Even if not studying or working in the field of laws, many people understand that “penalties” and “late payment interest” are remedies, or negative consequences resulting from a breach of contract, in which the breaching party must pay a sum of money to the aggrieved party, which is referred to here as penalties or late payment interest.
From a legal point of view, this is the same notion. However, there are distinctions in the legal nature, application circumstances, application level and so on between “penalties” and “late payment interest” that many people may not completely comprehend, leading to misunderstanding and difficulties in application.
Through this Podcast episode, we will discuss concerns with penalties and late payment interest in commercial contract relations that audiences are interested in.
The above is not official advice from BLawyers Vietnam. If you have any questions or suggestions about the above, or if you would like to collaborate and use BLawyers Vietnam’s legal advisory services, please contact us at consult@blawyersvn.com. We will be delighted to hear from you.
