Common use of Damages for delay by the Concessionaire Clause in Contracts

Damages for delay by the Concessionaire. In the event that (i) the Concessionaire does not procure fulfillment or waiver of any or all of the Conditions Precedent set forth in Article 4.2 within the period specified in that clause, and (ii) the delay has not occurred as a result of failure of the Authority to fulfill its obligations under Article 4.1 or other breach of this Agreement by the Authority, or due to Force Majeure, the Concessionaire shall pay to the Authority, Damages in an amount calculated at the rate of 1% (one per cent) of the Performance Security for each week’s delay until the fulfillment of such Conditions Precedent, subject to a maximum delay of 90 (ninety) days, after expiry of which the Authority may issue a Termination Notice to the Concessionaire. The Agreement shall stand terminated on the expiry of 15 (fifteen) days from the date of issue of Termination Notice. Provided that the Concessionaire shall not have any right to claim fulfilment of Condition Precedents after expiry of the delay period of 90 days period, unless a waiver or extension is granted by the Authority. Provided that in the event of delay by the Authority in procuring fulfillment of the Conditions Precedent specified in Article 4.1, no damages shall be due or payable by the Concessionaire under this Article 4.4 until the date on which the Authority shall have procured fulfillment of the Conditions Precedent specified in the Article 4.1.

Damages for delay by the Concessionaire. In 4.2.1. Except the event that CP stipulated in Article-4.1.2 (ia) the Concessionaire does not procure fulfillment or waiver of any or all of which will be regulated as per Article-9, if the Conditions Precedent set forth in Article 4.2 Clause 4.1.2 have not been satisfied by the Concessionaire within the period specified in that clausestipulated period, including extension if granted by the Authority, and (iii) the delay has not occurred as a result of failure of by the Authority to fulfill fulfil its obligations obligation under Article 4.1 Clause 4.1.3 or other breach of this Agreement by the Authority, Authority or (ii) due to Force Majeure, the Concessionaire shall pay to the Authority, Authority Damages in an amount calculated at the rate of 10.2% (one per cent) of the Performance Security for each weekday’s delay until the fulfillment fulfilment of such Conditions PrecedentPrecedent for an additional period of 90days. In the event Condition Precedent set forth in the Clause 4.1.2 have not been satisfied by the Concessionaire within additional extended period, subject it will constitute a Concessionaire Default and the provisions of Clause 21.1 shall apply. Provided further, that in case the Concessionaire fails to a maximum delay fulfill the obligation within the extended period of 90 days on payment of damages, Concessionaire may request the Authority in writing for further extension The Authority may, at its discretion, grant such extension, provided (ninetyi) that the damages towards delay in fulfillment of Condition(s) Precedent for the initial 90 days, after expiry of which as mentioned in foregoing para has already been deposited, and (ii) that the Authority may issue a Termination Notice damages amount corresponding to the Concessionaireextension period requested at the rate of 0.2% of Performance Security for each day’s delay is also provided with the request for further extension. No action will be taken on those requests which are not accompanied with the damages amount/BG upfront along with request for extension. In the event Conditions Precedent set forth in the Clause 4.1.2 have not been satisfied by the Concessionaire within additional extended period, it will constitute a Concessionaire Default and the provisions of Clause 21.1 shall apply. Provided, that the extension granted, for fulfillment of conditions precedent beyond 270 days, with or without damages will not exceed 270 days in any case and it will constitute a Concessionaire Default and the provisions of Clause 21.1 shall apply. The Agreement shall stand terminated on the expiry of 15 (fifteen) period beyond 270 days from the date of issue Signing of Termination NoticeConcession Agreement will be treated as additional time taken for satisfying conditions precedent as per clause 3.1Provided further that if Concessionaire does not wish to pay the damages amount immediately through RTGS/NEFT/Other Electronic mode as required under para 2 of Clause 4.2.1, they may be allowed to adjust damages amount alongwith applicable interest from the Storage Charges payable to them after completion of Project. Provided that The interest will be calculated @ -- -% (FCI average annualised borrowing rate of FY 2020-21) compounding annually for the Concessionaire shall not have any right period starting from the due date of damages amount till the date of adjustment of damages amount from storage charges. For this, they will be required to claim fulfilment submit requisite damages in form of Condition Precedents after expiry of Bank Guarantee for the delay damages amount along with applicable interest calculated for 3 years. The period of 90 days periodvalidity of Bank Guarantee will be for 3 years, unless a waiver or extension is granted by the Authority. Provided that in the event of delay by the Authority in procuring fulfillment of the Conditions Precedent specified in Article 4.1, no damages which shall be due or payable by extended at the Concessionaire under this Article 4.4 until the date on which the Authority shall have procured fulfillment discretion of the Conditions Precedent specified in the Article 4.1Authority, if required.

Damages for delay by the Concessionaire. In the event that (i) the Concessionaire does not procure fulfillment fulfilment or waiver of any or all of the Conditions Precedent set forth in Article 4.2 within the period specified in that clause, and (ii) the delay has not occurred as a result of failure of the Authority to fulfill fulfil its obligations under Article 4.1 or other breach of this Agreement by the Authority, or due to Force Majeure, the Concessionaire shall pay to the Authority, Damages in an amount calculated at the rate of 1% (one per cent) of the Performance Security for each week’s delay until the fulfillment fulfilment of such Conditions Precedent, subject to a maximum delay of 90 (ninety) days, after expiry of which the Authority may issue a Termination Notice to the Concessionaire. The Agreement shall stand terminated on the expiry of 15 (fifteen) days from the date of issue of Termination Notice. Provided that the Concessionaire shall not have any right to claim fulfilment of Condition Precedents after expiry of the delay period of 90 days period, unless a waiver or extension is granted by the Authority. Provided that in the event of delay by the Authority in procuring fulfillment fulfilment of the Conditions Precedent specified in Article 4.1, no damages shall be due or payable by the Concessionaire under this Article 4.4 until the date on which the Authority shall have procured fulfillment fulfilment of the Conditions Precedent specified in the Article 4.1.