Bonus-penalty clause - How To Discuss
Bonus-penalty clause,
Definition of Bonus-penalty clause:
A clause in a contract stipulating a penalty for failure to fulfil certain of its obligations.
Provision in a contract that offers a bonus for timely completion without cost overruns, and prescribes an equal amount as penalty for any violation. It is a carrot and stick approach to keeping a project within budget and schedule.
Meaning of Bonus-penalty clause & Bonus-penalty clause Definition
