Common use of Consequences of non-achievement of Financial Closure Clause in Contracts

Consequences of non-achievement of Financial Closure. 3.5.1 In case of a failure to submit the documents as above, SECI shall encash the Performance Bank Guarantee/Payment on Order Instrument submitted by the SPD, and may terminate this Agreement and remove the Project from the list of the selected Projects by giving a notice to the SPD in writing of at least seven (7) days. Unless extended as per provisions of Article 3.5.2 of this Agreement in writing, SECI may terminate this Agreement upon the expiry of the 7th day of the above notice.

Consequences of non-achievement of Financial Closure. 3.5.1 In case of a failure to submit the documents as above, SECI shall encash the Performance Bank Guarantee/Payment on Order Instrument submitted by the SPDWPD, and may terminate this Agreement and remove the Project from the list of the selected Projects by giving a notice to the SPD WPD in writing of at least seven (7) days. Unless extended as per provisions of Article 3.5.2 of this Agreement in writing, SECI may terminate this Agreement upon the expiry of the 7th day of the above notice.

Consequences of non-achievement of Financial Closure. 3.5.1 In case of a failure to submit the documents as above, SECI shall encash the Performance Bank Guarantee/Payment on Order Instrument submitted by the SPDHPD, and may terminate this Agreement and remove the Project from the list of the selected Projects by giving a notice to the SPD HPD in writing of at least seven (7) days. Unless extended as per provisions of Article 3.5.2 of this Agreement in writing, SECI may terminate this Agreement upon the expiry of the 7th day of the above notice.