Compensation Event Notice Clause Samples

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Compensation Event Notice. (i) If the Concessionaire is affected by a Compensation Event, it will give written notice to the Department within 30 Days following the date on which the Concessionaire first became aware (or should have become aware, using all reasonable due diligence) that an event has occurred and that it is or will become a Compensation Event ( a “Compensation Event Notice”); provided, that, in the case of a Department Project Enhancement, a Compensation Event Notice must be given within 30 days following the Commencement of Use of such Department Project Enhancement. The Compensation Event Notice will set forth (A) the Compensation Event and its date of occurrence in reasonable detail, (B) the amount claimed as Concessionaire Damages and
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Compensation Event Notice. (i) If the Developer is affected by a Compensation Event, it will give written notice to the Department within 21 Days following the date on which the Developer first became aware (or should have become aware, using all reasonable due diligence) that an event has occurred and that it is or will become a Compensation Event ( a “Compensation Event Notice”). The Compensation Event Notice will set forth (A) the Compensation Event and its date of occurrence in reasonable detail, (B) the amount claimed as Developer Damages and (C) details of the calculation thereof including a written analysis and calculation of the estimated Net Cost Impact, if any, and estimated Net Revenue Impact, if known at that time; provided that, if the amount of Developer Damages and details of the calculation thereof are not available within the 21-Day notice period required herein, the Developer will submit an estimate of the amount, or if known, the actual amount claimed as Developer Damages and details of the calculation thereof no later than 60 Days from submission of the Compensation Event Notice.‌ (ii) If, for any reason, the Developer fails to deliver such written Compensation Event Notice within the foregoing time period, the Developer will be deemed to have irrevocably and forever waived and released any Claim or right to Developer Damages or other adverse effects on Gross Revenues or on costs, expenses and liabilities attributable to such Compensation Event. (iii) After the Developer submits a Compensation Event Notice, the Department may, but is not required to, obtain, at its sole cost, (A) a comprehensive report as to the Developer’s estimate of the Net Cost Impact attributable to the Compensation Event and (B) from a traffic and revenue consultant a traffic and revenue study, prepared in accordance with Good Industry Practice, analyzing and calculating the estimated Net Revenue Impact attributable to the Compensation Event. Within 45 Days after receiving a Compensation Event Notice and the supporting documentation required by Section 14.01(a)(i), the Department will provide to the Developer a copy of such reports as it has elected to obtain, and the Department will issue a written response‌ granting or denying, in full or in part, the Developer’s requested relief. If the Department fails to respond within the 45-Day period, the claim will be deemed denied. If the Department disagrees with the entitlement to or amount of Developer Damages claimed by the Developer, the Develo...
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Compensation Event Notice. 13.2.1.1 Except as otherwise expressly provided in this Agreement, if at any time DB Team determines that a Compensation Event has occurred or is imminent, DB Team shall submit a written Compensation Event Notice to GDOT. 13.2.1.2 The Compensation Event Notice shall identify the Compensation Event and its date of occurrence in reasonable detail, describe DB Team’s current estimate of the anticipated adverse and beneficial effects of the Compensation Event, and include written analysis and calculation of DB Team’s current estimate of the estimated increase or decrease in costs, to the extent applicable to the Compensation Event. 13.2.1.3 If, following issuance of any Compensation Event Notice, DB Team receives or becomes aware of any further information relating to the Compensation Event, it shall submit such further information to GDOT not later than seven (7) days of DB Team’s receipt or knowledge, as the case may be. GDOT may request from DB Team any further information that GDOT may reasonably require, and DB Team shall supply the same within a reasonable period after such request. 13.2.1.4 Time is of the essence in DB Team’s delivery of its written Compensation Event Notice. Accordingly, if for any reason DB Team fails to deliver such written Compensation Event Notice in strict accordance with this Article 13.2: (a) Within thirty (30) days following the date (herein the “starting date”) on which DB Team first became aware (or should have been aware, using all reasonable due diligence) of the occurrence of such Compensation Event, DB Team shall be deemed to have irrevocably and forever waived and released the portion of any Claim or right to compensation for costs attributable to such Compensation Event accruing after such thirty (30) day deadline and until the date DB Team submits the written Compensation Event Notice; and (b) Within one hundred eighty (180) days following the starting date, DB Team shall be deemed to have irrevocably and forever waived and released any and all Claim or right to compensation for any costs attributable to such Compensation Event.
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Related to Compensation Event Notice

  • Compensation Events 44.1 The following are Compensation Events unless they are caused by the Contractor: (a) The Employer does not give access to a part of the Site by the Site Possession Date stated in the Contract Data. (b) The Employer modifies the schedule of other contractors in a way which affects the work of the contractor under the contract. (c) The Engineer orders a delay or does not issue drawings, specifications or instructions required for execution of works on time. (d) The Engineer instructs the Contractor to uncover or to carry out additional tests upon work which is then found to have no Defects. (e) The Engineer unreasonably does not approve for a subcontract to be let. (f) Ground conditions are substantially more adverse than could reasonably have been assumed before issuance of Letter of Acceptance from the information issued to Bidders (including the Site Investigation Reports), from information available publicly and from a visual inspection of the Site. (g) The Engineer gives an instruction for dealing with an unforeseen condition, caused by the Employer, or additional work required for safety or other reasons. (h) Other contractors, public authorities, utilities or the Employer does not work within the dates and other constraints stated in the Contract, and they cause delay or extra cost to the Contractor. (i) The advance payment is delayed. (j) The effect on the Contractor of any of the Employer’s Risks. (k) The Engineer unreasonably delays issuing a Certificate of Completion. (l) Other Compensation Events listed in the Contract Data or mentioned in the Contract. 44.2 If a Compensation Event would cause additional cost or would prevent the work being completed before the Intended Completion Date, the Contract Price shall be increased and/or the Intended Completion Date is extended. The Engineer shall decide whether and by how much the Contract Price shall be increased and whether and by how much the Intended Completion Date shall be extended. 44.3 As soon as information demonstrating the effect of each Compensation Event upon the Contractor's forecast cost has been provided by the Contractor, it is to be assessed by the Engineer and the Contract Price shall be adjusted accordingly. If the Contractor's forecast is deemed unreasonable, the Engineer shall adjust the Contract Price based on Engineer’s own forecast. The Engineer will assume that the Contractor will react competently and promptly to the event. 44.4 The Contractor shall not be entitled to compensation to the extent that the Employer's interests are adversely affected by the Contractor not having given early warning or not having cooperated with the Engineer.