Breach of contract
If there is a delay in fulfilling the obligations assumed by the contract, the party with respect to whom this violation has occurred may count on the payment of a penalty in the form of a penalty or a fine. It is charged for each overdue day at the end of the time stipulated by the contract. And its size is set according to one three hundredth part of the refinancing rate of the Central Bank of the country, valid on the day of payment. The violator of his obligations will be released if he can prove that the delay was not due to his fault, but because of the intervention of a third party, natural disasters and other unforeseen circumstances. In addition, the provisions on the penalty in the contract are necessary elements of it, as stipulated by the legislation of the Russian Federation.
Temporary measurement of accrual for breach of contract
Days of delay are calculated at the end of the last day of compliance with obligations under the contract. After their implementation, the delay is no longer counted from the moment specified in the act on the fulfillment of obligations. If the obligations have not been fulfilled, and the party due to which a violation of the agreements occurred is ready to pay the invoice for the penalty, then the date on which the invoice is drawn up is the final term for the payment of the penalty.
Calculation of the penalty at the refinancing rate
The amount of the balance of undelivered goods or undelivered services is an indicator of the amount of obligations, according to which the amount of outstanding obligations is measured. In cases where the contract is partially executed, the calculation of the penalty at the refinancing rate is carried out according to the difference in the price of the contract and the size of the services or goods received. That is, unfulfilled obligations are measured in their material conformity (in units, pairs, kilograms, etc.) with the price expression provided for by the contract, whether it is a goods not fully received until a certain moment of cooperation or a few insignificant clauses of the contract are not fulfilled.
How to calculate the penalty at the refinancing rate
To carry out the operation of determining the exact amount of the payment of the penalty according to the refinancing rate, it is necessary, taking into account the period of unfulfilled obligations, to take into account the rate from the first day to the last, as well as any changes throughout the entire time. Thus, if the penalty period is 100 days, for which the rate was 6.5% in the first 25 days, 7% for the next 50 days and 7.2% for the remaining 25 days, then the average rate will need to be calculated as follows:
(6.5 × 25 + 7 × 50 + 7.2 × 25) / 100 = 6.92
Calculation of the penalty at the refinancing rate with a certain percentage number, regardless of the current changes throughout the period of default, should be carried out according to the formula:
A = B × ((CP / 300) / 100) × D;
Where:
And - the value of the penalty;
SR - refinancing rate;
B - the amount of outstanding obligations;
D - the number of days overdue.
Elements in the formula are extremely clear and logical for most members of modern society who have the ability to conduct business relationships. It uses
intuitive calculation of the penalty at the refinancing rate. Which, in turn, is a kind of percentage tool for measuring financial values, depending on market fluctuations. In addition to calculating the forfeit, it is customary to use it when determining bank rates, tax rates, loan agreement ratios and other operations that require objective intervention by measuring units adapted to market conditions and its fluctuations in different time periods.