Common use of Transfer of Project Clause in Contracts

Transfer of Project. 26.3.1 The Operator shall provide to the Authority, 6 (six) months prior to the Transfer Date in the event of Termination, or completion by efflux of time or exit, as the case maybe and immediately in the event of either Party conveying to the other Party its intent to issue a Termination Notice, as the case may be, as much information and advice as is reasonably practicable regarding the proposed arrangements for operation of the Project following the Transfer Date. The Operator shall further provide such reasonable advice and assistance to the Authority, its Operator or agent as may be reasonably required for operation of the Project until the expiry of 6 (six) months after the Transfer Date. 26.3.2 Upon Completion of the agreement period by efflux of time or way of exercise of option to exit by the Operator or termination, the permanent structures created by the Operator, shall vest with the Authority and the Operator shall have no right on any such permanent / immovable structures as so created/ constructed by him. Moreover, at the time of handing over/ transfer of the Project Facility after the completion of the agreement period by efflux of time / exercise of exit option/ termination, the Operator shall ensure that the assets are handed over back to the Authority as per the Inventory List in the good condition. 26.3.3 Upon termination of the agreement – either by Operator’s default or Authority’s default, the permanent structures created by the Operator, shall vest with the Authority and the Operator shall have no right on any such permanent / immovable structures as so created/ constructed by him. Moreover, at the time of handing over after termination, all the assets and inventory which were handed over to the operator at the time of start of the project on Effective date, shall be returned by the Operator in good condition to the Authority.

Transfer of Project. ‌ 26.3.1 The Operator shall provide to the Authority, 6 (six) months prior to the Transfer Date in the event of Termination, or completion by efflux of time or exit, as the case maybe and immediately in the event of either Party conveying to the other Party its intent to issue a Termination Notice, as the case may be, as much information and advice as is reasonably practicable regarding the proposed arrangements for operation of the Project following the Transfer Date. The Operator shall further provide such reasonable advice and assistance to the Authority, its Operator or agent as may be reasonably required for operation of the Project until the expiry of 6 (six) months after the Transfer Date. 26.3.2 Upon Completion of the agreement period by efflux of time or way of exercise of option to exit by the Operator or termination, the permanent structures created by the Operator, shall vest with the Authority and the Operator shall have no right on any such permanent / immovable structures as so created/ constructed by him. Moreover, at the time of handing over/ transfer of the Project Facility after the completion of the agreement period by efflux of time / exercise of exit option/ termination, the Operator shall ensure that the assets are handed over back to the Authority as per the Inventory List in the good condition. 26.3.3 Upon termination of the agreement – either by Operator’s default or Authority’s default, the permanent structures created by the Operator, shall vest with the Authority and the Operator shall have no right on any such permanent / immovable structures as so created/ constructed by him. Moreover, at the time of handing over after termination, all the assets and inventory which were handed over to the operator at the time of start of the project on Effective date, shall be returned by the Operator in good condition to the Authority.