Consequences of Change in Law. (a) Provided that an Affected Party has complied and continues to comply with the obligations of Clauses 12.2 and 12.3, that Affected Party shall be entitled to the following relief, effective from the date on which notice is given by that Affected Party pursuant to Clause 12.2(a):
i. the obligations of the Affected Party under this Agreement to the extent performance thereof is prevented or impeded by the Change in Law shall be suspended for the duration of the Change in Law period;
ii. the time period(s) for the performance of the obligations of the Affected Party under this Agreement to the extent performance thereof is prevented or impeded by the Change in Law shall be extended on a Day for Day basis for the duration of the relevant Change in Law period;
iii. Where either Parties rights or obligations under this Agreement are materially and adversely affected by any change of Law for a period of more than one hundred and twenty (120) days then the Affected Party shall have the right to terminate this Agreement immediately upon Notice to the other Party provided that such termination shall not relieve such party of their obligations including payment obligations arising before the date of such termination.
(b) The Parties agree and undertake promptly to implement and give effect to all modifications or adjustments to the provisions of this Agreement as may be agreed or determined pursuant to the Clause 12.3.
Consequences of Change in Law. (a) Subject to item (e) of this Clause 49.5, in the event that either Party believes that a Change in Law shall have occurred that has or will result in a material Change in Law Cost or Savings, such Party shall promptly deliver to the other Party a notice (a "Notice") identifying such Change in Law and the net amount of Change in Law Cost or Savings that have resulted or are reasonably expected to result from such Change in Law, subject in any event to the obligation of the Contractor to minimise such Change in Law Costs and to maximise such Savings in accordance with Good Manufacturing Practices. Such Party may from time to time deliver to the other Party additional Notices with respect to any Change in Law, provided that any such additional Notice shall be given not later than one (1) year after the Party giving such Notice knew of or should have known of such additional Change in Law Costs or realisation of such additional Savings resulting from the occurrence of the Change in Law.
(b) Within seven (7) days following the receipt of any Notice, the Parties shall meet to discuss the subject matter of such Notice. If within fourteen (14) days after the commencement of such discussions, either Party disputes any of the contents of the Notice, such Dispute may be referred to Arbitration in accordance with the provisions of Clause 50.3 of the Contract.
(c) To the extent that a claim for material Change in Law Costs or Savings resulting from the occurrence of a Change in Law is not disputed or has been allowed by the expert, the Contract Price shall be reasonably adjusted. The adjustment of the Contract Price is intended that the Contractor should be in the same position as the one it found himself prior to such a change. If within thirty (30) days following the allowance of or agreement upon any claim for material Change in Law Costs or Savings, the Parties are unable to agree on the adjustment of the Contract Price, the Dispute may be referred to Arbitration in accordance with the provisions of Clause 50.2 of the Contract.
(d) The Contractor agrees that no notice shall be given by him in respect of a Change in Law unless the effect of such Change in Law and any preceding Changes in Law applied over the term of this Contract results either in an aggregate increase in liability of the Contractor of more than RM 250,000 (Two Hundred and Fifty Thousand only)or results in Savings of more than RM 250,000 (Two Hundred and Fifty Thousand only) in the aggregate unde...
Consequences of Change in Law. (a) Provided that an Affected Party has complied with and continues to comply with the obligations of Clauses 12.2 and 12.3, either Party may give notice of termination of this Framework Agreement and/or any GTAs (in each case, to the extent that the same is affected by the Change in Law) if the Parties are unable to agree on any amendments to or modification of this Framework Agreement and/or any GTAs (in each case, to the extent that the same is affected by the Change in Law) as may be requested by a Party under Clause 12.3 within one hundred and twenty (120) days of the notice provided under Clause 12.2(a) of the Change in Law.
(b) Termination in accordance with Clause 12.4(a) shall not relieve a Party of its obligations (including payment obligations) arising before the date of such termination and shall be without prejudice to Clause 15.18.
Consequences of Change in Law. (a) If in any Year, any Change in Law will increase or decrease the cost to Seller of developing, financing, designing, engineering, constructing, commissioning operating, maintaining and owning the Facility or otherwise complying with its obligations under this Agreement or increase or decrease the revenue earned by Seller pursuant to this Agreement by an amount equal to or greater than the Change in Law Threshold Amount, (a “Relevant Change in Law”), then (subject to Clause 20.19
Consequences of Change in Law. (a) The Concessionaire shall not be allowed any relief and/or compensation for any Change in Law which is not a: (i) Qualifying Change in Law; or (ii) Fundamental Change in Law.
(b) If a Qualifying Change in Law occurs, then the Concessionaire shall notify the Jal Xxxxx and NMCG of such Qualifying Change in Law along with details of:
(i) any necessary change in the Mirzapur Construction Plan, the O&M Manual or the Technical Specifications on the basis of which construction or rehabilitation works and O&M services are required to be undertaken for the Facilities; 12 Delete Member if the Selected Bidder is a single entity. 13 Delete Member if the Selected Bidder is a single entity.
(ii) any changes that are required to the terms of this Agreement to deal with such Qualifying Change in Law;
(iii) any extension of the Scheduled Payment Milestone Completion Dates, Scheduled Mirzapur Construction Completion Date, to account for the delay, if any, resulting from the Qualifying Change in Law; and/or
(iv) any increase in Costs that will result from the Qualifying Change in Law.
