Consequences of non-fulfillment of conditions subsequent. 3.2.1 In case of a failure to submit the documents as above. NVVN shall have the right to terminate this Agreement by giving a Termination Notice to the SPD in writing of at least seven (7) days. The termination of the Agreement shall take effect upon the expiry of the 7th day of the Notice.
3.2.2 NVVN shall be entitled to encash all the Bank Guarantees submitted by the SPD.
3.2.3 For the avoidance of doubt, it is clarified that this Article shall survive the termination of this Agreement.
3.2.4 In case of inability of the SPD to fulfill any one or more of the conditions specified in Article 3.1 due to any Force Majeure event, the time period for fulfillment of the Conditions Subsequent as mentioned in Article 3.1, shall be extended for the period of such Force Majeure event.
3.2.5 Provided that due to the provisions of this Article 3.2, any increase in the time period for completion of conditions subsequent mentioned under Article 3.1, shall also lead to an equal extension in the Scheduled Commissioning Date.
Consequences of non-fulfillment of conditions subsequent. 3.2.1 In case of a failure to submit the documents as above. NTPC shall have the right to terminate this Agreement by giving a Termination Notice to the SPD in writing of at least seven (7) days. The termination of the Agreement shall take effect upon the expiry of the 7th day of the Notice.
3.2.2 NTPC shall be entitled to encash all the Bank Guarantees submitted by the SPD.
3.2.3 For the avoidance of doubt, it is clarified that this Article shall survive the termination of this Agreement.
3.2.4 In case of inability of the SPD to fulfill any one or more of the conditions specified in Article 3.1 due to any Force Majeure event, the time period for fulfillment of the Conditions Subsequent as mentioned in Article 3.1, shall be extended for the period of such Force Majeure event.
3.2.5 Provided that due to the provisions of this Article 3.2, any increase in the time period for completion of conditions subsequent mentioned under Article 3.1, shall also lead to an equal extension in the Scheduled Commissioning Date.
3.2.6 In case of delay in achieving above condition as may be applicable, NTPC shall encash Performance Bank Guarantees and shall remove the project from the list of the selected projects, unless the delay is on account of Force Majeure. An extension can however be considered, on the sole request of SPD, on payment of a penalty of Rs. 25,000/- per day per MW. This amount will go into the Payment Security Fund. This extension will not have any impact on the Scheduled Commercial Operation Date.
Consequences of non-fulfillment of conditions subsequent. 1.02.1 In case of inability of the Seller to fulfill any one or more of the conditions specified in Article 1.01 due to any Force Majeure event, the time period for fulfillment of the Conditions Subsequent as mentioned in Article 1.01, shall be extended for the period of such Force Majeure event.
1.02.2 Provided that due to the provisions of this Article 1.02, any increase in the time period for completion of conditions subsequent mentioned under Article 1.01, shall also lead to an equal extension in the Scheduled Commissioning Date.
Consequences of non-fulfillment of conditions subsequent. 3.3.1 If any one or more of the conditions specified in Article 3.1 and is not duly fulfilled by the Seller, even within two (2) months after the time specified under Article 3.1, otherwise than for the reasons directly attributable to the Procurer or Force Majeure event in terms of Article 3.3.2, then the Procurer shall have the right to terminate this Agreement by giving a Termination Notice to the Seller in writing of at least seven (7) days in advance. The termination of the Agreement shall take effect upon the expiry of the last date of the said notice period (“Termination Date”). If the Procurer elects to terminate this Agreement in the event specified in this Article, the Seller shall be liable to pay to the Procurer on the Termination Date an amount of Rupees equivalent to 10% of the contract value as applicable for a period from the Effective Date till the Expiry Date, as liquidated damages. The Procurer shall be entitled to recover this amount of liquidated damages on the Termination Date, by invoking the Contract Performance Guarantee. If the Procurer is unable to recover the amount of liquidated damages or any part thereof from the Contract Performance Guarantee, the amount of liquidated damages not recovered from the Contract Performance Guarantee, if any, shall be payable by the Seller to the Procurer within ten (10) days from the Termination Date. For the avoidance of doubt, it is clarified that this Article shall survive the termination of this Agreement.
