The concept of penal clauses in European contracts is equivalent to the U.S. concept of liquidated damages.

Name: The concept of penal clauses in European contracts is equivalent to the U.S. concept of liquidated damages.
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Penal clauses in European contracts and liquidated damages in the U.S. both serve the same purpose of determining in advance the amount of damages to be paid in case of a breach of contract.

The Concept of Penal Clauses in European Contracts Is Equivalent