Common use of Annual Concession Fee Clause in Contracts

Annual Concession Fee. 25.3.1 Without prejudice to the provisions of Clause 25.1 and Clause 25.2, the Concessionaire agrees to pay to the Authority an amount of Rupees [***] to be calculated at the rate of 1% (one per cent) of the prevailing circle rates for the entire site as on the 30 (thirty) days prior to the Scheduled Completion Date, as consideration for the Project ("Annual Concession Fee"). 25.3.2 The Parties hereto acknowledge and agree that the Annual Concession Fee as specified in Clause 25.3.1 (the "Base Annual Concession Fee") shall be revised annually on April 1; provided, however, that such revision shall not be effected until a period of 6 (six) months has elapsed from the date of the immediately preceding determination of Annual Concession Fee hereunder. for e.g. if the concession agreement is signed after 6 months of the financial year (say October 10, 2019) the next revision with Composite Price Index will take place w.e.f. April 1, 2021, at the same time for Scheduled Completion Date on or before 30th September 2019 the revision of Annual Concession Fee with Composite Price Index will be effective from April 1, 2020. 25.3.3 The Authority hereby acknowledges and agrees that it is not entitled to any revision of Annual Concession Fee except in accordance with the express provisions of this Agreement. 25.3.4 The date of payment of Annual Concession Fees shall be extended on account of extension in Scheduled Completion Date, if any, due to Force Majeure conditions set forth in Article 30 herein.