Delays due to a Compensation Event Sample Clauses

The 'Delays due to a Compensation Event' clause defines how project timelines are adjusted when unforeseen events, recognized as compensation events, cause delays. In practice, this clause allows the affected party—often the contractor—to request an extension of time or additional costs if the delay results from events outside their control, such as changes in project scope or unexpected site conditions. Its core function is to fairly allocate the risk of delays, ensuring that parties are not penalized for disruptions beyond their responsibility and maintaining project fairness and clarity.
Delays due to a Compensation Event. If, as a direct result of the occurrence of a Compensation Event, the Contractor will: be unable to achieve the Services Commencement Date on or before the Services Commencement Date; be unable to comply with its obligations under this Contract; and/or incur costs, then the Contractor is entitled to apply for an extension of time to the Services Commencement Date (where relevant) and/or relief from its obligations and/or to claim compensation under this Contract.
View SourceView Similar (4)
Delays due to a Compensation Event. If as a direct result of the occurrence of a Compensation Event:- 15.5.1 the Contractor is unable to procure that the relevant Properties and/or Dwellings within the Project achieve the relevant Availability Standards as specified in the Output Specification on or before the Planned Refurbishment Works Completion Date , the Milestone Works Completion Date or the Longstop Date; 15.5.2 the Contractor is unable to comply with one or more of its obligations under this Contract; and/or 15.5.3 the Contractor incurs Losses or loses revenue, then the Contractor is entitled to apply for relief from its obligations and/or claim compensation under this Contract.
View SourceView Similar (4)
Delays due to a Compensation Event. If, as a direct result of the occurrence of a Compensation Event, the Contractor shall: 15.1.1 be unable to achieve the Services Commencement Date; 15.1.2 be unable to manage the reduction or increase in the number of Available Prisoner Places on or before the date specified for such reduction or increase in the number of Available Prisoner Places in the relevant RRAPP Band Activation Notice or RRAPP Band Deactivation Notice (as the case may be) or (following the relevant date in the RRAPP Band Deactivation Notice or RRAPP Band Activation Notice (as the case may be)) is delayed in providing such Available Prisoner Places, in either case for any period; 15.1.3 be unable to comply with its obligations under this Contract; and/or 15.1.4 incur costs, then the Contractor is entitled to apply for an extension of time to the Services Commencement Date and/or the requirement to reduce the number of Available Prisoner Places in accordance with the relevant RRAPP Band Activation Notice and/or the requirement to increase the number of Available Prisoner Places in accordance with the relevant RRAPP Band Deactivation Notice and/or relief from its obligations and/or to claim compensation under this Contract.
View SourceView Similar (2)
Delays due to a Compensation Event. 17.1 If, as a direct result of the occurrence of a Compensation Event: (a) the Contractor is unable to achieve any contractual deadline set out in this Contract; and/or (b) the Contractor is unable to comply with any of its obligations under this Contract; and/or (c) the Contractor incurs costs or loses revenue (subject to clauses 16.5 to 16.8 inclusive), then the Contractor is entitled to apply for relief from its obligations and/or claim compensation under this Contract. 17.2 Subject to clause 17.4, to obtain relief and claim compensation the Contractor must: (a) as soon as practicable, and in any event within twenty one (21) Business Days after it became aware that the Compensation Event has caused or is likely to cause delay and/or breach of an obligation and/or the Contractor to incur costs or lose revenue, give to the Council a notice of its claim for: (i) an extension to the Longstop Date; (ii) any payment of compensation (subject to clauses 16.5 to 16.8 inclusive); and/or (iii) any relief from its obligations under this Contract, (b) within ten (10) Business Days of the giving of the notice referred to in clause 17.2(a) above, give reasonably full details to the Council: (i) of the Compensation Event; and (ii) the extension of time claimed (if any); and/or (iii) of any Estimated Change in Service Costs claimed (subject to clauses 16.5 to 16.8 inclusive); and/or (iv) loss of revenue claimed, and (c) demonstrate to the reasonable satisfaction of the Council that: (i) the Compensation Event was the direct cause of the Estimated Change in Service Costs and/or loss of revenue and/or any delay in the achievement of completion of the Avonmouth Facility and/or Primary Transfer Stations by the Service Commencement Date and/or breach of the Contractor's obligations under this Contract; or failure to meet any other contractual deadline set out in this Contract; and (ii) the Estimated Change in Service Costs, and/or loss of revenue, time lost, and/or relief from the obligations under this Contract claimed, could not reasonably be expected to be mitigated or recovered by the Contractor acting in accordance with Good Industry Practice. (a) the Longstop Date shall be extended by such time as shall be fair and reasonable for such Compensation Event, taking into account the likely effect of delay; (i) on or before the NWTF Operation Date; or (ii) as a result of Capital Expenditure being incurred by the Contractor at any time, the Council shall compensate the Contra...
View Source
Delays due to a Compensation Event. If, at any time during the Contract Period as a direct result of the occurrence of a Compensation Event the Contractor:- 15.5.1 will be unable to (in regard to either New Facility) commence the Works on or before the Start on Site Date; 15.5.2 will be unable to (in regard to either New Facility) achieve Services Availability at that New Facility on or before the Target Service Availability Date or, (following the Target Service Availability Date, a Longstop Date) or will be delayed in achieving Service Availability; and/or 15.5.3 is unable to comply with its obligations under this Agreement; and/or 15.5.4 incurs any Estimated Change in Project Costs and/or loss of revenue, then the Contractor shall be entitled to apply for an extension of time to the Start on Site Date and/or relevant Target Practical Completion Date and/or Target Service Availability Date and/or (following the Target Service Availability Date) to a Longstop Date and/or claim relief from its obligations and/or claim any Estimated Change in Project Costs under this Agreement.
View Source
Delays due to a Compensation Event. If, as a direct result of the occurrence of a Compensation Event, the Contractor shall: 15.1.1 be unable to achieve the Services Commencement Date; 15.1.2 be unable to manage the reduction or increase in the number of Available Prisoner Places on or before the date specified for such reduction or increase in the number of Available Prisoner Places in the relevant RRAPP Band Activation Notice or RRAPP Band Deactivation Notice (as the case may be) or (following the relevant date in the RRAPP Band Deactivation Notice or RRAPP Band Activation Notice (as the case may be)) is delayed in providing such Available Prisoner Places, in either case for any period;
View Source
Delays due to a Compensation Event. ‌ If, as a direct result of the occurrence of a Compensation Event: 16.5.1 the Contractor is unable to commence the Works on the Start on Site Date or, achieve a Milestone by the relevant Milestone Date or commence the relevant Services on a Planned Services Commencement Date; 16.5.2 the Contractor is unable to comply with its obligations under this Agreement; and/or 16.5.3 the Contractor incurs costs or loses revenue, then the Contractor is entitled to apply for relief from its obligations and/or to claim compensation under this Agreement.
View Source

