Penalty Clause: a Means of Securing Performance of Obligations or a Measure of Civil Liability?

The article examines the legal nature of the penalty and its place in the civil law system. It considers whether the penalty should be considered as a way to ensure the fulfillment of obligations or as a measure of civil liability. The authors pay attention to the purposes of ensuring the fulfillment of obligations, the specifics of the application of the penalty in the bankruptcy of the debtor.