Common use of Delayed Transfer of Assets Clause in Contracts

Delayed Transfer of Assets. If for any reasons other than those attributable to the Authority the Operator fails to transfer assets, rights and contracts on the Transfer Date in accordance with Article 16.5 read with Article 17, there shall be no suspension of the operation and maintenance of the Project Facilities and Services and the Operator shall, as a trustee of the Authority, (a) continue to operate and maintain the Project Facilities and Services or such of them, as directed by Authority until completion of the relative transfer formalities and (b) account for and pay to the Authority the Project Revenue minus operating costs and statutory dues, from such operations. In the event of failure to do so, the Operator shall be liable to pay to the Authority, for every Day of delay, liquidated damages computed at the rate of the average daily profits earned during the 3 (three) years immediately preceding the Transfer Date. Parties confirm that this is a true and correct estimate of damages and not in the nature of a penalty. Provided nothing contained in this Article 16.6 shall be deemed or construed to authorise delay in completion of formalities of transfer of assets, rights and contracts by the Operator to the Authority in accordance with the requirements thereof under this Agreement. In case the transfer of assets by the Operator to the Authority is delayed for reasons attributable to the Authority, the Operator shall nonetheless continue to operate the Project Facilities and Services but as agent of the Authority.

Delayed Transfer of Assets. i. If for any reasons other than those attributable to the Contracting Authority the Operator fails to transfer assets, rights and contracts on the Transfer Date in accordance with Article 16.5 15.5 read with Article 17, there shall be no suspension of the operation and maintenance of the Project Facilities and Services and the Operator shall, as a trustee of the Contracting Authority, (, a) continue to operate and maintain the Project Facilities and Services or such of them, as directed by Contracting Authority until completion of the relative transfer formalities and (formalities; and b) account for and pay to the Contracting Authority the Project Revenue minus operating costs and statutory dues, from such operations. In the event of failure to do so, the Operator shall be liable to pay to the Contracting Authority, for every Day of delay, liquidated damages computed at the rate of the average daily profits earned during the 3 (three) years immediately preceding the Transfer Date. Parties confirm that this is a true and correct estimate of damages and not in the nature of a penalty. Provided nothing contained in this Article 16.6 16.5 shall be deemed or construed to authorise delay in completion of formalities of transfer of assets, rights and contracts by the Operator to the Contracting Authority in accordance with the requirements thereof under this Contract Agreement. ii. In case the transfer of assets by the Operator to the Contracting Authority is delayed for reasons attributable to the Contracting Authority, the Operator shall nonetheless continue to operate the Project Facilities and Services but as agent of the Contracting Authority. Provided however, the Operator shall be liable to pay Revenue Share in accordance with Article 9.