Related to Delays due to a Compensation Event

  • Compensation Events 44.1 The following are Compensation Events unless they are caused by the Contractor: (a) The Employer does not give access to a part of the Site by the Site Possession Date stated in the Contract Data. (b) The Employer modifies the schedule of other contractors in a way which affects the work of the contractor under the contract. (c) The Engineer orders a delay or does not issue drawings, specifications or instructions required for execution of works on time. (d) The Engineer instructs the Contractor to uncover or to carry out additional tests upon work which is then found to have no Defects. (e) The Engineer unreasonably does not approve for a subcontract to be let. (f) Ground conditions are substantially more adverse than could reasonably have been assumed before issuance of Letter of Acceptance from the information issued to Bidders (including the Site Investigation Reports), from information available publicly and from a visual inspection of the Site. (g) The Engineer gives an instruction for dealing with an unforeseen condition, caused by the Employer, or additional work required for safety or other reasons. (h) Other contractors, public authorities, utilities or the Employer does not work within the dates and other constraints stated in the Contract, and they cause delay or extra cost to the Contractor. (i) The advance payment is delayed. (j) The effect on the Contractor of any of the Employer’s Risks. (k) The Engineer unreasonably delays issuing a Certificate of Completion. (l) Other Compensation Events listed in the Contract Data or mentioned in the Contract. 44.2 If a Compensation Event would cause additional cost or would prevent the work being completed before the Intended Completion Date, the Contract Price shall be increased and/or the Intended Completion Date is extended. The Engineer shall decide whether and by how much the Contract Price shall be increased and whether and by how much the Intended Completion Date shall be extended. 44.3 As soon as information demonstrating the effect of each Compensation Event upon the Contractor's forecast cost has been provided by the Contractor, it is to be assessed by the Engineer and the Contract Price shall be adjusted accordingly. If the Contractor's forecast is deemed unreasonable, the Engineer shall adjust the Contract Price based on Engineer’s own forecast. The Engineer will assume that the Contractor will react competently and promptly to the event. 44.4 The Contractor shall not be entitled to compensation to the extent that the Employer's interests are adversely affected by the Contractor not having given early warning or not having cooperated with the Engineer.

