Delay in completion of the Project Clause Samples

The 'Delay in completion of the Project' clause sets out the rules and consequences when a project is not finished by the agreed-upon deadline. Typically, this clause outlines the circumstances under which delays are excused, such as force majeure events, and specifies remedies like liquidated damages or extensions of time. By clearly defining what constitutes a delay and the resulting actions, this clause helps manage expectations, allocate responsibility, and incentivize timely project completion.
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Delay in completion of the Project. The lessee shall commence and complete the development and or construction works for which the land has been granted, by obtaining development and/ or building permission as the case may be, within the time specified in the conditions of transfer. In case of delay in achieving the completion of the construction of the Project as per the Development Period as specified in clause 1.2 and subject to satisfaction of NRDA for the reasons of such delay, the Lessee may be allowed extension of time to complete the development of the Project on payment of surcharge to NRDA in the following manner: The lessee shall commence and complete the development and or construction works for which the land has been granted, by obtaining development and/ or building permission as the case may be, within the time specified in the Agreement or any extension provided by NRDA under this clause. a) Where the lessee does not obtain the permission of development and/or building construction as the case may be within the time specified by the Authority, the extension in time to commence and complete the development and/or construction may be granted by the Chief Executive Officer, on payment of following surcharge by the lessee Block of time Extension Period of Extension Amount of surcharge as Percentage of the Land rate prevailing under PSP land use category at that time Provided that the extension in time shall be granted for Twelve months or its part at one time and such extension shall be granted maximum for five years. b) Where the development and/or construction, as the case may be is commenced by the lessee as per terms of agreement after obtaining development and/or building construction permission but fails to complete the work due to unavoidable circumstances, the extension in time for the completion of work may be granted by the Chief Executive Officer on payment of the following surcharge by the lessee – Block of time Period of time Amount of surcharge as Percentage of the Land rate extension prevailing under PSP land use category at that time First Twelve months or part thereof 5% (Five) Second Twelve months or part thereof after the First extension of time 7% (Seven) Third Twelve months or part thereof after the Second extension of time 10% (Ten) Provided that the extension in time shall be granted for Twelve months or its part at one time and such extension shall be granted maximum for three years. Provided that the extension in time shall be granted for Twelve months o...
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Delay in completion of the Project. In case of delay in achieving the completion of the construction of the Project that is beyond 108 Months from the Agreement Date and subject to satisfaction of NRDA for the reasons of such delay, the Developer may be allowed extension of time to complete the development of the Project on payment of surcharge to NRDA in the following manner: First Twelve Months or part thereof 5% (Five Percent) Second Twelve Months or part thereof on expiry of First Extension of Time 7% (Seven Percent) Third Twelve Months or part thereof on expiry of Second Extension of Time 10% (Ten Percent) If development of the Project is not completed within such extended period that is after the expiry of Third Block of extension of Time as described above, then it shall be treated as Developer's Event of Default.
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Delay in completion of the Project. In case of delay in achieving the completion of the construction of the Project as per the Development Period as specified in clause 2.2 and subject to satisfaction of NRDA for the reasons of such delay, the Lessee may be allowed extension of time to complete the development of the Project on payment of surcharge to NRDA in the following manner: Block of time extension Period of Extension Amount of Surcharge as percentage of Development Premium to be paid separately for each of the blocks of extension of time First Twelve Months or part thereof 5% (Five Percent) Second Twelve Months or part thereof on expiry of First Extension of Time 7% (Seven Percent) Third Twelve Months or part thereof on expiry of Second Extension of Time 10% (Ten Percent) Provided that the extension in time shall be granted for Twelve months or its part at one time and such extension shall be granted maximum for three years. If development of the Project is not completed within such extended period that is after the expiry of Third Block of extension of Time as described above, then it shall be treated as Lessee's Event of Default
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Related to Delay in completion of the Project

  • Completion of the Project The Participating County acknowledges it is obligated to undertake and complete the design and construction of the Project in compliance with all of the applicable terms and conditions of the Project Documents and the Participating County agrees to use its best efforts to cause the completion of design and construction of the Project in compliance with the applicable terms and conditions of such documents. The Participating County agrees to complete the Project in accordance with this Agreement and consistent with the scope, cost and schedule established by the Board and attached hereto in Exhibit A, as such scope, cost and schedule may be modified with the approval of Finance and the recognition of the Board.

  • Upon completion of the Project the Recipient shall make a full and complete accounting to the OPWC of the Eligible Project Cost.

  • COMMENCEMENT AND COMPLETION OF THE PROJECT Section 3.01 The Project 8 Section 3.02 Diligent Completion 8 Section 3.03 Filings and Reports 8

  • Completion of the Work The Contractor must obtain Material Completion as defined in Section 6.1.2 below prior to any occupancy of the Project.

  • Construction of the Project The Allottee has seen the proposed layout plan, specifications, amenities and facilities of the Apartment/ Plot and accepted the floor plan, payment plan and the specification, amenities and facilities annexed along with this Agreement which has been approved by the competent authority, as represented by the Promoter. The Promoter shall develop the Project in accordance with the said layout plans, floor plans and specifications, amenities and facilities. Subject to the terms in this Agreement, the Promoter undertakes to strictly abide by such plans approved by the competent authorities and shall also strictly abide by the bye-laws, FAR, and density norms and provisions prescribed by the relevant building bye-laws and shall not have an option to make any variation/ alteration/ modification in such plans, other than in the manner provided under the Act, and breach of this term by the Promoter shall constitute a material breach of this Agreement.