Liquidated damages (also referred to as liquidated and ascertained damages) are damages whose amount the parties designate during the formation of a contract for the injured party to collect as compensation upon a specific breach (e.g., late performance). (Wikipedia)
What is called the exclusive penalty clause (Exclusive Vertragsstrafe or Wandelpon) is a special case provided for in Article 160 , paragraph 3 of the Code of Obligations. (Penalty Clauses in Private Law)
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