Appropriation of Performance Security. Upon occurrence of a Concessionaire Default or failure to meet any Condition Precedent, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate from the Performance Security the amounts due to it for and in respect of such Concessionaire Default or for failure to meet any Condition Precedent. Upon such encashment and appropriation from the Performance Security, the Concessionaire shall, within 15 (fifteen) days thereof, replenish, in case of partial appropriation, to the original level of the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 31. Provided that upon appropriation on account of Concessionaire’s Default the Concessionaire shall replenish the Performance Security and upon such replenishment or furnishing of a fresh Performance Security, as the case may be, the Concessionaire shall be entitled to an additional Cure Period of 120 (one hundred and twenty) days for remedying the Concessionaire Default, save and except as provided in Clause 4.5 of this Agreement, and in the event of the Concessionaire not curing its default within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 31.
Appears in 5 contracts
Samples: Concession Agreement, Concession Agreement, Concession Agreement
Appropriation of Performance Security. Upon occurrence of a Concessionaire Default or failure to meet any Condition PrecedentPrecedent or failure to make any payment which becomes due and payable to the Authority under and in accordance with this Agreement, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the amounts due and payable as liquidated damages from the Performance Security the amounts due to it as Damages for and in respect of such Concessionaire Default or for failure to meet any Condition PrecedentPrecedent or failure to pay such amounts which are due and payable by the Concessionaire to the Authority under and in accordance with the provisions of this Agreement. Upon such encashment and appropriation from of the Performance Security, the Concessionaire shall, within [15 (fifteen) )] days thereof, replenish, in case of partial appropriation, to the original level of the Performance SecuritySecurity to its original level, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 3132. Provided that upon appropriation on account of Concessionaire’s Default the Concessionaire shall replenish the Performance Security and upon Upon such replenishment or furnishing of a fresh Performance Security, as the case may be, the Concessionaire shall be entitled to an additional Cure Period of 120 (one hundred and twenty) days for remedying the Concessionaire Default, save and except as provided in Clause 4.5 of this AgreementDefault or for satisfying any Condition Precedent, and in the event of the Concessionaire not curing its default or meeting such Condition Precedent within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in in accordance with Article 3132.
Appears in 4 contracts
Samples: Concession Agreement, Concession Agreement, Concession Agreement
Appropriation of Performance Security. Upon occurrence of a Concessionaire Default or failure to meet any Condition Precedent, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate from the Performance Security the amounts due to it for and in respect of such Concessionaire Default or for failure to meet any Condition Precedent. Upon such encashment and appropriation from the Performance Security, the Concessionaire shall, within 15 (fifteen) days thereof, replenish, in case of partial appropriation, appropriation to the original level of the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, be failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 31. Provided that upon appropriation on account of Concessionaire’s Default the Concessionaire shall replenish the Performance Security and upon Upon such replenishment or furnishing of a fresh Performance Security, as the case may be, the Concessionaire shall be entitled to an additional Cure Period of 120 (one hundred and twenty) days for remedying the Concessionaire Default, save and except as provided in Clause 4.5 of this AgreementDefault or for satisfying any Condition Precedent, and in the event of the Concessionaire not curing its default or meeting such Condition Precedent within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 31.
Appears in 4 contracts
Samples: Concession Agreement, Concession Agreement, Concession Agreement
Appropriation of Performance Security. Upon occurrence of a Concessionaire Default or failure to meet any Condition Precedent, the Authority MOR shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Performance Security the amounts due to it as Damages for and in respect of such Concessionaire Default or for failure to meet any Condition Precedent. Upon such encashment and appropriation from the Performance Security, the Concessionaire shall, within 15 30 (fifteenthirty) days thereof, replenish, in case of partial appropriation, to the its original level of the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, and the Concessionaire shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which the Authority MOR shall be entitled to terminate this Agreement in accordance with Article 3130. Provided that upon appropriation on account of Concessionaire’s Default the Concessionaire shall replenish the Performance Security and upon such Upon replenishment or furnishing of a fresh Performance Security, as the case may be, as aforesaid, the Concessionaire shall be entitled to an additional Cure Period of 120 90 (one hundred and twentyninety) days for remedying the Concessionaire Default, save and except as provided in Clause 4.5 of this AgreementDefault or to meet any Condition Precedent, and in the event of the Concessionaire not curing its default or meeting such Condition Precedent within such Cure Period, the Authority MOR shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 3130.
Appears in 4 contracts
Samples: Construction Agreement, Construction Agreement, Construction Agreement
Appropriation of Performance Security. Upon occurrence of a Concessionaire Default or failure to meet any Condition Precedent, the Authority MPRDC shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Performance Security the amounts due to it as Damages for and in respect of such Concessionaire Default or for failure to meet any Condition Precedent. Upon such encashment and appropriation from the Performance Security, the Concessionaire shall, within 15 30 (fifteenthirty) days thereof, replenish, in case of partial appropriation, to the its original level of the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, and the Concessionaire shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which the Authority MPRDC shall be entitled to terminate this Agreement in accordance with Article 3137. Provided that upon appropriation on account of Concessionaire’s Default the Concessionaire shall replenish the Performance Security and upon such Upon replenishment or furnishing of a fresh Performance Security, as the case may be, as aforesaid, the Concessionaire shall be entitled to an additional Cure Period of 120 90 (one hundred and twentyninety) days for remedying the Concessionaire Default, save and except as provided in Clause 4.5 of this AgreementDefault or to meet any Condition Precedent, and in the event of the Concessionaire not curing its default or meeting such Condition Precedent within such Cure Period, the Authority MPRDC shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 3137.
Appears in 4 contracts
Samples: Concession Agreement, Concession Agreement, Concession Agreement
Appropriation of Performance Security. Upon occurrence of a Concessionaire Default or failure to meet any Condition Precedent, the Authority MOR shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Performance Security the amounts due to it as Damages for and in respect of such Concessionaire Default or for failure to meet any Condition Precedent. Upon such encashment and appropriation from the Performance Security, the Concessionaire shall, within 15 30 (fifteenthirty) days thereof, replenish, in case of partial appropriation, to the its original level of the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, and the Concessionaire shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which the Authority MOR shall be entitled to terminate this Agreement in accordance with Article 3134. Provided that upon appropriation on account of Concessionaire’s Default the Concessionaire shall replenish the Performance Security and upon such Upon replenishment or furnishing of a fresh Performance Security, as the case may be, as aforesaid, the Concessionaire shall be entitled to an additional Cure Period of 120 90 (one hundred and twentyninety) days for remedying the Concessionaire Default, save and except as provided in Clause 4.5 of this AgreementDefault or to meet any Condition Precedent, and in the event of the Concessionaire not curing its default or meeting such Condition Precedent within such Cure Period, the Authority MOR shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 3134.
Appears in 4 contracts
Samples: Construction Agreement, Construction Contract, Construction Agreement
Appropriation of Performance Security. Upon occurrence of a Concessionaire Default or failure to meet any Condition Precedent, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate from the Performance Security the amounts due to it for and in respect of such Concessionaire Default or for failure to meet any Condition Precedent. Upon such encashment and appropriation from the Performance Security, the Concessionaire shall, within 15 (fifteen) days thereof, replenish, in case of partial appropriation, to the original level of the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 31. Provided that upon appropriation on account of Concessionaire’s 's Default the Concessionaire shall replenish the Performance Security and upon such replenishment or furnishing of a fresh Performance Security, as the case may be, the Concessionaire shall be entitled to an additional Cure Period of 120 (one hundred and twenty) days for remedying the Concessionaire Default, save and except as provided in Clause 4.5 of this Agreement, and in the event of the Concessionaire not curing its default within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 31.
Appears in 3 contracts
Samples: Concession Agreement, Concession Agreement, Concession Agreement
Appropriation of Performance Security. Upon occurrence of a Concessionaire Default or failure to meet any Condition PrecedentPrecedent or failure to make any payment which becomes due and payable to the Authority under and in accordance with this Agreement, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the amounts due and payable as liquidated damages from the Performance Security the amounts due to it as Damages for and in respect of such Concessionaire Default or for failure to meet any Condition PrecedentPrecedent or failure to pay such amounts which are due and payable by the Concessionaire to the Authority under and in accordance with the provisions of this Agreement. Upon such encashment and appropriation from of the Performance Security, the Concessionaire shall, within [15 (fifteen) )] days thereof, replenish, in case of partial appropriation, to the original level of the Performance SecuritySecurity to its original level, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 3132. Provided that upon appropriation on account of Concessionaire’s Default the Concessionaire shall replenish the Performance Security and upon Upon such replenishment or furnishing of a fresh Performance Security, as the case may be, the Concessionaire shall be entitled to an additional Cure Period of [120 (one hundred and twenty) )] days for remedying the Concessionaire Default, save and except as provided in Clause 4.5 of this AgreementDefault or for satisfying any Condition Precedent, and in the event of the Concessionaire not curing its default or meeting such Condition Precedent within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in in accordance with Article 3132.
Appears in 3 contracts
Samples: Concession Agreement, Concession Agreement, Concession Agreement
Appropriation of Performance Security. Upon occurrence of a Concessionaire Event of Default or failure to meet any Condition Precedent, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Performance Security the amounts due to it as Damages for and in respect of such Concessionaire Default or for failure to meet any Condition Precedent. Upon such encashment and appropriation from the Performance Security, the Concessionaire shall, within 15 30 (fifteenthirty) days thereof, replenish, in case of partial appropriation, to the its original level of the applicable Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, and the Concessionaire shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 3122. Provided that upon appropriation on account of Concessionaire’s Default the Concessionaire shall replenish the Performance Security and upon such Upon replenishment or furnishing of a fresh Performance Security, as the case may be, as aforesaid, the Concessionaire shall be entitled to an additional Cure Period of 120 90 (one hundred and twentyninety) days for remedying the Concessionaire Default, save and except as provided in Clause 4.5 of this AgreementDefault or to meet any Condition Precedent, and in the event of the Concessionaire not curing its default or meeting such Condition Precedent within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 3122.
Appears in 3 contracts
Samples: Concession Agreement, Concession Agreement, Concession Agreement
Appropriation of Performance Security. Upon occurrence of a Concessionaire Default or failure to meet any Condition Precedent, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Performance Security the amounts due to it as Damages for and in respect of such Concessionaire Default or for failure to meet any Condition Precedent. Upon such encashment and appropriation from the Performance Security, the Concessionaire shall, within 15 30 (fifteenthirty) days thereof, replenish, in case of partial appropriation, to the its original level of the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, and the Concessionaire shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 3132. Provided that upon appropriation on account of Concessionaire’s Default the Concessionaire shall replenish the Performance Security and upon such Upon replenishment or furnishing of a fresh Performance Security, as the case may be, as aforesaid, the Concessionaire shall be entitled to an additional Cure Period of 120 90 (one hundred and twentyninety) days for remedying the Concessionaire Default, save and except as provided in Clause 4.5 of this AgreementDefault or failure to meet any Condition Precedent, and in the event of the Concessionaire not curing its default or meeting such Condition Precedent within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 3132.
