Renewal of Concession. The ULB/ Authority may in its sole discretion, in the event of non-occurrence of any Concessionaire/Agency’s Default during the concession period, agree to extend the Concession by another 5 years after the expiry of the Concession Period with mutual consent of all parties. Provided that any such extension shall also lead to an extension of Land Lease Agreement(s) for an equal period so as to make the Land Lease Agreement co-terminus with extended Concession Period.
Appears in 2 contracts
Sources: Concession Agreement, Concession Agreement