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

Damages for delay by the SPD. In the event that (i) the SPD does not procure fulfilment of any or all of the Conditions Precedent set forth in Clause 4.1.3 within a period specified in Schedule N and (ii) the delay has not occurred as a result of failure to fulfil the obligations under Clause 4.1.2 or other breach of this Agreement by Railways or due to Force Majeure, the SPD shall pay to Railways, Damages in an amount calculated at the rate of 0.2% (zero point two per cent) of the Performance Security for each day’s delay until the fulfilment of such Conditions Precedent, subject to a maximum of 20% (twenty per cent) of the Performance Security. ‡ If completion of construction on any part of the Site is considered critical for issue of Completion Certificate, such part shall be specified in this Sub-clause so that it does not form part of the Appendix referred to in Clause 10.3.1, on or after the Appointed Date.

Damages for delay by the SPD. In the event that (i) the SPD does not procure fulfilment of any or all of the Conditions Precedent set forth in Clause 4.1.3 within a period specified in Schedule N of 90 (Ninety) days from the date of this Agreement, and (ii) the delay has not occurred as a result of failure to fulfil the obligations under Clause 4.1.2 or other breach of this Agreement by Railways or due to Force Majeure, the SPD shall pay to Railways, Damages in an amount calculated at the rate of 0.2% (zero point two per cent) of the Performance Security for each day’s delay until the fulfilment of such Conditions Precedent, subject to a maximum of 20% (twenty per cent) of the Performance Security. ‡ If ‡If completion of construction on any part of the Site is considered critical for issue of Completion Certificate, such part shall be specified in this Sub-clause so that it does not form part of the Appendix referred to in Clause 10.3.1, on or after the Appointed Date.