Appears in 3 contracts
Samples: Concession Agreement, Concession Agreement, Concession Agreement
Appropriation of Performance Security. Upon occurrence of a Concessionaire Default or failure to meet any Condition Precedent, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Performance Security the amounts due to it as Damages for and in respect of such Concessionaire Default or for failure to meet any Condition Conditions Precedent. Upon such encashment and appropriation from the Performance Security, the Concessionaire shall, within 15 30 (fifteenthirty) days thereof, replenish, in case of partial appropriation, to the its original level of the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, and the Concessionaire shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 3136. Provided that upon appropriation on account of Concessionaire’s Default the Concessionaire shall replenish the Performance Security and upon such Upon replenishment or furnishing of a fresh Performance Security, as the case may be, as aforesaid, the Concessionaire shall be entitled to an additional Cure Period of 120 90 (one hundred and twentyninety) days for remedying the Concessionaire Default, save and except as provided in Clause 4.5 of this Agreement, and in the event of the Concessionaire not curing its default within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 3136.
Appears in 2 contracts
Appropriation of Performance Security. Upon occurrence of a Concessionaire Default or failure to meet any Condition Precedent, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Performance Security the amounts due to it as Damages for and in respect of such Concessionaire Default or for failure to meet any Condition Precedent. Upon such encashment and appropriation from the Performance Security, the Concessionaire shall, within 15 30 (fifteenthirty) days thereof, replenish, in case of partial appropriation, to the its original level of the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, and the Concessionaire shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid, failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 31. Provided that upon appropriation on account of Concessionaire’s Default the Concessionaire shall replenish the Performance Security and upon such 38 Upon replenishment or furnishing of a fresh Performance Security, as the case may be, as aforesaid, the Concessionaire shall be entitled to an additional Cure Period of 120 90 (one hundred and twentyninety) days for remedying the Concessionaire Default, save and except as provided in Clause 4.5 of this AgreementDefault or to meet any Condition Precedent, and in the event of the Concessionaire not curing its default or meeting such Condition Precedent within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 3138.
Appears in 2 contracts
Appropriation of Performance Security. 34.1 Performance Security submitted by the FMC shall be forfeited if the FMC fails to commence operations as per the requirements of this RFP.
34.2 In the event the FMC fails to perform any or all its obligations under the Service Agreement and damages are imposed for such failure, the Authority shall have right to appropriate such amount as damages from the Performance Security submitted by the FMC.
34.3 Upon occurrence of a Concessionaire FMC Default or failure to meet any Condition Precedentcondition as per the Service Agreement, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Performance Security the amounts due to it as Damages for and in respect of such Concessionaire FMC Default or for failure to meet any Condition Precedent. Upon such encashment and appropriation from the Performance Security, the Concessionaire FMC shall, within 15 30 (fifteenthirty) days thereof, replenish, in case of partial appropriation, to the its original level of the Performance Securityvalue, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 31. Provided that upon appropriation on account of Concessionaire’s Default the Concessionaire shall replenish the Performance Security and upon such Agreement.
34.4 Upon replenishment or furnishing of a fresh Performance Security, Security as the case may beaforesaid, the Concessionaire FMC shall be entitled to an additional Cure Period of 120 30 (one hundred and twentythirty) days for remedying the Concessionaire Default, save and except as provided in Clause 4.5 of this AgreementFMC Default or to meet any Condition Precedent, and in the event of the Concessionaire FMC not curing its default or meeting such Condition Precedent within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 31Agreement.
Appears in 2 contracts
Samples: Facility Management Contractor's Services Agreement, Facility Management Contractor's Services Agreement
Appropriation of Performance Security. Upon occurrence of a Concessionaire Default or failure to meet any Condition PrecedentDefault, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Performance Security the amounts due to it as Damages for and in respect of such Concessionaire Default or for failure to meet any Condition Precedent. Upon such encashment and appropriation from the Performance Security, the Concessionaire shall, within 15 30 (fifteenthirty) days thereof, replenish, in case of partial appropriation, to the its original level of the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, and the Concessionaire shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 3137. Provided that upon appropriation on account of Concessionaire’s Default the Concessionaire shall replenish the Performance Security and upon such Upon replenishment or furnishing of a fresh Performance Security, as the case may be, as aforesaid, the Concessionaire shall be entitled to an additional Cure Period of 120 90 (one hundred and twentyninety) days for remedying the Concessionaire Default, save and except as provided in Clause 4.5 of this AgreementDefault or to meet any Condition Precedent, and in the event of the Concessionaire not curing its default or meeting such Condition Precedent within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 3137.
Appears in 2 contracts
Samples: Model Concession Agreement, Model Concession Agreement
Appropriation of Performance Security. Upon occurrence of a Concessionaire Default or failure to meet any Condition PrecedentPrecedent or failure to make any payment to the Authority in accordance with this Agreement, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the amounts due and payable as Damages from the Performance Security the amounts due to it for and in respect of such Concessionaire Default or for failure to meet any Condition PrecedentPrecedent or failure to make such payment to the Authority. Upon Subject to this Agreement being valid and in force in accordance with the terms hereof, upon such encashment and appropriation from of the Performance Security, the Concessionaire shall, within 15 30 (fifteenthirty) days thereof, replenish, in case of partial appropriation, to the its original level of the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance SecuritySecurity valid for the duration of the Performance Security Period. In the event that the Concessionaire fails to do so, as the case may be, failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 3133. Provided that upon appropriation on account of Concessionaire’s Default the Concessionaire shall replenish the Performance Security and upon such Upon replenishment or furnishing of a fresh Performance Security, as the case may be, as aforesaid, the Concessionaire shall be entitled to an additional Cure Period of 120 90 (one hundred and twentyninety) days for remedying the Concessionaire Default, save and except as provided in Clause 4.5 of this AgreementDefault or satisfying any Conditions Precedent, and in the event of the Concessionaire not curing its default or meeting such Condition Precedent within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in in accordance with Article 3133.
Appears in 2 contracts
Samples: Concession Agreement, Concession Agreement
Appropriation of Performance Security. Upon occurrence of a Concessionaire Event of Default or failure to meet any Condition Precedent, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Performance Security the amounts due to it as Damages for and in respect of such Concessionaire Default or for failure to meet any Condition Precedent. Upon such encashment and appropriation from the Performance Security, the Concessionaire shall, within 15 45 (fifteenforty five) days thereof, replenish, in case of partial appropriation, to the its original level of the applicable Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, and the Concessionaire shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 3122. Provided that upon appropriation on account of Concessionaire’s Default the Concessionaire shall replenish the Performance Security and upon such Upon replenishment or furnishing of a fresh Performance Security, as the case may be, as aforesaid, the Concessionaire shall be entitled to an additional Cure Period of 120 90 (one hundred and twentyninety) days for remedying the Concessionaire Default, save and except as provided in Clause 4.5 of this AgreementDefault or to meet any Condition Precedent, and in the event of the Concessionaire not curing its default or meeting such Condition Precedent within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 3122.
Appears in 2 contracts
Samples: Concession Agreement, Concession Agreement
Appropriation of Performance Security. Downloaded from xxx.xxxxxx.xxx Upon occurrence of a Concessionaire Default or failure to meet any Condition PrecedentDefault, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to invoke, encash and appropriate the relevant amounts from the Performance Security the amounts due to it as Damages for and in respect of such Concessionaire Default or for failure to meet any Condition PrecedentDefault. Upon such invocation, encashment and appropriation from the Performance Security, the Concessionaire shall, within 15 [30 (fifteen) thirty)] days thereof, replenish, in case of partial appropriation, to the its original level of the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, and the Concessionaire shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 3137. Provided that upon appropriation on account of Concessionaire’s Default the Concessionaire shall replenish the Performance Security and upon such Upon replenishment or furnishing of a fresh Performance Security, as the case may be, as aforesaid, the Concessionaire shall be entitled to an additional Cure Period of 120 [90 (one hundred and twenty) ninety)] days for remedying the Concessionaire Default, save and except as provided in Clause 4.5 of this Agreement, and in the event of the Concessionaire not curing its default within such Cure Period, the Authority shall be entitled to invoke, encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 3137.
Appears in 2 contracts
Samples: Concession Agreement, Concession Agreement
Appropriation of Performance Security. Upon occurrence of a Concessionaire Default or failure to meet any Condition Precedent, the Concessioning Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Performance Security the amounts due to it as Damages for and in respect of such Concessionaire Default or for failure to meet any Condition Precedent. Upon such encashment and appropriation from the Performance Security, the Concessionaire shall, within 15 30 (fifteenthirty) days thereof, replenish, in case of partial appropriation, to the its original level of the applicable Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, and the Concessionaire shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which the Concessioning Authority shall be entitled to terminate this Agreement in accordance with Article 3137. Provided that upon appropriation on account of Concessionaire’s Default the Concessionaire shall replenish the Performance Security and upon such Upon replenishment or furnishing of a fresh Performance Security, as the case may be, as aforesaid, the Concessionaire shall be entitled to an additional Cure Period of 120 90 (one hundred and twentyninety) days for remedying the Concessionaire Default, save and except as provided in Clause 4.5 of this AgreementDefault or to meet any Condition Precedent, and in the event of the Concessionaire not curing its default or meeting such Condition Precedent within such Cure Period, the Concessioning Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 3137.
Appears in 2 contracts
Samples: Concession Agreement, Concession Agreement
Appropriation of Performance Security. 2.2.1 Upon occurrence of a Concessionaire an Operator’s Event of Default including failure to pay any amounts payable to Authority and/ or Damages levied by the Authority in terms of this Contract or failure to meet any Condition Conditions Precedent, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Performance Security the amounts due to it as Damages for and in respect such Operator's Event of such Concessionaire Default or for failure to meet any Condition Precedent. Upon such encashment and appropriation from the Performance Security, the Concessionaire Operator shall, within 15 30 (fifteenthirty) days thereof, replenish, in case of partial appropriation, to the its original level of the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, and the Operator shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which the Authority shall be entitled to terminate this Agreement Contract in accordance with Article 31. Provided that upon appropriation on account of Concessionaire’s Default the Concessionaire shall replenish the 22 2 [Drafting Note: The Performance Security shall be 10% of the Project Cost. Project Cost shall be the cost of procurement of Buses and upon other associated cost such as plant and equipment at Bus Depot] of this Contract. Upon replenishment or furnishing of a fresh Performance Security, as the case may be, as aforesaid, the Concessionaire Operator shall be entitled to an additional Cure Period of 120 (one hundred and twenty) days in accordance with Clause 22.1 for remedying the Concessionaire Default, save and except as provided in Clause 4.5 Operator Event of this AgreementDefault or satisfying the Condition(s) Precedent, and in the event of the Concessionaire Operator not curing its default within such Cure PeriodPeriod or not meeting the Conditions Precedent, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement Contract in accordance with Article 3122.
