Common use of Compensation for default Clause in Contracts

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. 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 0.10.5% (zero point one five percent) of Performance Security for each day till such breach or default is cured.