In Business Commerce, Violations Shall Not Be Penalized Over 8%
Based on Article 301 of the 2005 Commercial Law, the regulations on penalties for violations are as follows:
The penalty level for breaches of contractual obligations or the total penalty for many violations agreed upon by the parties in the contract shall not exceed 8% of the value of the breached contractual obligation, except as provided in Article 266 of this Law.
Referring to Article 226, regarding penalties for breaches and compensation for damages in cases where the inspection results are incorrect, the mandatory regulation below 8% does not apply. Therefore, not in all cases in commercial business the violation penalty should not exceed 8%.
Sincerely!
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