Appears in 2 contracts
Samples: City Bus Private Operation Contract, City Bus Private Operation Contract
Appropriation of Performance Security. Upon occurrence of a Concessionaire Service Provider Default or any failure to meet any Condition PrecedentPrecedent by the Service Provider, the Contracting Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Performance Security the amounts due to it as Damages for and in respect of such Concessionaire Service Provider Default or for failure to meet any Condition Precedent. Upon such encashment and appropriation from the Performance Security, the Concessionaire Service Provider shall, within 15 30 (fifteenthirty) days thereof, replenish, in case of partial appropriation, to the its original level of the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, and the Service Provider shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which the Contracting Authority shall be entitled to terminate this Agreement in accordance with Article 31Clause 33. Provided that upon appropriation on account of Concessionaire’s Default the Concessionaire shall replenish the Performance Security and upon such Upon replenishment or furnishing of a fresh Performance Security, as the case may be, as aforesaid, the Concessionaire Service Provider shall be entitled to an additional Cure Period of 120 90 (one hundred and twentyninety) days for remedying the Concessionaire Default, save and except as provided in Clause 4.5 of this AgreementService Provider Default or to meet any Condition Precedent, and in the event of the Concessionaire Service Provider not curing its default or meeting such Condition Precedent within such Cure Period, the Contracting Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 31Clause 33.
Appears in 2 contracts
Samples: Project Agreement, Project Agreement
Appropriation of Performance Security. Upon occurrence of a Concessionaire Default or failure to meet any Condition Precedent, the Authority 9.2.1 TANGEDCO shall, without prejudice to its other rights and remedies hereunder hereunder, in law or in lawequity, be entitled have the unqualified right to encash and appropriate from the Performance Security in part or in full, in the amounts due event of a failure or default of the Mine Developer and Operator to it for comply with its obligations hereunder, including a Mine Developer and in respect of such Concessionaire Default or for Operator Default, the Mine Developer and Operator’s failure to meet any Condition Precedent, or the Mine Developer and Operator’s failure to pay any sums (including Damages) due hereunder. Upon such encashment The Mine Developer and appropriation from the Performance Security, the Concessionaire Operator shall, within 15 (fifteen) days thereoffrom such encashment and appropriation of the Performance Security by TANGEDCO, replenish, (i) in case of a partial appropriation, to restore the original level value of the Performance Security, Security to the value as is required to be maintained pursuant to Clause 9.1.1; and (ii) in case of appropriation of the entire Performance Security a full appropriation, provide a fresh Performance Security, as the case may beSecurity in accordance with requirements of Clause 9.1.1, failing which the Authority TANGEDCO shall be entitled to terminate this Agreement in accordance with Article 31. Provided that upon appropriation on account of Concessionaire’s Default the Concessionaire 44.
9.2.2 In addition to Clause 4.2, TANGEDCO shall replenish appropriate the Performance Security as stated in Clause 9.2.3 below in the event of Mine Developer and upon such replenishment or furnishing Operator’s default/failure to achieve Conditions Precedent and/or to conform to Efficiency Parameter under the Allotment Agreement. Any relaxation regarding appropriation of a fresh Performance SecuritySecurity by TANGEDCO on grounds of Force Majeure Event, as the case may be, the Concessionaire shall be entitled subject to MoC’s acceptance of the same as a case of Force Majeure Event under the Allotment Agreement.
9.2.3 TANGEDCO shall appropriate the Performance Security in case of any other breach or non compliance of any of the provisions of this Agreement including in case of the warranties being untrue or misleading or incorrect in any manner whatsoever.
9.2.4 Mine Developer and Operator shall replenish Performance Security with an additional Cure Period amount equivalent to the sum of 120 (one hundred and twenty) days for remedying the Concessionaire DefaultPerformance Security appropriated by TANGEDCO, save and except as provided in Clause 4.5 under any provision of this Agreement, and in within a period of 15 (fifteen days) from the date of such appropriation.
9.2.5 In the event of part appropriation of the Concessionaire not curing its default within such Cure PeriodPerformance Security, the Authority Mine Developer and Operator shall be entitled required to encash (i) rectify the default that lead to appropriation event; and appropriate such (ii) top up the bank guarantee constituting the Performance Security as Damageswithin 15 (fifteen) days of receipt of a notice, failure to do so shall be deemed to be an event of Mine Developer and Operator’s Default.
9.2.6 In the event, any of the default on the part of the Mine Developer and Operator has occurred solely on account of event of Force Majeure, which could not have been mitigated by the Mine Developer and Operator in normal course of business, then the Performance Security shall not be appropriated for such specific default.
9.2.7 Any event resulting in appropriation of the entire Performance Security shall be deemed to terminate this Agreement be an event of Mine Developer and Operator’s Default.
9.2.8 In the event that on account of one or more appropriation events, an amount equal to 100% (one hundred percent) of the Performance Security is appropriated in accordance with Article 31aggregate in one or more instances, the same can be a Termination event.
9.2.9 Each of the eventualities given hereinabove for appropriation of the Performance Security are in addition to and independent of each other.
Appears in 2 contracts
Samples: Coal Mining Agreement, Coal Mining Agreement
Appropriation of Performance Security. Upon occurrence of a Concessionaire Default or failure to meet any Condition PrecedentDefault, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Performance Security the amounts due to it as Damages for and in respect of such Concessionaire Default or for failure to meet any Condition Precedent. Upon such encashment and appropriation from the Performance Security, the Concessionaire shall, within 15 30 (fifteenthirty) days thereof, replenish, in case of partial appropriation, to the its original level of the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, and the Concessionaire shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 3137. Provided that upon appropriation on account of Concessionaire’s Default the Concessionaire shall replenish the Performance Security and upon such Upon replenishment or furnishing of a fresh Performance Security, as the case may be, as aforesaid, the Concessionaire shall be entitled to an additional Cure Period of 120 90 (one hundred and twentyninety) days for remedying the Concessionaire Default, save and except as provided in Clause 4.5 of this Agreementor to meet any Condition Precedent, and in the event of the Concessionaire not curing its default or meeting such Condition Precedent within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 3137.
Appears in 2 contracts
Samples: Concession Agreement, Concession Agreement
Appropriation of Performance Security. Upon occurrence of a Concessionaire Default during the Concession Period or failure to meet any Condition Precedent, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Construction Period Performance Security and/ or the amounts due to it Operation & Maintenance Period Performance Security as the case may be, as Damages for and in respect of such Concessionaire Default or for failure to meet any Condition PrecedentDefault. Upon such encashment and appropriation from the Performance Security, the Concessionaire shall, within 15 30 (fifteenthirty) days thereof, replenish, in case of partial appropriation, to the its original level of the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh afresh Performance Security, as the case may be, and the Concessionaire shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 3134 and appropriate the balance amount of Performance Security (if any available). Provided that however, upon appropriation on account of Concessionaire’s Default the Concessionaire shall replenish the Performance Security and upon such replenishment or furnishing of a fresh Construction Period Performance Security, as the case may be, the Concessionaire shall be entitled to an additional Cure Period of 120 30 (one hundred and twentythirty) days for remedying the Concessionaire Default, save and except as provided in Clause 4.5 of this AgreementDefault during the Development Period, and in the event of the Concessionaire not curing its default within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 3134. For the avoidance of doubt the aforesaid provision shall be applicable only for the Development Period.
Appears in 1 contract
Samples: Concession Agreement
Appropriation of Performance Security. Upon occurrence of a Concessionaire Default or failure to meet any Condition Precedent, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Performance Security the amounts due to it as Damages for and in respect of such Concessionaire Default or for failure to meet any Condition Precedent. Upon such encashment and appropriation from the Performance Security, the Concessionaire shall, within 15 (fifteen) days thereof, replenish, in case of partial appropriation, to the its original level of the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, and the Concessionaire shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 3135. Provided that upon appropriation on account of Concessionaire’s Default the Concessionaire shall replenish the Performance Security and upon such Upon replenishment or furnishing of a fresh Performance Security, as the case may be, as aforesaid, the Concessionaire shall be entitled to an additional Cure Period of 120 (one hundred and twenty) days for remedying the Concessionaire Default, save and except as provided in Clause 4.5 of this Agreement, and in the event of the Concessionaire not curing its default within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 3135.
Appears in 1 contract
Samples: Concession Agreement
Appropriation of Performance Security. 11.2.1 Upon occurrence of a Concessionaire Concessionaire’s Event of Default or failure to meet any Condition Precedentfulfill the obligations under this Agreement, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amount due and payable as liquidated damages from the Performance Security the amounts due to it as Damages for and in respect such Event of such Concessionaire Default or for failure to meet any Condition PrecedentDefault. Upon such encashment and appropriation from the Performance Security, the Concessionaire shall, within 15 (fifteen) days thereof, replenish, in case of partial appropriation, to the its original level of the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, and the Concessionaire shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 31Clause 14.2 of this Agreement. Provided that upon appropriation on account of Concessionaire’s Default the Concessionaire shall replenish the Performance Security and upon such Upon replenishment or furnishing of a fresh Performance Security, as the case may be, as aforesaid, the Concessionaire shall be entitled to an additional Cure Period of 120 180 (one hundred and twentyeighty) days for remedying the Concessionaire Default, save and except as provided in Clause 4.5 of this Agreement, and in the event of the Concessionaire not curing its default Default within such Cure Period, the Authority shall be entitled to encash and appropriate such subsequent Performance Security as Damagesdamages, and to terminate this Agreement in accordance with Article 31Clause 14.2 of this Agreement.
Appears in 1 contract
Samples: Concession Agreement
Appropriation of Performance Security. a. Upon occurrence of a Concessionaire an Operator Default or failure to meet any Condition Precedent, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate from the Performance Security the amounts due to it for and in respect of such Concessionaire Operator Default or for failure to meet any Condition Precedent. .
b. Upon such encashment and appropriation from the Performance Security, the Concessionaire Operator shall, within 15 (fifteen) days thereof, replenish, in case of partial appropriation, to the its original level of the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, and the Operator shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 3132. Provided that upon appropriation on account of Concessionaire’s Default the Concessionaire shall replenish the Performance Security and upon Upon such replenishment or furnishing of a fresh Performance Security, as the case may be, the Concessionaire Operator shall be entitled to an additional Cure Period of 120 30 (one hundred and twentythirty) days for remedying the Concessionaire Default, save and except as provided in Clause 4.5 of this AgreementOperator Default or for satisfying any Condition Precedent, and in the event of the Concessionaire Operator not curing its default within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 3132.
c. In the event the Revision of Fee as set forth in clause 22.5 the Operator shall replenish the Performance Security within 15 (fifteen) days thereof.
d. Without prejudice to any other rights or remedies which the Authority may have under this Agreement, upon occurrence of an Operator Default, the Authority shall be entitled to forfeiture of entire Performance Security apart from issuing termination notice to the Operator.
