Consequences of a Compensation Event. If, as a direct result of the occurrence of a Compensation Event:
Consequences of a Compensation Event.
10.1 If, as a direct result of the occurrence of a Compensation Event:
10.1.1 the Seller is unable to comply with its obligations under this Agreement; and/or
10.1.2 the Seller incurs costs or loses revenue, then the Seller is entitled to apply for relief from its obligations under this Agreement and/or to claim compensation under this Agreement.
10.2 To obtain relief and/or claim compensation, the Seller must:
10.2.1 as soon as practicable, and in any event within five (5) days after it became aware that the Compensation Event has caused or is likely to cause breach of an obligation under this Agreement and/or the Seller to incur costs or lose revenue, give to the DoE a notice of its claim for payment of compensation and/or relief from its obligations under this Agreement;
10.2.2 within ten (10) days of receipt by the DoE of the notice referred to in clause 10.2.1 above, give the DoE full details of the Compensation Event and the extension of time and/or any estimated change in project costs claimed and/or the loss of revenue claimed; and
10.2.3 demonstrate to the reasonable satisfaction of the DoE that:
10.2.3.1 the Compensation Event was the direct cause of the time lost and/or estimated change in project costs and/or the loss of revenue claimed; and
10.2.3.2 the estimated change in project costs, the loss of revenue claimed, time lost, and/or relief from the obligations under the Agreement claimed, could not reasonably be expected to be mitigated or recovered by the Seller acting in accordance with the standards of a Reasonable and Prudent Operator.
10.3 If the Seller has complied with its obligations under clause 10.2, then:
10.3.1 in the case of an additional cost being incurred or revenue being lost by the Seller, including Capital Expenditure incurred by the Seller at any time, the DoE shall have the option to compensate the Seller for the actual estimated change in project costs as adjusted to reflect the actual costs reasonably incurred or actual revenue lost by the Seller either:
10.3.1.1 in one lump-sum payment, payable within ninety (90) Business Days of its receipt of a written demand by the Seller supported by all relevant information; or
10.3.1.2 in equal monthly instalments for the remainder of the Term, commencing within ninety (90) Business Days of its receipt of a written demand by the Seller supported by all relevant information, provided that interest shall accrue on the full amount due and payable, at the Agreed Interest Rate, fr...
Consequences of a Compensation Event. (a) If a Compensation Event occurs, Project Co’s sole right to compensation shall be as set out in this Article 23. For greater certainty, except as aforesaid, no other Delay Event shall entitle Project Co to receive any compensation, except as otherwise provided in:
(i) Schedule 11 – Change Procedure;
(ii) Article 24, in the case of a Delay Event referred to in Section 22.1(a)(viii); and
(iii) Article 21, in the case of a Delay Event referred to in Section 22.1(a)(ix).
(b) Subject to Sections 23.3 and 23.4, if it is agreed or determined in accordance with Schedule 14 – Dispute Resolution Procedure, that there has been a Compensation Event, Project Co shall be entitled to all Direct Losses incurred or suffered by it as a result of the Compensation Event, as approved by Owner and the Consultant and processed as a Change Order, including the Overhead and Project Fee as determined in accordance with Schedule 11 – Change Procedure, and any increase to the Cost of the Financing, as determined in accordance with Section 2.10 of Schedule 11 – Change Procedure.
