Read the untranslated law here: https://www.vestnesis.lv/op/2013/128.2
The Saeima has adopted and the President promulgated the following laws: the law on amendments to the civil code to make the following amendments: 1. Express article 1716 and 1717 as follows: "1716. Liquidated damages is pametum that a person undertakes to suffer due to your breach, not at all the proper execution or failure to execute in the real time limit. Penalties for non-performance in General is a particular sum of money or other property value that should not be multiple (re) or increasing payment or contribution. Penalties for non-performance or failure due to real time limit can be increased, but generally no more than 10 percent of the principal sum or main obligations. 1717. the amount of the contractual penalty established parties, and it is not limited to the size of the losses expected from the non-execution of the agreement, but it must be proportionate and appropriate for fair business practice. "
2. Make the following article 1722: "1722. Penalties for non-performance or failure due to real time (term) may be required only to the extent that it exceeds the required amount of interest that occurred after the occurrence. Penalties for non-performance in General can claim only to the extent that it exceeds the amount of the damages recovered, if one is not explicitly agreed that the liquidated damages preclude a consideration. "
3. Replace the words "in article 1724.1 penalty sufferer may be asked to reduce the" with the words "the Court reduced". 4. To supplement the article with the sentence in 1764 by the following: "unlawful and disproportionate considered fair business practices inconsistent with interest." 5. Express article following the 1843: "1843. If someone pays only a portion of your debt, then his duty first clearing does not yet get a percentage, then the capital of the deletion, and only after the penalty, unless the creditor for deletion has not been willing to accept payment directly only to the capital Bill and kvitēj. Otherwise delete penalty agreed procedures. " The law shall enter into force on January 1, 2014. The Parliament adopted the law of 20 June 2013. The President a. Smith 2013 in Riga on July 4.
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