Appears in 1 contract
Samples: Concession Agreement
Appropriation of Performance Security. 8.2.1 Upon occurrence of a Concessionaire Default Concessionaire’s default or failure to meet any Condition Precedentfulfil the obligations under this Agreement, the Hospital Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amount due and payable as liquidated damages from the Performance Security the amounts due to it as Damages for and in respect such Event of such Concessionaire Default or for failure to meet any Condition Precedentdefault. Upon such encashment and appropriation from the relevant Performance Security, the Concessionaire shall, within 15 (fifteen) days thereof, replenish, in case of partial appropriation, to the its original level of the such Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, and the Concessionaire shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 3111 of this Agreement. Provided that upon appropriation on account of Concessionaire’s Default the Concessionaire shall replenish the Performance Security and upon such Upon replenishment or furnishing of a fresh Performance Security, as the case may be, as aforesaid, the Concessionaire shall be entitled to an additional Cure Period of 120 60 (one hundred and twentysixty) days for remedying the Concessionaire Default, save and except as provided in Clause 4.5 of this Agreement, and in the event of the Concessionaire not curing its default within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damagesdamages, and to terminate this Agreement in accordance with Article 3111 of this Agreement.
Appears in 1 contract
Samples: Concession Agreement
Appropriation of Performance Security. Upon occurrence of a Concessionaire Default or failure to meet any Condition PrecedentConcessionaire’s Default, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash invoke and appropriate the relevant amounts from the Performance Security/Operations and Maintenance Security the amounts due to it as Damages for and in respect of such Concessionaire Default or for failure to meet any Condition PrecedentDefault. Upon such encashment encashment, invocation and appropriation from the Performance Security/Operations and Maintenance Security, the Concessionaire shall, within 15 30 (fifteenthirty) days thereof, replenish, in case of partial appropriation, to the its original level of the Performance Security, /Operations and Maintenance Security and in case of appropriation of the entire Performance Security/Operations and Maintenance Security provide a fresh Performance Security/Operations and Maintenance Security, as the case may be, as aforesaid failing to which the Authority shall be entitled to terminate this Agreement in accordance with Article 3128. Provided that upon appropriation on account of Concessionaire’s Default the Concessionaire shall replenish the Performance Security and upon such Upon replenishment or furnishing of a fresh Performance Security/Operations and Maintenance Security, as the case may be, as aforesaid, the Concessionaire shall be entitled to an additional Cure Period of 120 90 (one hundred and twentyninety) days for remedying the Concessionaire Default, save and except as provided in Clause 4.5 of this Agreement, and in the event of the Concessionaire not curing its default within such Cure Period, the Authority shall be entitled to encash encash, invoke and appropriate such Performance Security/Operations and Maintenance Security as Damages, and to terminate this Agreement in accordance with Article 3128.
Appears in 1 contract
Samples: Concession Agreement
Appropriation of Performance Security. Upon occurrence of a Concessionaire Default or failure to meet any Condition PrecedentDefault, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Performance Security the amounts due to it as Damages for and in respect of such Concessionaire Default or for failure to meet any Condition PrecedentDefault. Upon such encashment and appropriation from the Performance Security, the Concessionaire shall, within 15 30 (fifteenthirty) days thereof, replenish, in case of partial appropriation, to the its original level of the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, and the Concessionaire shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 3137. Provided that upon appropriation on account of Concessionaire’s Default the Concessionaire shall replenish the Performance Security and upon such Upon replenishment or furnishing of a fresh Performance Security, as the case may be, as aforesaid, the Concessionaire shall be entitled to an additional Cure Period of 120 90 (one hundred and twentyninety) days for remedying the Concessionaire Default, save and except as provided in Clause 4.5 of this Agreement, and in the event of the Concessionaire not curing its default within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 3137. Further upon termination on account of Concessionaire‟s default before COD, then the Authority shall encash and appropriate the entire Performance Security submitted by the Concessionaire earlier pursuant to Clause 9.1.
Appears in 1 contract
Samples: Concession Agreement
Appropriation of Performance Security. 2.2.1 Upon occurrence of a Concessionaire an Operator’s Event of Default including failure to pay any amounts payable to Authority and/ or Damages levied by the Authority in terms of this Contract or failure to meet any Condition Conditions Precedent, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Performance Security the amounts due to it as Damages for and in respect such Operator's Event of such Concessionaire Default or for failure to meet any Condition Precedent. Upon such encashment and appropriation from the Performance Security, the Concessionaire Operator shall, within 15 30 (fifteenthirty) days thereof, replenish, in case of partial appropriation, to the its original level of the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, and the Operator shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which the Authority shall be entitled to terminate this Agreement Contract in accordance with Article 31. Provided that upon appropriation on account of Concessionaire’s Default the Concessionaire shall replenish the 22 4 [Drafting Note: The Performance Security shall be 10% of the Project Cost. Project Cost shall be the cost of procurement of Buses and upon other associated cost such as plant and equipment at Bus Depot] of this Contract. Upon replenishment or furnishing of a fresh Performance Security, as the case may be, as aforesaid, the Concessionaire Operator shall be entitled to an additional Cure Period of 120 (one hundred and twenty) days in accordance with Clause 22.1 for remedying the Concessionaire Default, save and except as provided in Clause 4.5 Operator Event of this AgreementDefault or satisfying the Condition(s) Precedent, and in the event of the Concessionaire Operator not curing its default within such Cure PeriodPeriod or not meeting the Conditions Precedent, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement Contract in accordance with Article 3122.
Appears in 1 contract
Samples: City Bus Private Operation Contract
Appropriation of Performance Security. Upon occurrence of a Concessionaire Default or failure to meet any Condition Precedent, the Authority Government shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Performance Security the amounts due to it as Damages for and in respect of such Concessionaire Default or for failure to meet any Condition Precedent. Upon such encashment and appropriation from the Performance Security, the Concessionaire shall, within 15 30 (fifteenthirty) days thereof, replenish, in case of partial appropriation, to the its original level of the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, and the Concessionaire shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which the Authority Government shall be entitled to terminate this Agreement in accordance with Article 3137. Provided that upon appropriation on account of Concessionaire’s Default the Concessionaire shall replenish the Performance Security and upon such Upon replenishment or furnishing of a fresh Performance Security, as the case may be, as aforesaid, the Concessionaire shall be entitled to an additional Cure Period of 120 90 (one hundred and twentyninety) days for remedying the Concessionaire Default, save and except as provided in Clause 4.5 of this AgreementDefault or to meet any Condition Precedent, and in the event of the Concessionaire not curing its default or meeting such Condition Precedent within such Cure Period, the Authority Government shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 3137.
Appears in 1 contract
Samples: Concession Agreement
Appropriation of Performance Security. Upon occurrence of a Concessionaire Default or failure to meet any Condition Precedent, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Performance Security the amounts due to it as Damages for and in respect of such Concessionaire Default or for failure to meet any Condition Precedent. Upon such encashment and appropriation from the Performance Security, the Concessionaire shall, within 15 30 (fifteenthirty) days thereof, replenish, in case of partial appropriation, to the its original level of the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, and the Concessionaire shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 3119. Provided that upon appropriation on account of Concessionaire’s Default the Concessionaire shall replenish the Performance Security and upon such Upon replenishment or furnishing of a fresh Performance Security, as the case may be, as aforesaid, the Concessionaire shall be entitled to an additional Cure Period of 120 90 (one hundred and twentyninety) days for remedying the Concessionaire Default, save and except as provided in Clause 4.5 of this AgreementDefault or to meet any Condition Precedent, and in the event of the Concessionaire not curing its default or meeting such Condition Precedent within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 3137.
Appears in 1 contract
Samples: Concession Agreement
Appropriation of Performance Security. Upon occurrence of a Concessionaire Default or failure to meet any Condition Precedent, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate from the Performance Security the amounts due to it for and in respect of such Concessionaire Default or for failure to meet any Condition Precedent. Upon such encashment and appropriation from the Performance Security, the Concessionaire shall, within 15 (fifteen) days thereof, replenish, in case of partial appropriation, to the original level of the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 31. Provided that upon appropriation on account of Concessionaire’s Concessionaire‟s Default the Concessionaire shall replenish the Performance Security and upon such replenishment or furnishing of a fresh Performance Security, as the case may be, the Concessionaire shall be entitled to an additional Cure Period of 120 (one hundred and twenty) days for remedying the Concessionaire Default, save and except as provided in Clause 4.5 of this Agreement, and in the event of the Concessionaire not curing its default within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 31.
Appears in 1 contract
Samples: Concession Agreement
Appropriation of Performance Security. Upon occurrence of a Concessionaire Default or failure to meet any Condition Precedent, the Authority Government shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Performance Security the amounts due to it as Damages for and in respect of such Concessionaire Default or for failure to meet any Condition PrecedentDefault. Upon such encashment and appropriation from f rom the Performance Security, the Concessionaire shall, within 15 (fifteen) days thereof, replenish, in case of partial appropriation, to the its original level of the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh x x xxxx Performance Security, as the case may be, and the Concessionaire shall, w it hin t he t im e so xxxxx xx, replenish or f xxxxxx x xxxx Perf orm ance Securit y as aforesaid failing which the Authority Government shall be entitled to terminate this Agreement in accordance with Article 3129. Provided that upon appropriation on account of Concessionaire’s Default the Concessionaire shall replenish the Performance Security and upon such Upon replenishment or furnishing of a fresh Performance Security, as the case may be, as aforesaid, the Concessionaire shall be entitled to an additional Cure Period of 120 (one hundred and twenty60 ( sixty) days for remedying the Concessionaire Default, save and except as provided in Clause 4.5 of this AgreementDefault , and in the event of the Concessionaire not curing its default within such Cure Period, the Authority Government shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 3129.
Appears in 1 contract
Samples: Concession Agreement
Appropriation of Performance Security. a. Upon occurrence of a Concessionaire an Operator Default or failure to meet any Condition Precedent, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate from the Performance Security the amounts due to it for and in respect of such Concessionaire Operator Default or for failure to meet any Condition Precedent. .
b. Upon such encashment and appropriation from the Performance Security, the Concessionaire Operator shall, within 15 (fifteen) days thereof, replenish, in case of partial appropriation, to the its original level of the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, and the Operator shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 3132. Provided that upon appropriation on account of Concessionaire’s Default the Concessionaire shall replenish the Performance Security and upon Upon such replenishment or furnishing of a fresh Performance Security, as the case may be, the Concessionaire Operator shall be entitled to an additional Cure Period of 120 30 (one hundred and twentythirty) days for remedying the Concessionaire Default, save and except as provided in Clause 4.5 of this AgreementOperator Default or for satisfying any Condition Precedent, and in the event of the Concessionaire Operator not curing its default within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 3132.
c. Without prejudice to any other rights or remedies which the Authority may have under this Agreement, upon occurrence of an Operator Default, the Authority shall be entitled to forfeiture of entire Performance Security apart from issuing termination notice to the Operator.
Appears in 1 contract
Samples: Concession Agreement
Appropriation of Performance Security. Upon occurrence of a Concessionaire Default or failure to meet any Condition PrecedentPrecedent in accordance with clause 4 hereof or failure to make any payment to the Authority, subject to and in accordance with this Agreement, the Authority shall, without prejudice to its other rights and remedies hereunder or in lawlaw but subject to terms of this Agreement, be entitled to encash and appropriate the relevant amounts from the Performance Security the amounts due to it as Damages for and in respect of such Concessionaire Default or for failure to meet any Condition PrecedentPrecedent in accordance with clause 4 hereof. Upon such encashment and appropriation from the Performance Security, the Concessionaire shall, within 15 30 (fifteenthirty) days thereof, replenish, in case of partial appropriation, to the its original level of the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, and the Concessionaire shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 31Clause 39. Provided that upon appropriation on account of Concessionaire’s Default the Concessionaire shall replenish the Performance Security and upon such Upon replenishment or furnishing of a fresh Performance Security, as the case may be, as aforesaid, the Concessionaire shall be entitled to an additional Cure Period of 120 90 (one hundred and twentyninety) days for remedying the Concessionaire Default, save and except as provided in Clause 4.5 of this AgreementDefault or to meet any Condition Precedent, and in the event of the Concessionaire not curing its default or meeting such Condition Precedent within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 31Clause 39.
