Common use of Remedial Works Clause in Contracts

Remedial Works. If based on an audit report pursuant to Section 14.2 and any other information coming to the attention of the Regulatory Office, the Regulatory Office reasonably concludes that the Concessionaire is not meeting its obligations under Section 6.5.1 above, then the Regulatory Office shall give the Concessionaire written notice of this conclusion and the Concessionaire shall have thirty (30) days (or such longer period as the Regulatory Office may provide) thereafter to commence appropriate action to correct the problem to the satisfaction of the Regulatory Office. Failing such correction, the Regulatory Office shall have the option to commission appropriate remedial works by third parties and to impose applicable penalties under Section 11.4. The costs of such remedial works shall be borne by the Concessionaire. In the event the Concessionaire does not make a payment within fifteen (15) days of written notice pursuant to this Section of the cost of such remedial works, the value of such unpaid amount shall be drawable under the Performance Bond in accordance with Section 6.10 below.