Common use of Delay in Completion of Development Milestones Clause in Contracts

Delay in Completion of Development Milestones. Where the development and construction, as the case may be is commenced by the Lessee as per terms of the Agreement after obtaining development and/or building construction permission but fails to achieve the Development Milestones in stipulated time as per Schedule IV for any reason other than Force Majeure/NRANVP Event of Default/non fulfilment of obligations by Authority, the extension in time shall be provided in prorated (Phase wise) manner for the completion of the work and extension may be granted by the Chief Executive Officer, subject to payment of surcharge by the lessee as per the provision of the ''Chhattisgarh ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ (▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ka Vyayan) Niyam, 2008" which is subject to revision by Authority from time to time. The present provision is as follows: —: First Twenty-four months or part thereof Five Second Twenty-four months or part thereof after the First extension of time. Fifteen Third For such period as decided by the Authority after the Second extension of time Thirty

Delay in Completion of Development Milestones. Where the development and construction, as the case may be is commenced by the Lessee Licensee as per terms of the Agreement after obtaining development and/or building construction permission but fails to achieve the Development Milestones in stipulated time as per Schedule IV for any reason other than Force Majeure/NRANVP Event of Default/non fulfilment of obligations by Authority, the extension in time shall be provided in prorated (Phase wise) manner for the completion of the work and extension may be granted by the Chief Executive Officer, subject to payment of surcharge by the lessee as per the provision of the ''Chhattisgarh ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Kshetra (▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ka Vyayan) Niyam, 2008" which is subject to revision by Authority from time to time. The present provision is as follows: —: First Twenty-four months or part thereof Five Second Twenty-four months or part thereof after the First extension of time. Fifteen Third For such period as decided by the Authority after the Second extension of time Thirty