Appears in 1 contract
Samples: Concession Agreement
Appropriation of Performance Security. Upon occurrence of a Concessionaire Default or failure to meet any Condition Precedent, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate from the Performance Security the amounts due to it for and in respect of such Concessionaire Default or for failure to meet any Condition Precedent. Upon such encashment and appropriation from the Performance Security, the Concessionaire shall, within 15 (fifteen) days thereof, replenish, in case of partial appropriation, to the original level of the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 31. Provided that upon appropriation on account of Concessionaire’s Default the Concessionaire shall replenish the Performance Security and upon such replenishment or furnishing of a fresh Performance Security, as the case may be, the Concessionaire shall be entitled to an additional Cure Period of 120 (one hundred and twenty) days for remedying the Concessionaire Default, save and except as provided in Clause 4.5 of this Agreement, and in the event of the Concessionaire not curing its default within such 5Calculated @ 5% (five per cent) of the Bid Project Cost Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 31.
Appears in 1 contract
Samples: Concession Agreement
Appropriation of Performance Security. Upon occurrence of a Concessionaire Default or failure to meet any Condition PrecedentPrecedent or failure to make any payment which becomes due and payable to the Authority under and in accordance with this Agreement, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the amounts due and payable as liquidated damages from the Performance Security the amounts due to it as Damages for and in respect of such Concessionaire Default or for failure to meet any Condition PrecedentPrecedent or failure to pay such amounts which are due and payable by the Concessionaire to the Authority under and in accordance with the provisions of this Agreement. Upon such encashment and appropriation from of the Performance Security, the Concessionaire shall, within [15 (fifteen) )] days thereof, replenish, in case of partial appropriation, to the original level of the Performance SecuritySecurity to its original level, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 3138. Provided that upon appropriation on account of Concessionaire’s Default the Concessionaire shall replenish the Performance Security and upon Upon such replenishment or furnishing of a fresh Performance Security, as the case may be, the Concessionaire shall be entitled to 18 The amount of the Performance Security would be a percentage of the Total Project Cost as may be determined upon the feasibility study prior to the bidding of the Project. an additional Cure Period of [120 (one hundred and twenty) )] days for remedying the Concessionaire Default, save and except as provided in Clause 4.5 of this AgreementDefault or for satisfying any Condition Precedent, and in the event of the Concessionaire not curing its default or meeting such Condition Precedent within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in in accordance with Article 3138.
Appears in 1 contract
Samples: Concession Agreement
Appropriation of Performance Security. Upon occurrence of a Concessionaire Event of Default or failure to meet any Condition Precedent, the Concessioning Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Performance Security the amounts due to it as Damages for and in respect of such Concessionaire Event of Default or for failure to meet any Condition Precedent. Upon such encashment and appropriation from the Performance Security, Security the Concessionaire shall, within 15 30 (fifteenthirty) days thereof, replenishreplenish the Performance Security, in case of partial appropriation, to the its original level of the Performance Securitylevel, and in case of appropriation of the entire Performance Security Security, provide a fresh Performance Security, as the case may be, and the Concessionaire shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which the Concessioning Authority shall be entitled to terminate this Agreement in accordance with Article 3125. Provided that upon appropriation on account of Concessionaire’s Default the Concessionaire shall replenish the Performance Security and upon such Upon replenishment or furnishing of a fresh Performance Security, as the case may be, the Concessionaire shall be entitled to an additional Cure Period of 120 90 (one hundred and twentyninety) days for remedying the Concessionaire Event of Default, save and except as provided in Clause 4.5 of this Agreement, and in the event of the Concessionaire not curing its default within such Cure Period, the Concessioning Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 3125.
Appears in 1 contract
Samples: Concession Agreement
Appropriation of Performance Security. Upon occurrence of a Concessionaire Default or failure to meet any Condition Precedent, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate from the Performance Security the amounts due to it for and in respect of such Concessionaire Default or for failure to meet any Condition Precedent. Upon such encashment and appropriation from the Performance Security, the Concessionaire shall, within 15 (fifteen) days thereof, replenish, in case of partial appropriation, to the original level of the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 31. Provided that upon appropriation on account of Concessionaire’s Default the Concessionaire shall replenish the Performance Security and upon such replenishment or furnishing of a fresh Performance Security, as the case may be, the Concessionaire shall be entitled to an additional Cure Period of 120 (one hundred and twenty) days for remedying the Concessionaire Default, save and except as provided in Clause 4.5 of this Agreement, and in the event of the Concessionaire not curing its default within such 1Calculated @ 3% (three per cent) of the Bid Project Cost Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 31.
Appears in 1 contract
Samples: Concession Agreement
Appropriation of Performance Security. Upon occurrence of a Concessionaire Default or failure to meet any Condition PrecedentPrecedent or failure to make any payment which becomes due and payable to the Authority under and in accordance with this Agreement, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the amounts due and payable as liquidated damages from the Performance Security the amounts due to it as Damages for and in respect of such Concessionaire Default or for failure to meet any Condition PrecedentPrecedent or failure to pay such amounts which are due and payable by the Concessionaire to the Authority under and in accordance with the provisions of this Agreement. Upon such encashment and appropriation from of the Performance Security, the Concessionaire shall, within 15 (fifteen) days thereof, replenish, in case of partial appropriation, to the original level of the Performance SecuritySecurity to its original level, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 3132. Provided that upon appropriation on account of Concessionaire’s Default the Concessionaire shall replenish the Performance Security and upon Upon such replenishment or furnishing of a fresh Performance Security, as the case may be, the Concessionaire shall be entitled to an additional Cure Period of 120 (one hundred and twenty) days for remedying the Concessionaire Default, save and except as provided in Clause 4.5 of this AgreementDefault or for satisfying any Condition Precedent, and in the event of the Concessionaire not curing its default or meeting such Condition Precedent within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in in accordance with Article 3132.
Appears in 1 contract
Samples: Concession Agreement
Appropriation of Performance Security. Upon occurrence of a Concessionaire Default or failure to meet any Condition Precedent, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate from the Performance Security the amounts due to it for and in respect of such Concessionaire Default or for failure to meet any Condition Precedent. Upon such encashment and appropriation from the Performance Security, the Concessionaire shall, within 15 (fifteen) days thereof, replenish, in case of partial appropriation, to the original level of the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 31. Provided that upon appropriation on account of Concessionaire’s Default the Concessionaire shall replenish the Performance Security and upon such replenishment or furnishing of a fresh Performance Security, as the case may be, the Concessionaire shall be entitled to an additional Cure Period of 120 (one hundred and twenty) days for remedying the Concessionaire Default, save and except as provided in Clause 4.5 of this Agreement, and in the event of the Concessionaire not curing its default within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 31.. 2Calculated @ 3% (three per cent) of the Bid Project Cost
Appears in 1 contract
Samples: Concession Agreement
Appropriation of Performance Security. Upon occurrence of a Concessionaire Default or failure to meet any Condition PrecedentDefault, the Authority GOTN, HD shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Performance Security the amounts due to it as Damages for and in respect of such Concessionaire Default or for failure to meet any Condition PrecedentDefault. Upon such encashment and appropriation from the Performance Security, the Concessionaire shall, within 15 30 (fifteenthirty) days thereof, replenish, in case of partial appropriation, to the its original level of the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, and the Concessionaire shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which the Authority GOTN, HD shall be entitled to terminate this Agreement in accordance with Article 3137. Provided that upon appropriation on account of Concessionaire’s Default the Concessionaire shall replenish the Performance Security and upon such Upon replenishment or furnishing of a fresh Performance Security, as the case may be, as aforesaid, the Concessionaire shall be entitled to an additional Cure Period of 120 90 (one hundred and twentyninety) days for remedying the Concessionaire Default, save and except as provided in Clause 4.5 of this Agreement, and in the event of the Concessionaire not curing its default within such Cure Period, the Authority GOTN, HD shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 3137. Further upon termination on account of Concessionaire’s default before COD, then GOTN, HD shall encash and appropriate the entire Performance Security submitted by the Concessionaire earlier pursuant to Clause 9.1.
Appears in 1 contract
Samples: Concession Agreement
Appropriation of Performance Security. Upon occurrence of a Concessionaire Default or failure to meet any Condition Conditions Precedent, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Performance Security the amounts due to it as Damages for and in respect of such Concessionaire Default or for failure to meet any Condition Conditions Precedent. Upon such encashment and appropriation from the Performance Security, the Concessionaire shall, within 15 30 (fifteenthirty) days thereof, replenish, in case of partial appropriation, to the its original level of the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, and the Concessionaire shall, within the time so granted, replenish or furnish fresh Performance Security, as aforesaid, failing which the Authority shall be entitled to terminate this Concession Agreement in accordance with Article 3134. Provided that upon appropriation on account of Concessionaire’s Default the Concessionaire shall replenish the Performance Security and upon such Upon replenishment or furnishing of a fresh Performance Security, as the case may be, as aforesaid, the Concessionaire shall be entitled to an additional Cure Period of 120 90 (one hundred and twentyninety) days for remedying the Concessionaire Default, save and except as provided in Clause 4.5 of this AgreementDefault or to meet any Conditions Precedent, and in the event of the Concessionaire not curing its default or meeting such Conditions Precedent within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Concession Agreement in accordance with Article 3134.
Appears in 1 contract
Samples: Concession Agreement
Appropriation of Performance Security. Upon occurrence of a Concessionaire Default or failure to meet any Condition Precedent, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Performance Security the amounts due to it as Damages for and in respect of such Concessionaire Default or for failure to meet any Condition Precedent. Upon such encashment and appropriation from the Performance Security, the Concessionaire shall, within 15 30 (fifteenthirty) days thereof, replenish, in case of partial appropriation, to the its original level of the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, and the Concessionaire shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid, failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 3137. Provided that upon appropriation on account of Concessionaire’s Default the Concessionaire shall replenish the Performance Security and upon such Upon replenishment or furnishing of a fresh Performance Security, as the case may be, as aforesaid, the Concessionaire shall be entitled to an additional Cure Period of 120 90 (one hundred and twentyninety) days for remedying the Concessionaire Default, save and except as provided in Clause 4.5 of this AgreementDefault or to meet any Condition Precedent, and in the event of the Concessionaire not curing its default or meeting such Condition Precedent within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 3137.
