Completion risk Sample Clauses
The 'Completion risk' clause defines which party bears the responsibility and potential consequences if a project or contractual obligation is not finished on time or to the required standard. Typically, this clause outlines the specific risks associated with delays, cost overruns, or failure to achieve project milestones, and may assign liability, require performance guarantees, or set out remedies such as penalties or liquidated damages. Its core practical function is to allocate the risk of non-completion between the parties, thereby incentivizing timely and proper performance while providing a clear framework for addressing failures to complete the work as agreed.
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Completion risk. The Proposed Acquisitions are subject to the Conditions Precedent stated in the Agreements. There is no assurance that the Proposed Acquisitions could be completed with the timeframe as prescribed under the Agreements. The Board will take reasonable steps to ensure that such Conditions Precedent are met and fulfilled within the prescribed timeframe, besides ensuring every effort is made to obtain all the necessary approvals in order to complete the Proposed Acquisitions in a timely manner.
Completion risk. The completion of the Proposals may be subject to some external factors and risks, such as, failure to obtain approval from BKPM for the issuance of New Shares and New Additional Shares to Miasa.
Completion risk. The Proposed JV is conditional upon the Proposed Development. There is no assurance that the Proposed Development can be completed within the time schedule permitted, as disclosed in Section 4.5 above. In the event that the 4 Components are not constructed according to the minimum time period, the Company may incur liquidated damages as stipulated in the DRA. In addition, the Company is liable to pay Seriemas the Minimum Revenue Guarantee of up to RM75 million regardless of the progress of the construction of the Development Land as disclosed in Section 3.2 above. In this regard, the Board shall endeavour to ensure that the components are constructed within the time period agreed upon in the DRA and the JVA.
Completion risk. The completion of the JV for the development of Lot B Lands into Commercial Development is subject to the fulfilment of the Conditions Precedents as set out in Appendix II of this announcement, which may be beyond the control of SASB or ▇▇▇▇▇▇▇ such as failure to obtain the approval from the Lands and Surveys Department, for the amalgamation, subdivision and conversion of the land titles in Lot B Lands from NT into CL Titles or to effect the title transfer from NT to CL within twelve (12) months from the Transfer of Lot Lands (as defined in Appendix II). In the event any of the Conditions Precedents is not fulfilled, the JVA – Lot B Lands will lapse and ▇▇▇▇▇▇ will be unable to complete the Proposed JV Ratification – Lot B Lands. To mitigate such risks, the Board will take reasonable steps to ensure that the Conditions Precedents are met within the stipulated timeframe in order to complete the Proposed JV Ratification – Lot B Lands in a timely manner.
Completion risk. There is a possibility that the Project may not be completed within the time stipulated in the JDA due to various factors such as labour and material supply shortages, the non- performance or unsatisfactory performance of contractors and subcontractors, natural disasters, accidents, failure or postponement in the issuance or granting of licences, permits and approvals. Construction delays, loss of revenue and cost over-runs are likely to result from such events which could in turn, adversely affect the business, operations and financial performance of PLB. Nevertheless, the Board will endeavour to mitigate these risks through, amongst others, appointment of experienced and reputable EPC company as the main turnkey sub- contractor, close monitoring of the progress of the Project and prompt rectification of any setback in order to ensure that the Company’s performance is not materially and adversely affected.
Completion risk. The completion of the development of the Project may be subject to risks beyond the control of Sunsuria Group including, among others, obtaining the approvals from the relevant authorities for the development of the Project, the uncertainty of the property market due to economic conditions and the increase in costs of the development. Nevertheless, with the Group’s past experience and expertise in the property sector, the Board will use its best endeavours to ensure such risks are mitigated through, inter alia, obtaining all necessary approvals from the relevant authorities for the development of the Project, diligently monitoring the development and changes of the Malaysian property market as well as careful planning and proactive and close monitoring of the progress of the development of the Project.