  • Termination Due to Retirement Upon termination of the Executive based on Retirement, no amounts or benefits shall be due the Executive under this Agreement, and the Executive shall be entitled to all benefits under any retirement plan of the Company and other plans to which the Executive is a party. Termination of the Executive’s employment based on “Retirement” shall mean termination of the Executive’s employment in accordance with a retirement policy established by the Board with the Executive’s consent.

  • Transfer to Avoid Termination Event If either an Illegality under Section 5(b)(i)(1) or a Tax Event occurs and there is only one Affected Party, or if a Tax Event Upon Merger occurs and the Burdened Party is the Affected Party, the Affected Party will, as a condition to its right to designate an Early Termination Date under Section 6(b)(iv), use all reasonable efforts (which will not require such party to incur a loss, excluding immaterial, incidental expenses) to transfer within 20 days after it gives notice under Section 6(b)(i) all its rights and obligations under this Agreement in respect of the Affected Transactions to another of its Offices or Affiliates so that such Termination Event ceases to exist. If the Affected Party is not able to make such a transfer it will give notice to the other party to that effect within such 20 day period, whereupon the other party may effect such a transfer within 30 days after the notice is given under Section 6(b)(i). Any such transfer by a party under this Section 6(b)(ii) will be subject to and conditional upon the prior written consent of the other party, which consent will not be withheld if such other party's policies in effect at such time would permit it to enter into transactions with the transferee on the terms proposed.

  • PAYMENTS TO EXECUTIVE UPON AN EVENT OF TERMINATION (a) Upon the occurrence of an Event of Termination (as herein defined) during EXECUTIVE's term of employment under this Agreement, the provisions of this Section shall apply. As used in this Agreement, an "Event of Termination" shall mean and include any one or more of the following: (i) the termination by the BANK of EXECUTIVE's full-time employment hereunder for any reason other than a Change in Control, as defined in Section 5(a) hereof; disability, as defined in Section 6(a) hereof; death; retirement, as defined in Section 7 hereof; or Termination for Cause, as defined in Section 8 hereof; (ii) EXECUTIVE's resignation from the BANK's employ, upon (A) unless consented to by EXECUTIVE, a material change in EXECUTIVE's function, duties, or responsibilities, which change would cause EXECUTIVE's position to become one of lesser responsibility, importance, or scope from the position and attributes thereof described in Sections 1 and 2, above (any such material change shall be deemed a continuing breach of this Agreement), (B) a relocation of EXECUTIVE's principal place of employment by more than 35 miles from its location at the effective date of this Agreement, or a material reduction in the benefits and perquisites to EXECUTIVE from those being provided as of the effective date of this Agreement, (C) the liquidation or dissolution of the BANK, or (D) any material breach of this Agreement by the BANK. Upon the occurrence of any event described in clauses (A), (B), (C) or (D), above, EXECUTIVE shall have the right to elect to terminate his employment under this Agreement by resignation upon not less than sixty (60) days prior written notice given within a reasonable period of time not to exceed, except in case of a continuing breach, four (4) calendar months after the event giving rise to said right to elect.