Appears in 1 contract
Samples: Concession Agreement
Appropriation of Performance Security. Upon occurrence of a Concessionaire Default or failure to meet any Condition Precedentas provided under Clause 31.1.1 , the Authority / SSNNL / FED shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Construction Performance Security the amounts due to it or Operation Performance Security (as may be applicable) as Damages for and in respect of such Concessionaire Default or for failure to meet any Condition PrecedentDefault. Upon such encashment and appropriation from the Construction Performance SecuritySecurity or Operation Performance Security (as may be applicable), the Concessionaire shall, within 15 30 (fifteenthirty) days thereof, replenish, in case of partial appropriation, to the its original level of the Construction Performance SecuritySecurity or Operation Performance Security (as may be applicable), and in case of appropriation of the entire Construction Performance Security or Operation Performance Security (as may be applicable), provide a fresh Construction Performance SecuritySecurity or Operation Performance Security (as may be applicable), as the case may be, and the Concessionaire shall, within the time so granted, replenish or furnish fresh Construction Performance Security or Operation Performance Security (as the case may be) as aforesaid failing which the Authority / SSNNL / FED shall be entitled to terminate this Agreement in accordance with Article Clause 31. Provided that upon appropriation on account of Concessionaire’s Default the Concessionaire shall replenish the Performance Security and upon such Upon replenishment or furnishing of a fresh Construction Performance SecuritySecurity or Operation Performance Security (as may be applicable), as the case may beaforesaid, the Concessionaire shall be entitled to an additional Cure Period of 120 90 (one hundred and twentyninety) days for remedying the Concessionaire Default, save and except as provided in Clause 4.5 of this Agreement, and in the event of the Concessionaire not curing its default within such Cure Period, the Authority / SSNNL / FED shall be entitled to encash and appropriate such Construction Performance Security or Operation Performance Security (as the case may be) as Damages, and to terminate this Agreement in accordance with Article Clause 31.
Appears in 1 contract
Samples: Concession Agreement
Appropriation of Performance Security. Upon occurrence of a Concessionaire Default or failure to meet any Condition PrecedentDefault, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Performance Security the amounts due to it as Damages for and in respect of such Concessionaire Default or for failure to meet any Condition Precedent. Upon such encashment and appropriation from the Performance Security, the Concessionaire shall, within 15 30 (fifteenthirty) days thereof, replenish, in case of partial appropriation, to the its original level of the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, and the Concessionaire shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 3137. Provided that upon appropriation on account of Concessionaire’s Default the Concessionaire shall replenish the Performance Security and upon such Upon replenishment or furnishing of a fresh Performance Security, as the case may be, as aforesaid, the Concessionaire shall be entitled to an additional Cure Period of 120 90 (one hundred and twentyninety) days for remedying the Concessionaire Default, save and except as provided in Clause 4.5 of this AgreementDefault or to meet any Condition Precedent, and in the event of the Concessionaire not 2 Equivalent to 3% of the Estimated Project Cost curing its default or meeting such Condition Precedent within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 3137.
Appears in 1 contract
Samples: Concession Agreement
Appropriation of Performance Security. Upon occurrence of a Concessionaire Default or failure to meet any Condition Precedent, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Performance Security the amounts due to it as Damages for and in respect of such Concessionaire Default or for failure to meet any Condition Precedent. Upon such encashment and appropriation from the Performance Security, the Concessionaire shall, within 15 (fifteen) days thereof, replenish, in case of partial appropriation, to the its original level of the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, and the Concessionaire shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 3125. Provided that upon appropriation on account of Concessionaire’s Default the Concessionaire shall replenish the Performance Security and upon such Upon replenishment or furnishing of a fresh Performance Security, as the case may be, as aforesaid, the Concessionaire shall be entitled to an additional Cure Period of 120 60 (one hundred and twentysixty) days for remedying the Concessionaire Default, save and except as provided in Clause 4.5 of this AgreementDefault or to meet any Condition Precedent, and in the event of the Concessionaire not curing its default or to meet any Condition Precedent within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 3125.
Appears in 1 contract
Samples: Concession Agreement
Appropriation of Performance Security. Upon occurrence of a Concessionaire Default or failure to meet any Condition Precedent, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Performance Security the amounts due to it as Damages for and in respect of such Concessionaire Default or for failure to meet any Condition Conditions Precedent. Upon such encashment and appropriation from the Performance Security, the Concessionaire shall, within 15 30 (fifteenthirty) days thereof, replenish, in case of partial appropriation, to the its original level of the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, be - failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 3136. Provided that upon appropriation on account of Concessionaire’s Default the Concessionaire shall replenish the Performance Security and upon such Upon replenishment or furnishing of a fresh Performance Security, as the case may be, as aforesaid, the Concessionaire shall be entitled to an additional Cure Period of 120 90 (one hundred and twentyninety) days for remedying the Concessionaire Default, save and except as provided in Clause 4.5 of this Agreement, and in the event of the Concessionaire not curing its default within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 3136. The amount of the Performance Security encashed by the Authority, is agreed to be the genuine pre-estimate of the loss suffered by the Authority on account of the Concessionaire Default. The parties agree that it being difficult / impossible to compute the loss suffered by the Authority on account of such Concessionaire Default, the parties have agreed that the aforesaid amount shall represent the genuine pre-estimate of damages.
Appears in 1 contract
Samples: Concession Agreement
Appropriation of Performance Security. Upon occurrence (a) In the event the Operator being default of a Concessionaire Default the due, faithful and punctual performance of its obligations under this Contract during the Contract Period and failing to remedy such default within the Cure Period of 30 (thirty} days or failure having any dues to meet any Condition PrecedentPHTPB outstanding under this Contract, the Authority PHTPB in consultation with the Maintenance Board shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant or delinquent amounts from the Performance Security the amounts due to it as damages for and in respect of such Concessionaire Default default or for failure to meet any Condition Precedent. dues.
(b) Upon such encashment and appropriation from of the Performance SecuritySecurity by the PHTPB, it shall by notice grant 30 (thirty] days period to the Concessionaire shall, within 15 (fifteen) days thereof, Operator to replenish, in case of partial appropriation, to the its original level of the Performance Security, Security and in case of appropriation of the entire Performance Security Security, to provide a fresh Performance SecuritySecurity and the Operator shall, within the time so granted replenish or furnish to the PHTPB, a fresh Performance Security as the case may beaforesaid, failing which the Authority PHTPB shall be entitled to terminate this Agreement in accordance with Article 31Contract under Clause 12. Provided that upon appropriation on account The provisions of Concessionaire’s Default the Concessionaire this Clause 3.3 shall replenish the apply mutatis mutandis to such fresh Performance Security and upon such Security.
(c) Upon replenishment or furnishing of a fresh Performance Security, as the case may be, the Concessionaire Operator shall be entitled to granted an additional Cure Period of 120 30 (one hundred and twentythirty) days for remedying its default. If the Concessionaire DefaultOperator continuing to be in breach of the provisions, save and except as provided in Clause 4.5 of this Agreement, and in the event of the Concessionaire not curing its default within Contract after such Cure Period, the Authority PHTPB shall be entitled to terminate this Contract under Clause 12 and to encash and appropriate such the Performance Security as Damages, and to terminate this Agreement in accordance with Article 31damages.
Appears in 1 contract
Samples: Management Contract
Appropriation of Performance Security. 7.2.1 Upon occurrence of a Concessionaire Default or failure to meet any Condition PrecedentBeneficiary Firm Event of Default, the Authority Government shall, without prejudice to its other rights and remedies hereunder or in lawunder Applicable Law, be entitled to encash and appropriate from the Performance Security the amounts due to it for and in respect of such Concessionaire Default or for failure to meet any Condition Precedent. Beneficiary Firm Event of Default.
7.2.2 Upon such encashment and appropriation from the Performance Security, the Concessionaire Beneficiary Firm shall, within 15 (fifteen) days thereof, replenish, in case of partial appropriation, to the its original level of the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, and the Beneficiary Firm shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid, failing which the Authority Government shall be entitled to terminate this Agreement in accordance with Article 31Agreement. Provided that upon appropriation on account of Concessionaire’s Default the Concessionaire shall replenish the Performance Security and upon Upon such replenishment or 2 Note: Performance Security of the applicant company shall be 5% * INR 900 crore/GWh * overall ACC Value Addition * Number of GWh (Committed Capacity), subject to the following ceiling: INR 50 Crore for5 GWh; INR 75 Crore up to 10 GWh and INR 100 Crore up to 15 GWh and INR 125 Crore up to 20 GWh of annual ACC committed production capacity. furnishing of a fresh Performance Security, as the case may be, the Concessionaire Beneficiary Firm shall be entitled to an additional Cure Period cure period of 120 90 (one hundred and twentyninety) days for remedying the Concessionaire Default, save and except as provided in Clause 4.5 Beneficiary Firm Event of this AgreementDefault or for satisfying any Conditions Precedent, and in the event of the Concessionaire Beneficiary Firm not curing its default within such Cure Periodcure period, the Authority Government shall be entitled to encash and appropriate such Performance Security as Damagesdamages, and to terminate this Agreement in accordance with Article 31Agreement.
Appears in 1 contract
Samples: Programme Agreement
Appropriation of Performance Security. Upon occurrence of a Concessionaire Default or failure to meet any Condition Precedent, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Performance Security the amounts due to it as Damages for and in respect of such Concessionaire Default or for failure to meet any Condition Precedent. Upon such encashment and appropriation from the Performance Security, the Concessionaire shall, within 15 (fifteen) days thereof, replenish, in case of partial appropriation, to the its original level of the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, and the Concessionaire shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 3138. Provided that upon appropriation on account of Concessionaire’s Default the Concessionaire shall replenish the Performance Security and upon such Upon replenishment or furnishing of a fresh Performance Security, as the case may be, as aforesaid, the Concessionaire shall be entitled to an additional Cure Period of 120 90 (one hundred and twentyninety) days for remedying the Concessionaire Default, save and except as provided in Clause 4.5 of this AgreementDefault or to meet any Condition Precedent, and in the event of the Concessionaire not curing its default or meeting such Condition Precedent within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 3138.
Appears in 1 contract
Samples: Concession Agreement
Appropriation of Performance Security. a. Upon occurrence of a Concessionaire an Operator Default or failure to meet any Condition Precedent, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate from the Performance Security the amounts due to it for and in respect of such Concessionaire Operator Default or for failure to meet any Condition Precedent. .
b. Upon such encashment and appropriation from the Performance Security, the Concessionaire Operator shall, within 15 (fifteen) days thereof, replenish, in case of partial appropriation, to the its original level of the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, and the Operator shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 3132. Provided that upon appropriation on account of Concessionaire’s Default the Concessionaire shall replenish the Performance Security and upon Upon such replenishment or furnishing of a fresh Performance Security, as the case may be, the Concessionaire Operator shall be entitled to an additional Cure Period of 120 30 (one hundred and twentythirty) days for remedying the Concessionaire Default, save and except as provided in Clause 4.5 of this AgreementOperator Default or for satisfying any Condition Precedent, and in the event of the Concessionaire Operator not curing its default within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 3132.
c. In the event forfeiture or recovery of amount from the Performance Security the Operator shall replenish the Performance Security within 15 (fifteen) days thereof.
d. Without prejudice to any other rights or remedies which the Authority may have under this Agreement, upon occurrence of an Operator Default, the Authority shall be entitled to forfeiture of entire Performance Security apart from issuing termination notice to the Operator.
