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 fulfilment of any or all of the Conditions Precedent set forth in Clause 4.4 within a period specified in respect thereof, and (ii) the delay has not occurred as a result of failure to fulfil the obligations under ▇▇▇▇▇▇ 4.2 or other breach of this Agreement by the ULB, or due to Force Majeure or due to delay in Applicable Permits not attributable to the Concessionaire provided all such conditions required to be fulfilled by Concessionaire for grant of the Applicable Permit(s) shall have been satisfied in full by the Concessionaire , the ULB shall encash the Construction Performance Security at the rate of 0.2% (zero point two per cent) of the Construction Performance Security for eachday‘s default until day of the fulfilment of such Conditions Precedent, subject to a maximum of 20% (twenty percent) of the Construction Performance Security. In case of appropriation of CPS towards aforesaid damages, the Concessionaire shall replenish the CPS to its original value(along with corresponding validity extension) within 30 days from the date of such encashment.