Please tell me what's meaning of 【 upon]】,is it means 'after'?
and the provisions of Article 16, Paragraph 2 (1) above shall apply mutatis mutandis【 upon】 establishing the amount of the penalty as an amount equal to 20% of the stated purchase price.
In such instances, if the money received by Seller is insufficient for such penalty, the Purchaser shall immediately pay the Seller the deficient amount.
Article 16, Paragraph 2 (1):
2. Handling in the event the Agreement is cancelled in accordance with the immediately preceding paragraph shall be controlled by the following respective items:
(1) If the Purchaser is in breach of the Agreement, of the money received by the Seller, the Seller may acquire a portion of the Deposit equal to 20% of the Purchase Price as a penalty, and shall refund the remaining balance to the Purchaser without interest. If the amount of Deposit received by the Seller is insufficient to cover 20% of the Purchase Price, the Seller will have the right to make claims against the Purchaser for the balance of the amount;