Appears in 1 contract
Samples: Concession Agreement
Appropriation of Performance Security. Upon occurrence of a Concessionaire Default or failure to meet any Condition Precedent, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate from the Performance Security the amounts due to it for and in respect of such Concessionaire Default or for failure to meet any Condition Precedent. Upon such encashment and appropriation from the Performance Security, the Concessionaire shall, within 15 (fifteen) days thereof, replenish, in case of partial appropriation, to the original level of the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may casemay be, failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 31. Provided that upon appropriation on account of Concessionaire’s Default the Concessionaire shall replenish the Performance Security and upon such replenishment or furnishing of a fresh Performance Security, as the case may be, the Concessionaire shall be entitled to an additional Cure Period of 120 (one hundred and twenty) days for remedying the Concessionaire Default, save and except as provided in Clause 4.5 of this 5Calculated @ 5% (five per cent) of the Bid Project Cost Agreement, and in the event of the Concessionaire not curing its default within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 31.
Appears in 1 contract
Samples: Concession Agreement
Appropriation of Performance Security. Upon occurrence of a Concessionaire Default or failure to meet any Condition Precedent, the Concessioning Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Performance Security the amounts due to it as Damages for and in respect of such Concessionaire Default or for failure to meet any Condition Precedent. Upon such encashment and appropriation from the Performance Security, the Concessionaire shall, within 15 30 (fifteenthirty) days thereof, replenish, in case of partial appropriation, to the its original level of the applicable Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, and the Concessionaire shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which the Authority Government shall be entitled to terminate this Agreement in accordance with Article 31. Provided that upon appropriation on account of Concessionaire’s Default the Concessionaire shall replenish the Performance Security and upon such Upon replenishment or furnishing of a fresh Performance Security, as the case may be, as aforesaid, the Concessionaire shall be entitled to an additional Cure Period of 120 90 (one hundred and twentyninety) days for remedying the Concessionaire Default, save and except as provided in Clause 4.5 of this AgreementDefault or to meet any Condition Precedent, and in the event of the Concessionaire not curing its default or meeting such Condition Precedent within such Cure Period, the Concessioning Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 31.
Appears in 1 contract
Samples: Concession Agreement
Appropriation of Performance Security. Upon occurrence of a Concessionaire Default or failure to meet any Condition PrecedentPrecedent or failure to make any payment which becomes due and payable to the Authority under and in accordance with this Agreement, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the amounts due and payable as liquidated damages from the Performance Security the amounts due to it as Damages for and in respect of such Concessionaire Default or for failure to meet any Condition PrecedentPrecedent or failure to pay such amounts which are due and payable by the Concessionaire to the Authority under and in accordance with the provisions of this Agreement. Upon such encashment and appropriation from of the Performance Security, the Concessionaire shall, within 15 (fifteen) days thereof, replenish, in case of partial appropriation, to the original level of the Performance SecuritySecurity to its original level, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, failing which the Authority shall be entitled to terminate this Agreement in accordance with this Article 3132. Provided that upon appropriation on account of Concessionaire’s Default the Concessionaire shall replenish the Performance Security and upon Upon such replenishment or furnishing of a fresh Performance Security, as the case may be, the Concessionaire shall be entitled to an additional Cure Period of 120 (one hundred and twenty) days for remedying the Concessionaire Default, save and except as provided in Clause 4.5 of this AgreementDefault or for satisfying any Condition Precedent, and in the event of the Concessionaire not curing its default or meeting such Condition Precedent within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in in accordance with Article 3132.
Appears in 1 contract
Samples: Concession Agreement
Appropriation of Performance Security. Upon occurrence of a Concessionaire Contractor Default or failure to meet any Condition Precedent, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate from the Performance Security the amounts due to it for and in respect of such Concessionaire Contractor Default or for failure to meet any Condition Precedent. Upon such encashment and appropriation from the Performance Security, the Concessionaire Contractor shall, within 15 (fifteen) days thereof, replenish, in case of partial appropriation, to the original level of the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 31. Provided that upon appropriation on account of ConcessionaireContractor’s Default the Concessionaire Contractor shall replenish the Performance Security and upon such replenishment or furnishing of a fresh Performance Security, as the case may be, the Concessionaire Contractor shall be entitled to an additional Cure Period of 120 (one hundred and twenty) days for remedying the Concessionaire Contractor Default, save and except as provided in Clause 4.5 of this Agreement, and in the event of the Concessionaire Contractor not curing its default within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 31.
Appears in 1 contract
Samples: Contract Agreement
Appropriation of Performance Security. Upon occurrence of a Concessionaire Default during the Concession Period or failure to meet tomeet any Condition Precedent, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Performance Security the amounts due to it as Damages for and in respect of such Concessionaire Default or for failure to meet any Condition PrecedentDefault. Upon such encashment and appropriation from the Performance Security, the Concessionaire shall, within 15 30 (fifteenthirty) days thereof, replenish, in case of partial appropriation, to the its original level of the Performance Security, and in case of appropriation of the entire Performance Security provide a afresh Performance Security and the Concessionaire shall, within the time so granted, replenish or furnish fresh Performance Security, Security as the case may be, aforesaid failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 3134 and appropriate the balance amount of Performance Security (if any available). Provided that however, upon appropriation on account of Concessionaire’s Default the Concessionaire shall replenish the Performance Security and upon such replenishment or furnishing of a fresh Performance Security, as the case may be, Security the Concessionaire shall be entitled to an additional Cure Period of 120 30 (one hundred and twentythirty) days for remedying the Concessionaire Default, save and except as provided in Clause 4.5 of this AgreementDefault during the Development Period, and in the event of the Concessionaire not curing its default within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 3134. For the avoidance of doubt the aforesaid provision shall be applicable only for theDevelopment Period.
Appears in 1 contract
Samples: Concession Agreement
Appropriation of Performance Security. Upon occurrence of a Concessionaire Default or failure to meet any Condition Precedent, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Performance Security the amounts due to it as Damages for and in respect of such Concessionaire Default or for failure to meet any Condition Precedent. Upon such encashment and appropriation from the Performance Security, the Concessionaire shall, within 15 30 (fifteenthirty) days thereof, replenish, in case of partial appropriation, to the its original level of the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, and the Concessionaire shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 3125. Provided that upon appropriation on account of Concessionaire’s Default the Concessionaire shall replenish the Performance Security and upon such Upon replenishment or furnishing of a fresh Performance Security, as the case may be, as aforesaid, the Concessionaire shall be entitled to an additional Cure Period of 120 90 (one hundred and twentyninety) days for remedying the Concessionaire Default, save and except as provided in Clause 4.5 of this AgreementDefault or to meet any Condition Precedent, and in the event of the Concessionaire not curing its default or meeting such Condition Precedent within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 3125.
Appears in 1 contract
Samples: Concession Agreement
Appropriation of Performance Security. Upon occurrence of a Concessionaire Default or failure to meet any Condition Precedent, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate from the Performance Security the amounts due to it for and in respect of such Concessionaire Default or for failure to meet any Condition Precedent. Upon such encashment and appropriation from the Performance Security, the Concessionaire shall, within 15 (fifteen) days thereof, replenish, in case of partial appropriation, to the original level of the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 3128. Provided that upon appropriation on account of Concessionaire’s Default the Concessionaire shall replenish the Performance Security and upon such replenishment or furnishing of a fresh Performance Security, as the case may be, the Concessionaire shall be entitled to an additional Cure Period of 120 (one hundred and twenty) days for remedying the Concessionaire Default, save and except as provided in Clause 4.5 4.4 of this Agreement, and in the event of the Concessionaire not curing its default within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 3128.
Appears in 1 contract
Samples: Concession Agreement
Appropriation of Performance Security. Upon occurrence of a Concessionaire Default or failure to meet any Condition PrecedentDefault, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the relevant Performance Security the amounts due to it as Damages for and in respect of such Concessionaire Default or for failure to meet any Condition PrecedentDefault. Upon such encashment and appropriation from the relevant 1 To be calculated @ 3 months’ salary xxxx of Qualified Medical Teaching Staff and Resident Doctors of immediately preceding year Performance Security, the Concessionaire shall, within 15 30 (fifteenthirty) days thereof, replenish, in case of partial appropriation, to the its original level of the such Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, and the Concessionaire shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 3126. Provided that upon appropriation on account of Concessionaire’s Default the Concessionaire shall replenish the Performance Security and upon such Upon replenishment or furnishing of a fresh Performance Security, as the case may be, as aforesaid, the Concessionaire shall be entitled to an additional Cure Period of 120 30 (one hundred and twentythirty) days for remedying the Concessionaire Default, save and except as provided in Clause 4.5 of this Agreement, ; and in the event of the Concessionaire not curing its default within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 3126.
Appears in 1 contract
Samples: Concession Agreement
Appropriation of Performance Security. Upon occurrence of a Concessionaire Default or failure to meet any Condition Precedent, the Authority Government shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Performance Security the amounts due to it as Damages for and in respect of such Concessionaire Default or for failure to meet any Condition Precedent. Upon such encashment and appropriation from the Performance Security, the Concessionaire shall, within 15 30 (fifteenthirty) days thereof, replenish, in case of partial appropriation, to the its original level of the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, and the Concessionaire shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which the Authority Government shall be entitled to terminate this Agreement in accordance with Article 3137. Provided that upon appropriation on account of Concessionaire’s Default the Concessionaire shall replenish the Performance Security and upon such Upon replenishment or furnishing of a fresh Performance Security, as the case may be, as aforesaid, the Concessionaire shall be entitled to an additional Cure Period of 120 90 (one hundred and twentyninety) days for remedying the Concessionaire Default, save and except as provided in Clause 4.5 of this AgreementDefault or to meet any Condition Precedent, and in the event of the Concessionaire not curing its default or meeting such Condition Precedent within such Cure Period, the Authority Government of Andhra Pradesh 35 L&T Hyderabad Metro Rail Pvt. Ltd. Government shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 3137.
Appears in 1 contract
Samples: Concession Agreement
Appropriation of Performance Security. 2.2.1 Upon occurrence of a Concessionaire an Operator’s Event of Default including failure to pay any amounts payable to Authority and/ or Damages levied by the Authority in terms of this Contract or failure to meet any Condition Conditions Precedent, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Performance Security the amounts due to it as Damages for and in respect such Operator Event of such Concessionaire Default or for failure to meet any Condition Precedent. Upon such encashment and appropriation from the Performance Security, the Concessionaire Operator shall, within 15 30 (fifteenthirty) days thereof, replenish, in case of partial appropriation, to the its original level of the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, and the Operator shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid, failing which the Authority shall be entitled to terminate this Agreement Contract in accordance with Article 3122 of this Contract. Provided that upon appropriation on account of Concessionaire’s Default the Concessionaire shall replenish the Performance Security and upon such Upon replenishment or furnishing of a fresh Performance Security, as the case may be, as aforesaid, the Concessionaire Operator shall be entitled to an additional Cure Period of 120 (one hundred and twenty) days in accordance with Clause 22.1 for remedying the Concessionaire Default, save and except as provided in Clause 4.5 Operator Event of this AgreementDefault or satisfying the Condition(s) Precedent, and in the event of the Concessionaire Operator not curing its default within such Cure PeriodPeriod or not meeting the Conditions Precedent, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement Contract in accordance with Article 3122.
