Common use of Annual Concession Fee Clause in Contracts

Annual Concession Fee. 24.3.1 Annual Concession Fee (“ACF” ): In consideration of the grant of the Concession, the Concessionaire shall during the Concession Period, pay to the Authority by way of concession fee a sum of Rs. 1,00,000/- (Rupees One Lakhs) per annum, payable on or before the Appointed Date escalated @ 10% in every three years 24.3.2 First payment of ACF shall be made on a pro-rata basis (calculated as the number of days between the Appointed Date and 31st March of the following year. The payment shall be due on or before the 1st Anniversary of the Appointed Date, i.e. due date for the first payment of ACF. Every subsequent payment of ACF shall be due and payable within 15 (fifteen) days of the commencement of the Accounting Year. 24.3.3 The Annual Concession Fee payable under this Clause 24.3, shall be deemed to be part of the Project Consideration for the purposes of this Agreement.