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The Penalty Clause in the Tentative Draft Bill for the Modernization of the Spanish Contract Law

The Tentative Draft Bill for the Modernization of the Contract Law prepared by the Codification General Commission reforms the IV Book of the Spanish Civil Code. The Draft substantially modifies the penalty clause regime, since it introduces the judicial review of the penalty on the grounds of equity and the loss of the promisee’s right to claim liquidated damages once specific performance has been required. The Draft also provides general rules to statutorily govern advance payments in non-commercial contracts.