bonus-penalty clause
Definition
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.
Popular 'Agreements & Contracts' Terms
bonus-penalty clause in the news
Loading...
This content can be found on the following page:
http://www.businessdictionary.com/definition/bonus-penalty-clause.html
