In the context of the rapidly developing process of globalization, one of the priority tasks of any civilized state is to create favorable conditions for foreign economic activity. The position of the state in international economic relations not only determines the authority of the state on the world stage, but also has a positive effect in domestic economic activity. In this regard, the states seek to create a favorable legal regulation of foreign economic turnover, providing its participants with reliable methods of legal protection in case of violations of obligations by counterparties. The main purpose of the work is to study and identify the features of the regulation of the institution of penalty in foreign economic contracts. The article considers various approaches to understanding the institution of penalty. The analysis of the existing judicial practice on the reflection of the penalty clause in foreign economic contracts is given.
penalty, foreign economic contract, pre-estimated losses, contract terms, penalty, losses, liability for non-performance of obligations.
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