Common use of STPs Clause in Contracts

STPs. In the event of the unit failing to fulfill the terms & conditions of Letter Of Permission (LOP) and NFE as prescribed in the STP Scheme, except when the fulfillment of such conditions is prevented or delayed because of any law & order, proclamation, regulation/ordinance of the Government or the shortfall in fulfillment of NFE is within the permissible norms specified in the monitoring guidelines of the STP Scheme given in Foreign Trade Policy, the unit would be liable for penal action under the provisions of Foreign Trade (Development & Regulation) Act, 1992 and the Rules & Orders made there under.

Appears in 2 contracts

Sources: Software Technology Park Agreement, Software Technology Park Agreement