Extension of Concession Period Clause Samples
The Extension of Concession Period clause allows for the agreed duration of a concession agreement to be lengthened under certain circumstances. Typically, this extension is triggered by events such as force majeure, delays caused by government actions, or other disruptions beyond the concessionaire’s control. By providing a mechanism to adjust the concession period, this clause ensures that the concessionaire is not unfairly penalized for delays outside their influence, thereby maintaining the economic balance of the agreement.
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Extension of Concession Period. Subject to the provisions of Clause 31.5, in the event that a material default or breach of this Agreement set forth in Clause 31.2 causes delay in achieving COD of Bus Terminal or leads to suspension of or reduction in collection of charge(s), as the case may be, the Authority shall, in addition to payment of compensation under Clause 31.2, extend the Concession Period, such extension being equal in duration to the period by which COD of Bus Terminal was delayed or the collection of charge(s) remained suspended on account thereof, as the case may be.
Extension of Concession Period. Subject to the provisions of Clause 28.4, in the event that a material default or breach of this Agreement set forth in Clause 28.1.2 leads to suspension of or reduction in collection of Fee, as the case may be, the Authority shall, in addition to payment of compensation under Clause 28.1.2, extend the Concession Period, such extension being equal in duration to the period for which the collection of Fee remained suspended on account thereof; and in the event of reduction in collection of Fee where the daily collection is less than 90% (ninety per cent) of the Average Daily Fee, the Authority shall, in addition to payment of compensation hereunder, extend the Concession Period in proportion to the loss of Fee on a daily basis. For the avoidance of doubt, loss of 25% (twenty five per cent) in collection of Fee as compared to the Average Daily Fee for four days shall entitle the Concessionaire to extension of one day in the Concession Period.
Extension of Concession Period. Subject to the provisions of Clause 35.6, in the event that a material default or breach of this Agreement set forth in Clause 35.2 causes delay in achieving COD or leads to suspension of or reduction in collection of Fee, as the case may be, the Authority shall, in addition to payment of compensation under Clause 35.2, extend the Concession Period, such extension being equal in duration to the period by which COD was delayed or the collection of Fee remained suspended on account thereof, as the case may be.
Extension of Concession Period. Subject to the provisions of Clause 32.5, in the event that a material default or breach of this Agreement set forth in Clause 32.2 causes delay in achieving COD, MOR shall, in addition to payment of compensation under Clause 32.2, extend the Concession Period, such extension being equal in duration to the period by which COD was delayed.
Extension of Concession Period. Subject to the provisions of Clause 26.4, in the event that a material default or breach of this Agreement causes delay in achieving COD or leads to suspension, as the case may be, the Lead ULB shall extend the Concession Period, such extension being equal in duration to the period by which COD was delayed.
Extension of Concession Period. Subject to the provisions of Clause 30.4, in the event that a material breach or default of this Agreement set forth in Clause 30.2 causes delay in achieving COD or leads to reduction in the realisation of Gross Revenues, as the case may be, the Authority shall, in addition to payment of compensation under Clause 30.2, extend the Concession Period, such extension being equal in duration to the period by which COD was delayed or Gross Revenue was reduced on account thereof, as the case may be; and in the event of reduction in Gross Revenue to decline below 75% (seventy five per cent) of the Average Daily Gross Revenue for the corresponding period during the preceding 2 (two) years, the Authority shall, in addition to payment of compensation hereunder, extend the Concession Period in proportion to the loss of Gross Revenue. For avoidance of doubt, loss of 25% (twenty five per cent) in realisation of Gross Revenue for 4 (four) days, as compared to the Average Daily Gross Revenue for the corresponding period during the preceding 2 (two) years shall entitle the Concessionaire to extension of 1 (one) day in the Concession Period.
Extension of Concession Period. Subject to the provisions of Clause 35.6, in the event that a material default or breach of this Agreement set forth in Clause 35.2 causes delay in achieving COD or leads to suspension of or reduction in collection of Fee, as the case may be, the Authority shall, in addition to payment of compensation hereunder, extend the Concession Period, such extension being equal in duration to the period by which COD was delayed or the collection of Fee remained suspended on account thereof, as the case may be; and in the event of reduction in collection of Fee where the daily collection is less than 90% (ninety per cent) of the Average Daily Fee, the Authority shall, in addition to payment of compensation hereunder, extend the Concession Period in proportion to the loss of Fee on a daily basis. For the avoidance of doubt, loss of 25% (twenty five per cent) in collection of Fee as compared to the Average Daily Fee for four days shall entitle the Concessionaire to extension of one day in the Concession Period.
Extension of Concession Period. Subject to the provisions of Clause 35.6, in the event that a material default or breach of this Agreement set forth in Clause 35.2 causes delay in achieving COD or leads to suspension of or reduction in collection of Adda Fee/ Commercial Charges, the Concessioning Authority shall, in addition to payment of compensation under Clause 35.2, extend the Concession Period, such extension being equal in duration to the period by which COD was delayed or the collection of Adda Fee/ Commercial Charges remained suspended on account thereof, as the case may be. For the avoidance of doubt, loss of 25% (twenty-five per cent) in collection of Adda Fee for four days shall entitle the Concessionaire to extension of one day in the Concession Period.
Extension of Concession Period. The Monitoring Committee shall upon being notified by the Concessionaire of the Change in Law and the proposed amendments to this Agreement, assess the change in the financial position as a result of such Change of Law and determine the extension to the Concession Period so as to put the Concessionaire in the same financial position as it would have occupied had there been no such Change in Law and recommend the same to NGS/SMC. NGS/SMC shall, within 30 days of receipt of such recommendation, extend the Concession Period by such period as has been recommended by the Monitoring Committee.
Extension of Concession Period. The Concession Period may be extended by mutual agreement of the Parties either on the same terms and conditions, or on modified terms and conditions. Provided that, any such mutually agreed extension of the Concession Period shall be recorded in writing, by way of an amendment to this Agreement, by no later than [30 (thirty)] days prior to the expiry of the Concession Period.