Common use of DAMAGES FOR DELAY BY THE Clause in Contracts

DAMAGES FOR DELAY BY THE. CONCESSIONAIRE/AGENCY In the event that (i) the Concessionaire/Agency does not procure fulfillment or waiver of any or all of the Conditions Precedent set forth in GC Clause 2.9.2 within the period specified in that Clause, and (ii) the delay has not occurred solely as a result of failure of ULB to fulfill the obligations under GC Clause 2.9.1/ GC Clause 2.9.2(A) or due to Force Majeure, the Concessionaire/Agency shall pay to the ULB, Liquidated Damages of an amount calculated at the rate specified in the SC Clause 2.9.4 for each day’s delay until the fulfillment of such Conditions Precedent, subject to maximum amount equal to the 5% of Performance Security, and upon reaching such maximum threshold, the ULB may, in its sole discretion, terminate the Concession Agreement or provide further extension subject to the payment of Liquidated Damages per day, as specified herein.

DAMAGES FOR DELAY BY THE. CONCESSIONAIRE/AGENCY In the event that (i) the Concessionaire/Agency does not procure fulfillment or waiver of any or all of the Conditions Precedent set forth in GC Clause 2.9.2 within the period specified in that Clause, and (ii) the delay has not occurred solely as a result of failure of ULB to fulfill the obligations under GC Clause 2.9.1/ GC Clause 2.9.2(A2.9.1(A) or due to Force Majeure, the Concessionaire/Agency shall pay to the ULB, Liquidated Damages of an amount calculated at the rate specified in the SC Clause 2.9.4 for each day’s delay until the fulfillment of such Conditions Precedent, subject to maximum amount equal to the 5% of Performance Security, and upon reaching such maximum threshold, the ULB may, in its sole discretion, terminate the Concession Agreement or provide further extension subject to the payment of Liquidated Damages per day, as specified herein.