Common use of Sole Remedy for delay Clause in Contracts

Sole Remedy for delay. (a) Except if the State elects to terminate this Agreement as a result of an Immediate Termination Event, the State’s sole financial remedy, and Project Co’s sole financial liability, for failure to achieve Commercial Acceptance by the Date for Commercial Acceptance is limited to: (i) the liquidated damages required to be paid by Project Co under Clause 21A.4; and (ii) the amount of the Monthly Service Payment and State Loan Payment not required to be paid by the State in those circumstances (Relevant Amounts), and Project Co’s liability in those circumstances is fully and finally satisfied by the State receiving from Project Co the liquidated damages required to be paid by Project Co under Clause 21A.4 and by the State not paying the Relevant Amounts. (b) Clause 4.7(a) does not affect the State’s rights under this Agreement (including any indemnity to which it is entitled) in respect of: (i) giving a Default Notice and otherwise exercising its rights under Clause 43 in respect of the delay; and (ii) any matter other than a delay to Commercial Acceptance, including any matter that occurs during the period of the delay.