Conditions Precedent of the Concessionaire. 4.3.1 The Concessionaire has fulfilled the following Conditions Precedent before signing of Concession Agreement –
Conditions Precedent of the Concessionaire. 4.3.1 The Concessionaire shall have, on or before the expiry of a period of 120 (one hundred and twenty) days from the date of issuance of LOA –
Conditions Precedent of the Concessionaire. The Concessionaire shall have, on or before the expiry of a period of 120 (one hundred and twenty) days from the date of issuance of LOA – formed an appropriate SPC (Special Purpose Vehicle) to execute the concession agreement. paid the Upfront Premium as per the provisions of the RFP Document and this Draft Concession Agreement; paid the Performance Bank Guarantee amounting to Rs. 10,75,00,000/- (Rs. Ten Crores Seventy Five Lakhs only) from Nationalised/ Scheduled Commercial Bank valid for a minimum period of 54 months from the date of submission. The Performance Bank Guarantee shall be payable at Nagpur; deposited to the authority and amount of Rs. ………. for payment towards Stamp Duty and Registration fees/charges of the agreement. delivered to Maha-Metro from the Consortium Members, their respective confirmation, in original, of the correctness of their representations and warranties set forth in Sub clauses (k), (l) and (m) of Clause 7.1 of this Agreement. Submission of “Success Fee” of Rs. 25,00,000 (Rupees Twenty Five Lakhs only) (exclusive of GST) to M/s Xxxxxx Xxxxx (India) Private Limited, the consultants to Maha Metro for the Project. Damages for delay by Maha-Metro in fulfilment of Conditions Precedent In the event that Maha-Metro does not procure the fulfilment of any or all of the Conditions Precedent set forth in Article 4.2 above, on or prior to 30 (thirty) Days from the date of signing of Concession Agreement, and the delay has not occurred as a result of breach of the Agreement by the Concessionaire, or due to an event of Force Majeure, then the last date shall be extended by period equivalent to the number of days of delay from the 31stday from the date of signing of Concession Agreement till the day of fulfilling of such Conditions Precedent by Maha-Metro. Damages for delay by Concessionaire in fulfilment of Conditions Precedent In the event that the Concessionaire does not procure the fulfilment of any or all of the Conditions Precedent in Article 4.3 above, on or before 120 days from date of issuance of LOA, and the delay has not occurred on account of a Force Majeure Event, then the Concessionaire shall pay, forthwith, to Maha-Metro liquidated damages of an amount equivalent to 0.5% of the Bid Security for each day of delay in fulfilment of the Conditions Precedent. Upon non-fulfilment of the Conditions Precedent within 180 days from the date of issuance of LOA , Maha-Metro shall, in its sole discretion, be entitled to terminate the LO...
