Common use of Failure to Remedy Defects Clause in Contracts

Failure to Remedy Defects. a. If the Concessionaire fails to remedy any defect or damage within a reasonable time, the Authority may fix a date on or by which to remedy the defect or damage, and give the Concessionaire reasonable notice of such date. If the Concessionaire fails to remedy the defect or damage by such date, the Authority may (at its sole discretion):‐ i) Carry out the work itself or by others, in a reasonable manner and at the Concessionaire's cost, but the Concessionaire shall have no responsibility for such work. All costs incurred by the Authority hereunder shall be reimbursed by the Concessionaire to the Authority within 60 (sixty) days of receipt of demand thereof, and in the event of default in reimbursing such costs, the Authority shall be entitled to recover the same from the Escrow Account including recovery from the Performance Guarantees; or ii) If the defect or damage is such that the Authority has been deprived of substantially the whole of the benefit of the Works, it may terminate this Concession Agreement but without relieving the Concessionaire of liability for breach of this Concession Agreement.