  • Additional Termination Events (i) Notwithstanding anything to the contrary in this Confirmation, upon any Early Conversion in respect of which a Notice of Conversion that is effective as to Counterparty has been delivered by the relevant converting Holder: (A) Counterparty shall, within one Scheduled Trading Day of the Conversion Date for such Early Conversion, provide written notice (an “Early Conversion Notice”) to Dealer specifying the number of Convertible Notes surrendered for conversion on such Conversion Date (such Convertible Notes, the “Affected Convertible Notes”), and the giving of such Early Conversion Notice shall constitute an Additional Termination Event as provided in this clause (i); (B) upon receipt of any such Early Conversion Notice, Dealer shall designate an Exchange Business Day as an Early Termination Date (which Exchange Business Day shall be no earlier than one Scheduled Trading Day following the Conversion Date for such Early Conversion) with respect to the portion of the Transaction corresponding to a number of Options (the “Affected Number of Options”) equal to the lesser of (x) the number of Affected Convertible Notes and (y) the Number of Options as of the Conversion Date for such Early Conversion; (C) any payment hereunder with respect to such termination shall be calculated pursuant to Section 6 of the Agreement as if (x) an Early Termination Date had been designated in respect of a Transaction having terms identical to the Transaction and a Number of Options equal to the Affected Number of Options, (y) Counterparty were the sole Affected Party with respect to such Additional Termination Event and (z) the terminated portion of the Transaction were the sole Affected Transaction; provided that the amount payable with respect to such termination shall not be greater than (1) the Applicable Percentage multiplied by (2) the Affected Number of Options, multiplied by (3) (x) the sum of (i) the amount of cash paid (if any) and (ii) the number of Shares delivered (if any) to the Holder (as such term is defined in the Indenture) of an Affected Convertible Note upon conversion of such Affected Convertible Note, multiplied by the Applicable Limit Price, minus (y) USD 1,000; (D) for the avoidance of doubt, in determining the amount payable in respect of such Affected Transaction pursuant to Section 6 of the Agreement, the Calculation Agent shall assume that (x) the relevant Early Conversion and any conversions, adjustments, agreements, payments, deliveries or acquisitions by or on behalf of Counterparty leading thereto had not occurred, (y) no adjustments to the Conversion Rate have occurred pursuant to any Excluded Provision and (z) the corresponding Convertible Notes remain outstanding; and (E) the Transaction shall remain in full force and effect, except that, as of the Conversion Date for such Early Conversion, the Number of Options shall be reduced by the Affected Number of Options. (ii) Notwithstanding anything to the contrary in this Confirmation if an event of default with respect to Counterparty occurs under the terms of the Convertible Notes as set forth in Section 6.01 of the Indenture, then such event of default shall constitute an Additional Termination Event applicable to the Transaction and, with respect to such Additional Termination Event, (A) Counterparty shall be deemed to be the sole Affected Party, (B) the Transaction shall be the sole Affected Transaction and (C) Dealer shall be the party entitled to designate an Early Termination Date pursuant to Section 6(b) of the Agreement. (iii) Notwithstanding anything to the contrary in this Confirmation, the occurrence of an Amendment Event shall constitute an Additional Termination Event applicable to the Transaction and, with respect to such Additional Termination Event, (A) Counterparty shall be deemed to be the sole Affected Party, (B) the Transaction shall be the sole Affected Transaction and (C) Dealer shall be the party entitled to designate an Early Termination Date pursuant to Section 6(b) of the Agreement. “Amendment Event” means that Counterparty amends, modifies, supplements, waives or obtains a waiver in respect of any term of the Indenture or the Convertible Notes governing the principal amount, coupon, maturity, repurchase obligation of Counterparty, any term relating to conversion of the Convertible Notes (including changes to the conversion rate, conversion rate adjustment provisions, conversion settlement dates or conversion conditions), or any term that would require consent of the holders of not less than 100% of the principal amount of the Convertible Notes to amend (other than, in each case, any amendment or supplement (x) pursuant to Section 10.01(h) of the Indenture that, as determined by the Calculation Agent, conforms the Indenture to the description of Convertible Notes in the Offering Memorandum or (y) pursuant to Section 14.07 of the Indenture), in each case, without the consent of Dealer.