Consequences of a Compensation Event. If, as a direct result of the occurrence of a Compensation Event: the Private Party is unable to complete the Works or to provide the Services on or before the Operation Commencement Date; the Private Party is unable to comply with its obligations under this PPP Agreement; and/or the Private Party incurs costs or loses revenue, then the Private Party is entitled to apply for relief from its obligations and/or claim compensation under this PPP Agreement. To obtain relief and/or claim compensation the Private Party must: as soon as practicable, and in any event within 21 days after it became aware that the Compensation Event has caused or is likely to cause delay, breach of an obligation under this PPP Agreement and/or the Private Party to incur costs or lose revenue, give to the Institution a notice of its claim for an extension of time of the Operation Commencement Date, payment of compensation and/or relief from its obligations under this PPP Agreement; within 7 days of receipt by the Institution of the notice referred to in clause , give full details of the Compensation Event and the extension of time and/or any estimated change in project costs claimed; and demonstrate to the reasonable satisfaction of the Institution that: the Compensation Event was the direct cause of the estimated change in project costs and/or any delay in the achievement of the Operation Commencement Date; and the estimated change in project costs, time lost, and/or relief from the obligations under this PPP Agreement claimed, could not reasonably be expected to be mitigated or recovered by the Private Party acting in accordance with Good Industry Practice. If the Private Party has complied with its obligations under clause above, then: the Operation Commencement Date shall be postponed by such time as shall be reasonable for such a Compensation Event, taking into account the likely effect of delay; In the case of an additional cost being incurred by the Private Party: on or before the Operation Commencement Date; or as a result of capital expenditure being incurred by the Private Party at any time, the Institution shall compensate the Private Party for the actual estimated change in project costs as adjusted to reflect the actual costs reasonably incurred within 45 days of its receipt of a written demand by the Private Party supported by all relevant information; the Institution shall give the Private Party such relief from its obligations under this Agreement as is reasonable for...
Consequences of a Compensation Event. (a) If a Compensation Event occurs, Project Co’s sole right to compensation shall be as set out in this Article 23. For greater certainty, except as aforesaid, no other Delay Event shall entitle Project Co to receive any compensation, except as otherwise provided in:
(i) Schedule 11 – Change Procedure;
(ii) Article 24, in the case of a Delay Event referred to in Section 22.1(a)(viii); and
(iii) Article 21, in the case of a Delay Event referred to in Section 22.1(a)(ix).
(b) Subject to Sections 23.3 and 23.4, if it is agreed or determined in accordance with Schedule 14 – Dispute Resolution Procedure, that there has been a Compensation Event, Project Co shall be entitled to all Direct Losses incurred or suffered by it as a result of the Compensation Event, as approved by Owner and the Consultant and processed as a Change Order, including the Overhead and Project Fee as determined in accordance with Schedule 11 – Change Procedure, and any increase to the Cost of the Financing, as determined in accordance with Section 2.10 of Schedule 11 – Change Procedure.
(c) Notwithstanding any other provision in this Project Agreement, including Section 23.2(b), where the Owner elects to apply all or any portion of the number of days of the Schedule Cushion, Project Co shall not be entitled to any Direct Losses or any other additional compensation related to the time that is reduced or eliminated by the Schedule Cushion, except as otherwise provided in Section 2.11 of Schedule 11.
Consequences of a Compensation Event. 47.1 If, as a direct result of the occurrence of a Compensation Event:
47.1.1 the Private Party is unable to achieve Service Commencement on or before the Scheduled Service Commencement Date;
47.1.2 the Private Party is unable to comply with its obligations under this PPP Agreement; and/or
47.1.3 the Private Party incurs costs or loses revenue, then the Private Party is entitled to apply for relief from its obligations and/or claim compensation under this PPP Agreement.
47.2 To obtain relief and/or claim compensation the Private Party must:
47.2.1 as soon as practicable, and in any event within ten (10) Business Days after it became aware that the Compensation Event has caused or is likely to cause delay, breach of an obligation under this PPP Agreement and/or the Private Party to incur costs or lose revenue, give to the Municipality a notice of its claim for an extension of time for Service Commencement, payment of compensation and/or relief from its obligations under this PPP Agreement;
47.2.2 within twenty (20) Business Days of receipt by the Municipality of the notice referred to in clause 47.2.1 above, give full details of the Compensation Event and the extension of time and/or any estimated change in project costs claimed; and
47.2.3 demonstrate to the reasonable satisfaction of the Municipality that:
(a) the Compensation Event was the primary cause of the estimated change in project costs and/or any delay in the achievement of the Scheduled Service Commencement Date; and
(b) the estimated change in Project costs, time or revenue lost, and/or relief from the obligations under the PPP Agreement claimed, could not reasonably be expected to be mitigated or recovered by the Private Party acting in accordance with Good Industry Practice.
