Compensation for default. 12.1 If one Party (hereinafter “Defaulting Party”) violates any provision of this Agreement and causes damage to the other Party (hereinafter “Non-Defaulting Party”), the Non-Defaulting Party shall serve written notice to the Defaulting Party requiring the Defaulting Party to immediately rectify and correct the breach. If the Defaulting Party fails to take satisfactory measures to rectify and correct the breach within fifteen days of the written notice from the Non-Defaulting Party, the Non-Defaulting Party may immediately take action under the provisions of this Agreement or other remedies through legal means.
Compensation for default. 24.1.1 Subject to the provisions of Article 24.3, In the event of the Concessionaire being in material default or breach of this Agreement, it shall pay to the Authority by way of compensation, all direct costs suffered or incurred by the Authority as a consequence of such material default or breach, within 30 (thirty) days of receipt of the demand supported by necessary particulars thereof; provided that no compensation shall be payable under this Article 24.1, for any material breach or default in respect of which Damages are expressly specified and payable under this Agreement or for any consequential losses incurred by the Authority. In such cases where the costs suffered or incurred by the Authority are not quantifiable or determinable, the Concessionaire shall be liable to pay Damages equivalent to 0.1% (zero point one percent) of Performance Security for each day till such breach or default is cured.
Compensation for default. 28.1.1 Subject to the provisions of Clause 28.4, in the event of the Concessionaire being in material default or breach of this Agreement, it shall pay to the Authority by way of compensation, all direct costs suffered or incurred by the Authority as a consequence of such material default or breach, within 30 (thirty) days of receipt of the demand supported by necessary particulars thereof; provided that no compensation shall be payable under this Clause 28.1 for any material breach or default in respect of which Damages are expressly specified and payable under this Agreement or for any consequential losses incurred by the Authority.
Compensation for default. 24.1.1 Subject to the provisions of Article 24.3, In the event of the Concessionaire being in material default or breach of this Agreement, it shall pay to the Authority by way of compensation, all direct costs suffered or incurred by the Authority as a consequence of such material default or breach, within 30 (thirty) days of receipt of the demand supported by necessary particulars thereof; provided that no compensation shall be payable under this Article 24.1, for any material breach or default in respect of which Damages are expressly specified and payable under this Agreement or for any consequential losses incurred by the Authority. In such cases where the costs suffered or incurred by the Authority are not quantifiable or determinable, the Concessionaire shall be liable to pay Damages equivalent to 1.5% (one point five percent) of Construction Performance Security or Operations Performance Security, as the case may be, for each day till such breach or default is cured, till a maximum of 60 days, post which the Authority may issue the Notice of Breach to the Concessionaire, leading to termination of the Agreement in accordance with ARTICLE 25.
Compensation for default. 1. If Construction is not completed before the deadline pursuant to Article 5 of this Agreement, Party B shall be deemed in default, and shall be liable for a default penalty of 0.1 percent of the total contract price per day within a period of 10 days starting from the scheduled deadline, and for the days defaulted after the 10-day period, Party B shall be liable for a default penalty of 0.2 percent of the total price per day, all of the default penalties are to be deducted from the construction payment payable to Party B.
Compensation for default. In case the participation grantor did not make the due payments (for instance, interests) to the Bank in time, the Bank may charge a compensation for the arrears amounting to 3% p.a. of the current basic interest rate (as the following interest rate of the discount rate pursuant to the Transitory law concerning the discount rate). In case the delay takes more than one month, the Bank may terminate the whole credit for immediate repayment.
Compensation for default. Subject to the provisions of Clause 28.4, in the event of the Concessionaire being in material default or breach of this Agreement, it shall pay to the Authority by way of compensation, all direct costs suffered or incurred by the Authority as a consequence of such material default or breach, within 30 (thirty) days of receipt of the demand supported by necessary particulars thereof; provided that no compensation shall be payable under this Clause 28.1for any material breach or default in respect of which Damages are expressly specified and payable under this Agreement or for any consequential losses incurred by the Authority. Subject to the provisions of Clause 28.4, in the event of the Authority being in material default or breach of this Agreement at any time after Appointed Date, it shall pay to the Concessionaire by way of compensation, all direct costs suffered or incurred by the Concessionaire as a consequence of such material default or breach within 30 (thirty) days of receipt of the demand supported by necessary particulars thereof; provided that no such compensation shall be payable for any material breach or default in respect of which Damages have been expressly specified in this Agreement. For the avoidance of doubt, compensation payable may include O&M expenses and all other costs directly attributable to such material breach or default but shall not include loss of Fee revenues or debt repayment or other consequential losses. Extension of Concession period Subject to the provisions of Clause 28.4, in the event that a material default or breach of this Agreement set forth in Clause 28.1.2 leads to suspension of or reduction in collection of Fee, as the case may be, the Authority shall, in addition to payment of compensation under Clause 28.1.2, extend the Concession Period, such extension being equal in duration to the period for which the collection of Fee remained suspended on account thereof; and in the event of reduction in collection of Fee where the daily collection is less than 90% (ninety per cent) of the Average Daily Fee, the Authority shall, in addition to payment of compensation hereunder, extend the Concession Period in proportion to the loss of Fee on a daily basis. For the avoidance of doubt, loss of 25 (twenty five per cent) in collection of Fee as compared to the Average Daily Fee for four days shall entitle the Concessionaire to extension of one day in the Concession Period. Compensation to be in addition Compensation payab...
Compensation for default. If FLI terminates this Agreement under the conditions set out in this Section IV, FLI shall be entitled to be paid for all work performed to the date of termination, including reasonable profit, for loss sustained upon products and construction machinery and equipment, and such other damages as FLI may have sustained as a result of the termination of this Agreement.
Compensation for default. 23.1.1 In the event of the Operator being in material default or breach of this Agreement, it shall pay to the SPV by way of compensation, all direct costs suffered or incurred by the SPV as a consequence of such material default, within 30 (thirty) days of receipt of the demand supported by necessary particulars thereof; provided that no compensation shall be payable under this Clause 23.1 for any breach or default in respect of which Damages are expressly specified and payable under this Agreement.
Compensation for default
