Common use of Authorization Period Clause in Contracts

Authorization Period. The Authorization Period for the Project is 33 years including construction period effective from the date of signing of the Authorisation Agreement. Additional 25 years of extended period shall be offered to the Developer (Authorisee) on “Right of First Refusal” basis on successful completion of lease period, provided further that, on the Expiry of this Agreement, if the Grantor intends to extend the Concession Period further by 25 (twenty five) years, then the procedure provided hereunder shall be followed: a. The Grantor shall invite proposals from eligible entities through a competitive bid process. The Authorisee shall have the option to submit its proposal. b. In case the Authorisee after participating in the bidding procedure fails to give the preferred offer, the Authorisee shall be given the first right of refusal to match the preferred offer. If the Authorisee matches the preferred offer the parties shall enter into suitable agreement accordingly to implement the Project. In such an event, the Authorisee shall pay to the preferred bidder/TSRTC the cost towards preparation of the Bid as provided in the bid document. c. In case the Authorisee (a) chooses not to submit its proposal or (b) is not the preferred bidder and also fails or declines to match the preferred offer this Agreement shall get terminated on Expiry Date. d. In case the Authorisee is a preferred bidder or matches the preferred offer, a new agreement with modified terms and conditions based on the bid document issued by the Grantor shall be executed by the Authorisee with the Grantor.