwise agreed or the depositor refuses to accept the “deposit penalty” amount.

Sincerely!