(c) As soon as practicable and in any event, within 30 days from the receipt of any notice from the Concessionaire under Clause 13.2(b) above, the Parties shall agree on the consequences of the Qualifying Change in Law, as specified in the notice, and any way in which the Concessionaire can mitigate the effect of the Qualifying Change in Law, including:
(i) providing evidence that the Concessionaire has used reasonable endeavours (including, where practicable, the use of competitive quotes) to minimise any increase in Costs or oblige the Subcontractors to minimise any increase in Costs;
(ii) providing evidence as to how the Qualifying Change in Law has affected prices of materials used for construction, rehabilitation or O&M of STPs which are similar to the Facilities; and
(iii) demonstrating to the Jal Xxxxx and NMCG that the Qualifying Change in Law is the direct cause of the increase in Costs or delay and the estimated increase in Costs, or extension of time could not reasonably be expected to be mitigated or recovered by the Concessionaire.
(d) If the Parties fail to agree on the consequences of the Qualifying Change in Law within 30 days from the receipt of any notice from the Concessionaire under Clause 13.2(b) above, the dispute will be finally settled in accordance with the dispute resolution procedure set out in Article 21 (Dispute Resolution).
(e) If the Concessionaire has complied...
Consequences of Change in Law. (a) If a Change in Law occurs or is shortly to occur, then a Party shall notify the other Parties expressing its opinion on its likely effects and giving details of its opinion of whether:
(i) any changes are required to the scope of work to be performed by the SPD under this Agreement;
(ii) any changes are required to the terms of this Agreement to deal with such Change in Law;
(iii) relief from compliance with any obligations is required, including the obligation of the SPD to achieve the Unit SCOD;
(iv) any increase or decrease in costs (other than incurring additional capital expenditure), or any increase in Taxes or delay is likely to result from the Change in Law; and
(v) any capital expenditure is required or no longer required as a result of such Change in Law.
(b) As soon as practicable but no later than 15 (fifteen) Days after receipt of any notice from a Party under Article 17.1(a), the Parties shall discuss the issues referred to therein and any ways in which the Parties can mitigate the effect of the Change in Law, including:
(i) demonstrating through evidence that the SPD has used reasonable endeavours (including, where practicable, the use of competitive quotes) to minimise any increase in costs and maximise any reduction in costs;
(ii) demonstrating through evidence how any capital expenditure to be incurred or avoided is being measured in a cost-effective manner, including showing that when such expenditure is incurred or would have been incurred, foreseeable Changes in Law at that time have been taken into account by the SPD;
(iii) demonstrating through evidence as to how the Change in Law has affected prices charged by similar businesses to the Unit, including similar businesses in which the shareholders or their associates carry on business;
(iv) demonstrating through evidence to the Procurer that the Change in Law is the direct cause of the increase or decrease in costs and/or loss or gain of revenue or delay and the estimated increase or decrease in costs or loss or gain in net profits after Tax could not reasonably be expected to be mitigated or recovered by the SPD acting in accordance with Good Industry Practice; and
(v) demonstrating through evidence that any expenditure, which was anticipated to be incurred to replace or maintain assets that have been affected by the Change in Law, has been taken into account in the amount stated in its opinion presented under Article 17.1(a).
(c) If the Parties have complied with Article 17.1(b)...
Consequences of Change in Law. (a) A Change-in-Law, including a change relating to Taxes, shall not be deemed a Force Majeure Event.
(b) A Change-in-Law shall be classified as major when it is likely to lead the Company to incur or save a material amount; otherwise, the Change-in-Law is classified as minor. For this purpose, the amount shall be deemed material if as a result of the Change-in-Law the present value of cash flows saved or incurred by the Company, acting with due efficiency and economy, is more than [] million, as computed based on the Financial Model.
Consequences of Change in Law. In the event a Change in Law has a Material Adverse Effect on the exercise by the Operator of any of its material rights or the performance by the Operator of any of its material obligations, unless such obligation is waived by a Person having the power to do so under this Agreement, the Operator may notify the Company of such Change in Law. Within 15 (fifteen) days of such notice, the Parties shall meet and consult in good faith to mitigate the effect of such Change in Law and propose and implement suitable modifications of this Agreement in this behalf. In the event the Parties are unable to agree to such changes in this Agreement within two months of the date of the aforesaid notice, the matter shall be settled in accordance with the Dispute Resolution Procedure.
Consequences of Change in Law. (a) In the event that a Change in Law renders exercise by the Licensee of any of its material rights or performance by the Licensee of any of its material rights and obligations, unless such obligation is waived by a person having the power to do so under this Agreement impossible, the Licensee may serve a notice for termination of this Agreement (Termination Notice). Provided that prior to service of the Termination Notice, the parties shall consult in good faith for a pe riod of 180 days to mitigate the material adverse impact of the change in Law. In the event the parties are unable to agree to changes to the Agreement to mitigate the impact of the Change in Law during the 180 day period, either party may refer the matter to dispute resolution in which case the Termination Notice shall stand suspended until such matter has been resolved in accordance with Clause 18.
(b) The parties hereby acknowledge and agree that:
(i) the Licensee shall be entitled to serve a Termination Notice on the Licensor provided that the Change in Law results in physical or legal impossibility of performance of the Licensee’s obligations or exercise of its rights under this Agreement. The parties shall bear the respective impact of any economic consequences of Change in Law;
(ii) the constitution of a regulatory authority for the regulation of ports and/or the infrastructure sector on the lines of the BOOT principles in Gujarat shall be deemed not to be a Change in Law.
Consequences of Change in Law. The right of the BOT Company to any compensation due to a Change in Law shall be determined pursuant to Articles 22.10 and 22.11 of the BOT Contract.
