I’ve come across contractual clauses with penalties of 0.5% or even 1% per day of delay. In theory, both parties agreed to them at the time of signing. In practice, however, such penalties can add up quickly, leading to amounts dozens of times higher than the principal obligation. At that point, the penalty loses its role as a deterrent and becomes more of a pressure tool.
The law, however, does not allow this to go unchecked.
Thank you to start-up.ro for the interest in my opinion on solutions to limit excessive contractual penalties.