47.3 In the event that the Private Party has complied with its obligations under clause 47.2 above, then:
47.3.1 the Scheduled Service Commencement Date shall be postponed by such time as shall be reasonable for such a Compensation Event, taking into account the likely effect of delay; and
47.3.2 in the case of an additional cost being incurred by the Private Party or the Private Party losing any revenue:
(a) on or before the Service Commencement Date; or
(b) as a result of Capital Expenditure being incurred by the Private Party at any time, the Municipality shall compensate the Private Party for the actual change in Project costs, loss of revenue, Capital Expenditure incurred, within thirty (30) Business Days of its rece...
Consequences of a Compensation Event. (a) If a Compensation Event occurs, Project Co’s sole right to compensation shall be as set out in this Section 41. For greater certainty, except as aforesaid, no other Delay Event shall entitle Project Co to receive any compensation, except as otherwise provided in:
(i) Schedule 22 − Variation Procedure, in the case of a Delay Event referred to in Section 40.1(a)(i);
(ii) Section 44, in the case of a Delay Event referred to in Section 40.1(a)(ix);
(iii) Section 43, in the case of a Delay Event referred to in Section 40.1(a)(x); and
(iv) Section 38, in the case of a Delay Event referred to in Section 40.1(a)(xi).
(b) Subject to Sections 41.3 and 41.4, if it is agreed, or determined in accordance with Schedule 27 − Dispute Resolution Procedure, that there has been a Compensation Event, Project Co shall be entitled to such compensation as would place Project Co in no better and no worse position than it would have been in had the relevant Compensation Event not occurred. For greater certainty, in respect of a Compensation Event that is also a Delay Event, such compensation will include amounts which, but for the Delay Event, would have been paid by the City to Project Co. Project Co shall promptly provide the City Representative with any information the City Representative may require in order to determine the amount of such compensation.
(c) If the City is required to compensate Project Co pursuant to this Section 41.2, then the City may either pay such compensation as a lump sum payment or payments at times and in a manner to be agreed with Project Co, acting reasonably, or, alternatively, the City may request Project Co to agree to an adjustment to the Monthly Service Payments. If Project Co agrees to an adjustment to the Monthly Service Payments, then the provisions of Schedule 22 − Variation Procedure shall apply.
(d) Notwithstanding any other provision in this Project Agreement, including Section 41.2(b), where City elects to apply all or any portion of the number of days of the Schedule Cushion, Project Co shall not be entitled to any Direct Losses or any other additional compensation related to the time that is reduced or eliminated by the Schedule Cushion, except as otherwise provided in Schedule 22 – Variation Procedure. For the avoidance of doubt, this Section 41.2(d) shall not apply to the Compensation Event set out in Section 41.1(a)(ii).
Consequences of a Compensation Event. (a) If a Compensation Event occurs, Project Co‟s sole right to compensation shall be as set out in this Article 23. For greater certainty, except as aforesaid, no other Delay Event shall entitle Project Co to receive any compensation, except as otherwise provided in:
(i) Schedule 11 – Change Procedure;
(ii) Article 24, in the case of a Delay Event referred to in Section 22.1(a)(viii); and
(iii) Article 21, in the case of a Delay Event referred to in Section 22.1(a)(ix).
(b) Subject to Sections 23.3 and 23.4, if it is agreed, or determined in accordance with Schedule 14 – Dispute Resolution Procedure, that there has been a Compensation Event, Project Co shall be entitled to all Direct Losses incurred or suffered by it as a result of the Compensation Event, as approved by Owner and the Consultant
