Common use of Re-tendering of the Project Clause in Contracts

Re-tendering of the Project. (i) If a Concessionaire Event of Default remains un-remedied at the expiry of the EoD Remedy Period, or immediately upon the Authority notifying to the Concessionaire a breach, the Authority shall be entitled to retender the Project. The Authority shall promptly notify its decision to the Concessionaire. (ii) If the Authority elects to retender the Project, then the objective of such tender shall be to establish and pay to the Concessionaire the highest compliant tender price, which shall be determined after taking into account: (a) the market value of assets created by the Concessionaire; (b) the condition of assets being transferred; (c) any liabilities of the Concessionaire to the Authority or other third Persons; and (d) the costs of retendering incurred by the Authority and the highest compliant tenderer. (iii) The retendering procedure shall be completed as soon as reasonably possible. If the retendering procedure remains incomplete within 210 (two hundred and ten) Days from the date on which the Authority has notified the Concessionaire in accordance with paragraph (i) above, then the Authority shall abandon the retendering process. (iv) The Concessionaire shall continue to fulfil its obligations under this Agreement and perform the Inspection Services after the expiry of the Hold Period and until the expiry of the 210 (two hundred and ten) Day period set out at paragraph (iii) above. (v) Upon the successful completion of the retendering process, the Concessionaire shall assign and novate all of its rights, obligations and liabilities under this Agreement and the other Project Agreements and transfer all of the assets relating to the Inspection Stations to the successful bidder, against payment of the highest compliant tender price. The Concessionaire shall not be entitled to receive any other amounts from the Authority for such assignment, novation and transfer. (vi) Retendering may be of all the operational Inspection Station(s) collectively or individually, as per decision of the Authority in this regard.(can VIS station retender individual is it possible while you are going to award it single party so either give it full project or take back full project)