(1) Where the commercial employee has promised to be subject to a penalty in the event of failing to perform the obligation entered into under the agreement, the principal may assert claims only in accordance with the provisions of section 340 of the Civil Code. The provisions of the Civil Code concerning reduction of a disproportionately high contractual penalty remain unaffected.
(2) Where the binding effect of the agreement is not contingent upon whether the principal enters into obligation to pay compensation to the employee, the principal may demand, if the employee has agreed to be subject to a contractual penalty of the kind referred to in subsection (1), only the penalty incurred; a claim to performance of contract or to compensation for further damage is precluded.