Appears in 1 contract
Samples: City Bus Private Operation Contract
Appropriation of Performance Security. Upon occurrence of a Concessionaire Default or failure to meet any Condition Precedent, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Performance Security the amounts due to it as Damages for and in respect of such Concessionaire Default or for failure to meet any Condition Precedent. Upon such encashment and appropriation from the Performance Security, the Concessionaire shall, within 15 30 (fifteenthirty) days thereof, replenish, in case of partial appropriation, to the its original level of the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, and the Concessionaire shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which the Authority shall be entitled to terminate this tins Agreement in accordance with Article 3137. Provided that upon appropriation on account of Concessionaire’s Default the Concessionaire shall replenish the Performance Security and upon such Upon replenishment or furnishing of a fresh Performance Security, as the case may be, as aforesaid, the Concessionaire shall be entitled to an additional Cure Period of 120 90 (one hundred and twentyninety) days for remedying the Concessionaire Default, save and except as provided in Clause 4.5 of this AgreementDefault or to meet any Condition Precedent, and in the event of the Concessionaire not curing its default or meeting such Condition Precedent within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 3137.
Appears in 1 contract
Samples: Concession Agreement
Appropriation of Performance Security. 9.2.1 Upon occurrence of a Concessionaire Supplier Default or failure to meet any Condition Precedent, the Authority GRIDCO shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate from the Performance Security the amounts due to it for and in respect of such Concessionaire Supplier Default or for failure to meet any Condition Precedent. Upon such encashment and appropriation from the Performance Security, 3 To be calculated @ Rs. 10,00,000 (Rs. ten lakh) per MW of Contracted Capacity. 4 To be calculated @ Rs. 10,00,000 (Rs. ten lakh) per MW of Contracted Capacity. the Concessionaire Supplier shall, within 15 (fifteen) days thereof, replenish, in case of partial appropriation, to the original level of the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, failing which the Authority GRIDCO shall be entitled to terminate this Agreement in accordance with Article 3119. Provided that upon appropriation on account of Concessionaire’s Default the Concessionaire shall replenish the Performance Security and upon Upon such replenishment or furnishing of a fresh Performance Security, as the case may be, the Concessionaire Supplier shall be entitled to an additional Cure Period of 120 (one hundred and twenty) days for remedying the Concessionaire Default, save and except as provided in Clause 4.5 of this AgreementSupplier Default or to meet any Condition Precedent, and in the event of the Concessionaire Supplier not curing its default or meeting such Condition Precedent within such Cure Period, the Authority GRIDCO shall be entitled to encash and appropriate such the Performance Security as Damages, and to terminate this Agreement in accordance with Article 3119.
9.2.2 Upon occurrence of a GRIDCO Default or failure to meet any Condition Precedent, the Supplier shall without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate from the Performance Security- GRIDCO. Upon such encashment and appropriation from the Performance Security-GRIDCO, GRIDCO shall, within 15 (fifteen) days thereof, replenish, in case of partial appropriation, to the original level of the Performance Security- GRIDCO, and in case of appropriation of the entire Performance Security- GRIDCO provide a fresh Performance Security- GRIDCO, as the case may be, failing which the Supplier shall be entitled to terminate this Agreement in accordance with Article 19. Upon such replenishment or furnishing of a fresh Performance Security- GRIDCO, as the case may be, GRIDCO shall be entitled to an additional Cure Period of 120 (one hundred and twenty) days for remedying the default and in the event of GRIDCO not curing its default within such Cure Period, the Supplier shall be entitled to encash and appropriate the Performance Security- GRIDCO as Damages, and to terminate this Agreement in accordance with Article 19.
Appears in 1 contract
Samples: Procurement Agreement
Appropriation of Performance Security. Upon occurrence of a Concessionaire Default or failure to meet any Condition Precedent, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Performance Security the amounts due to it as Damages for and in respect of such Concessionaire Default or for failure to meet any Condition Precedent. Upon such encashment and appropriation from the Performance Security, the Concessionaire shall, within 15 (fifteen15(fifteen) days thereof, replenish, in case of partial appropriation, to the its original level of the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, and the Concessionaire shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 3138. Provided that upon appropriation on account of Concessionaire’s Default the Concessionaire shall replenish the Performance Security and upon such Upon replenishment or furnishing of a fresh Performance Security, as the case may be, as aforesaid, the Concessionaire shall be entitled to an additional Cure Period of 120 90 (one hundred and twentyninety) days for remedying the Concessionaire Default, save and except as provided in Clause 4.5 of this AgreementDefault or to meet any Condition Precedent, and in the event of the Concessionaire not curing its default or meeting such Condition Precedent within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 3138.
Appears in 1 contract
Samples: Concession Agreement
Appropriation of Performance Security. Upon occurrence of a Concessionaire Default or failure to meet any Condition Precedent, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Performance Security the amounts due to it as Damages for and in respect of such Concessionaire Default or for failure to meet any Condition Precedent. Upon such encashment and appropriation from the Performance Security, the Concessionaire shall, within 15 30 (fifteenthirty) days thereof, replenish, in case of partial appropriation, to the its original level of the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, and the Concessionaire shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 3137. Provided that upon appropriation on account of Concessionaire’s Default the Concessionaire shall replenish the Performance Security and upon such Upon replenishment or furnishing of a fresh Performance Security, as the case may be, as aforesaid, the Concessionaire shall be entitled to an additional Cure Period of 120 90 (one hundred and twentyninety) days for remedying the Concessionaire Default, save and except as provided in Clause 4.5 of this AgreementDefault or to meet any Condition Precedent, and in the event of the Concessionaire not curing its default or meeting such Condition Precedent within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 3137.
Appears in 1 contract
Samples: Transmission Agreement
Appropriation of Performance Security. 2.2.1 Upon occurrence of a Concessionaire an Operator’s Event of Default including failure to pay any amounts payable to Authority and/ or Damages levied by the Authority in terms of this Contract or failure to meet any Condition Conditions Precedent, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Performance Security the amounts due to it as Damages for and in respect such Operator’s Event of such Concessionaire Default or for failure to meet any Condition Precedent. Upon such encashment and appropriation from the Performance Security, the Concessionaire Operator shall, within 15 30 (fifteenthirty) days thereof, replenish, in case of partial appropriation, to the its original level of the Performance Security, and in case of appropriation of the entire Performance Security Security, as the case maybe, provide a fresh Performance Security, and the Operator shall, within the time so granted, replenish or furnish fresh Performance Security as the case may be, aforesaid failing which the Authority shall be entitled to terminate this Agreement Contract in accordance with Article 31. Provided that upon appropriation on account of Concessionaire’s Default the Concessionaire shall replenish the 22 3[Drafting Note: The Performance Security shall be 10% of the Project Cost. Project Cost shall be the cost of procurement of Buses and upon other associated cost such as plant and equipment at Bus Depot] of this Contract. Upon replenishment or furnishing of a fresh Performance Security, as the case may be, as aforesaid, the Concessionaire Operator shall be entitled to an additional Cure Period of 120 (one hundred and twenty) days in accordance with Clause 22.1 for remedying the Concessionaire Default, save and except as provided in Clause 4.5 Operator Event of this AgreementDefault or satisfying the Condition(s) Precedent, and in the event of the Concessionaire Operator not curing its default within such Cure PeriodPeriod or not meeting the Conditions Precedent, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement Contract in accordance with Article 3122.
Appears in 1 contract
Samples: City Bus Private Operation Contract
Appropriation of Performance Security. Upon occurrence of a Concessionaire Default or failure to meet any Condition Precedent, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate from the Performance Security the amounts due to it for and in respect of such Concessionaire Default or for failure to meet any Condition Precedent. Upon such encashment and appropriation from the Performance Security, the Concessionaire shall, within 15 (fifteen) days thereof, replenish, in case of partial appropriation, to the original level of the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 31. Provided that upon appropriation on account of Concessionaire’s Default the Concessionaire shall replenish the Performance Security and upon such replenishment or furnishing of a fresh Performance Security, as the case may be, the Concessionaire shall be entitled to an additional Cure Period of 120 (one hundred and twenty) days for remedying the Concessionaire Default, save and except as provided in Clause 4.5 of this Agreement, and in the event of the Concessionaire not curing its default within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 31.. 1Calculated @ approximately 5% (five per cent) of the Bid Project Cost
Appears in 1 contract
Samples: Concession Agreement
Appropriation of Performance Security. Upon occurrence of a Concessionaire Default or failure to meet any Condition Precedent, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate from the Performance Security the amounts due to it for and in respect of such Concessionaire Default or for failure to meet any Condition Precedent. Upon such encashment and appropriation from the Performance Security, the Concessionaire shall, within 15 (fifteen) days thereof, replenish, in case of partial appropriation, to the original level of the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 31. Provided that upon appropriation on account of Concessionaire’s Default the Concessionaire shall replenish the Performance Security and upon such replenishment or furnishing of a fresh Performance Security, as the case may be, the Concessionaire shall be entitled to an additional Cure Period of 120 (one hundred and twenty) days for remedying the Concessionaire Default, save and except as provided in Clause 4.5 of this Agreement, and in the event of the Concessionaire not curing its default within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 31.. 5Calculated @ 5% (five per cent) of the Bid Project Cost
Appears in 1 contract
Samples: Concession Agreement
Appropriation of Performance Security. Upon occurrence of a Concessionaire Default or failure to meet any Condition Precedent, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Performance Security the amounts due to it as Damages for and in respect of such Concessionaire Default or for failure to meet any Condition Precedent. Upon such encashment and appropriation from the Performance Security, the Concessionaire shall, within 15 30 (fifteenthirty) days thereof, replenish, in case of partial appropriation, to the its original level of the Performance Security, and in case of appropriation of the entire Performance Security provide a fresh Performance Security, as the case may be, and the Concessionaire shall, within the time so granted, replenish or furnish fresh Performance Security as aforesaid failing which the Authority shall be entitled to terminate this Agreement in accordance with Article 3137. Provided that upon appropriation on account of Concessionaire’s Default the Concessionaire shall replenish the Performance Security and upon such Upon replenishment or furnishing of a fresh Performance Security, as the case may be, as aforesaid, the Concessionaire shall be entitled to an additional Cure Period of 120 90 (one hundred and twentyninety) days for remedying the Concessionaire Default, save and except as provided in Clause 4.5 of this AgreementDefault or to meet any Condition Precedent, and in the event of the Concessionaire not curing its default or meeting such Condition Precedent within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damages, and to terminate this Agreement in accordance with Article 3137. Further upon termination on account of Concessionaire’s default before COD, then the Authority shall encash and appropriate the entire Performance Security submitted by the Concessionaire earlier pursuant to Clause 9.1.
Appears in 1 contract
Samples: Concession Agreement