Amount of Performance Stipulated Damages. (a) TSP acknowledges and agrees that because of the unique nature of the Project, and the fact that performance of the TCS in conformance with the Guaranteed Performance Requirements is essential to the Joint Board’s ability to collect toll revenue to enable the State’s Parties to continue to finance, construct, operate and maintain and improve their respective highway systems, it is not possible to ascertain and determine the actual Losses, including lost toll revenues, which would accrue to the Joint Board and the public from such failures. Therefore, commencing upon the applicable Revenue Service Date for each Bridge , TSP shall pay to the Joint Board an amount determined as follows (the “Performance Stipulated Damages”) as deemed compensation to the Joint Board for lost toll revenues from failure to meet the Guaranteed Performance Requirements.
Appears in 6 contracts
Samples: Toll Services Agreement, Toll Services Agreement, Toll Services Agreement
