It is important that this estimate is indeed true, as it remains fixed in the event of a breach of contract, even if the actual harm suffered is worth more. If the non-failing party actually loses more than originally estimated, they cannot complain about its complete loss because they are related to the initial. However, if it is shown that the estimated amount of money was not a true reflection of the potential harm suffered, the non-failing party will be able to fully pursue its loss. In this case, the clause would then be referred to as a «punitive clause.» To learn more about the penalty clauses, read an interesting article in the University`s Law Journal entitled «Commercial Law.» The computational agent is Part A, unless a confirmation of the transaction in question is not specified otherwise, unless Part A is a failing party, in which case Part B is the calculation agent or designates a third party acting as a computational agent. 4 Third, the respondent`s silence in appointing an arbitrator appointed by the party did not pre-establish the arbitral tribunal as a precondition at the beginning of the arbitration. Most arbitration laws and institutional arbitration rules provide that if one party does not appoint its arbitrator within a specified time frame, the other party may seek the nomination of the second party appointed by the arbitration institution or the court. Silence on this issue would therefore mean that the party concerned would lose its right to appoint «its» arbitrator, which is one of the fundamental advantages of arbitration in relation to the decision in national courts. A delay occurs when a party fails to meet its contractual obligations — also known as an infringement. Contracts are documents signed «for a fee.» This means that no one can enter into a contract in which only one party is an obligation of the contract, so that if one party refuses with a contract, it will affect the actions of the other party. If the contract has no language on termination or default, local laws provide advice.