Common use of Remedies of Concessionaire Default Clause in Contracts

Remedies of Concessionaire Default. 46.2.1. Upon the occurrence of a Concessionaire Default, Transnet may at its option and without prejudice to any of its other rights or remedies and to any rights of action which shall accrue or shall have already accrued to Transnet do any or all of the following – 46.2.1.1. forthwith issue a Concession Termination Notice to the Concessionaire terminating this Agreement, in respect of any Concessionaire Default which is not capable of remedy, or for which the Concessionaire Default in question was not remedied or cured to the satisfaction of Transnet; 46.2.1.2. suspend payment of any payment(s) that may be due from Transnet to the Concessionaire under this Agreement or otherwise howsoever arising; 46.2.1.3. without determining this Agreement, by notice in writing having immediate effect, suspend performance by the Concessionaire of part only of the functions to be performed by it under the Concession Documents until such time as the Concessionaire shall have demonstrated to the reasonable satisfaction of Transnet that it will perform and is capable of performing the Concession obligations and thereafter itself to perform or procure a third party to perform such part of the functions for such period; 46.2.1.4. the Concessionaire acknowledging and agreeing that the occurrence of a Concessionaire Default shall go to the root of this Agreement and accordingly shall be a breach of a condition which Transnet shall be entitled (without prejudice to any of its other rights hereunder or under any of the other Concession Documents) to treat as a repudiation by the Concessionaire of this Agreement, give a Concession Termination Notice to the Concessionaire to terminate this Agreement; save that Transnet must provide in any Concession Termination Notice pursuant to clause 46.2.1.4 such period or periods within which the Concessionaire must rectify the circumstances giving rise to the notice or otherwise cure the relevant Concessionaire Default, and upon such rectification or curing to the reasonable satisfaction of Transnet, the notice shall lapse.