Is there a choice of penalty for breach of contract?

(Baonghean.vn) -Mr. Nguyen Van Thanh (Vinh City, Nghe An) stated: He signed a contract to be a sales agent for a business, in which there was an agreement to impose a penalty if the principal was late in delivering the goods. However, the contract did not specify the penalty amount.

Mr. Thanh asked: Can the fine be any amount you want or is there a limit to the law?

Trong Hai - Lam Tung