Common use of Consequences of delay by the Concessionaire Clause in Contracts

Consequences of delay by the Concessionaire. In the event that (i) the Concessionaire does not procure fulfillment of any or all of the Conditions Precedent set forth in Clause 4.1.3 within the period specified in respect thereof, and (ii) the Authority has not expressly waived, fully or partially, such Conditions related to the Concessionaire, this Agreement shall cease to have any effect as of that date and shall be deemed to have been terminated by the mutual agreement of the Parties and no Party shall subsequently have any rights or obligations under this Agreement. Further, Authority shall be entitled to forfeit the Construction Period Performance Security and the payments made by the Successful Bidder/ Concessionaire.

Consequences of delay by the Concessionaire. In the event that (i) the Concessionaire does not procure fulfillment of any or all of the Conditions Precedent set forth in Clause Article 4.1.3 within the period specified in respect thereof, and (ii) the Authority has not expressly waived, fully or partially, such Conditions related conditions relating to the Concessionaire, this Agreement shall cease to have any effect as of that date and shall be deemed to have been terminated by the mutual agreement of the Parties and no Party shall subsequently have any rights or obligations under this Agreement. Further, Authority shall be entitled to forfeit the Construction Period Performance Security and the payments made by the Successful Bidder/ Bidder/Concessionaire.