3.3.2 In case of inability of the Seller to fulfill any one or more of the conditions specified in Article 3.1 due to any Force Majeure event, the time period for fulfillment of the Conditions Subsequent as mentioned in Article 3.1, shall be extended for the period of such Force Majeure event, subject to a maximum extension period of two (2) months, continuous or non-continuous in aggregate. Thereafter, this Agreement may be terminated by the Procurer giving a Termination Notice of at least seven (7) days, in writing to the Seller. The termination of the Agreement shall take effect upon the expiry of the last date of the said notice period without any liability to both the Parties.
3.3.3 Similarly, in case of inability of the Procurer to fulfill the conditions specified in Article 3.2 due to any Force Majeure event, the time period for fulfillment of the condition subsequent as mentioned in Article 3.2, shall be extended for the period of such Force Majeure event, subject to a maximum exte...
Consequences of non-fulfillment of conditions subsequent. 3.4.1 If any one or more of the conditions specified in Article 3.1 is not duly fulfilled by the Seller, even within one (1) Month after the time specified under Article 3.1, otherwise than for the reasons directly attributable to the Procurer or Force Majeure event in terms of Article 3.4.3, then on and from the expiry of such period and until the Seller has satisfied all the conditions specified in Article 3.1, the Seller shall, on weekly basis, be liable to furnish to the Procurer additional Contract Performance Guarantee from any of the banks listed in Schedule 11 of this Agreement, of Rs. ……………………. (………. )[Insert Amount not less than that derived on the basis of Rs. 1.50 lakhs per MW of Contracted Capacity], which has been provided to the Procurer,within two (2) Business Days of expiry of every such Week. Such additional Contract Performance Guarantee shall initially be valid till the Scheduled Delivery Date, and the Procurer shall be entitled to hold and/ or invoke the Contract Performance Guarantee, including such additional Contract Performance Guarantee, in accordance with the provisions of this Agreement. However, upon satisfaction of the conditions subsequent by the Seller, the additional Contract Performance Guarantee shall be returned by the Procurer.
3.4.2 Subject to Article 3.4.3, if:
(i) fulfillment of any one or more of the conditions specified in Article 3.1 is delayed beyond the period of one (1) Month after the date specified in Article 3.1 above, and the Seller fails to furnish the additional Contract Performance Guarantee to the Procurer in accordance with Article 3.4.1 hereof; or
(ii) the Seller furnishes additional Contract Performance Guarantee to the Procurer in accordance with Article 3.4.1 hereof, but fails to fulfill the conditions specified in Article 3.1 for a period of two (2) Months beyond the period specified in Article
3.1 above, The Procurer shall have the right to terminate this Agreement by giving a Termination Notice to the other Party in writing of at least seven (7) days. The termination of the Agreement shall take effect upon the expiry of the last date of the said notice period (“Termination Date”). If the Procurer elect to terminate this Agreement in the event specified in the preceding paragraph of this Article, the Seller shall be liable to pay to the Procurer on the Termination Date an amount of Rupees ……………….. ( ) [Insert amount not only as liquidated damages. The Procurer shall be entitled to recover this am...
Consequences of non-fulfillment of conditions subsequent. 3.2.1 In case of a failure on the part of the SPD to to fulfill the conditions subsequent and/or submit the documents as above, NTPC shall be entitled to encash the Performance Bank Guarantee submitted by the SPD, terminate this Agreement by giving a prior notice to the SPD in writing of at least seven (7) days except when such non fulfillment of condition precedent is due toForce Majeure Event duly notified by SPD. The termination of the Agreement shall take effect upon the expiry of the 7th day of the above notice. Provided that the SPD can seek an extension of time for fulfilling the conditions subsequent without there being any impact on the Scheduled Commissioning Date, by making advance payment of an amount of Rs. 1,000/- per day per MW to NTPC. Any such amount paid by the SPD, shall be returned to the SPD without any interest on achievement of successful commissioning by the Scheduled Commissioning Date. In case of any delay in commissioning of the project beyond the Scheduled Commissioning Date, the amount as deposited along with the Performance Guarantee shall be subject to appropriation by NTPC towards liquidated damages for such delay in commissioning under this Agreement.
3.2.2 For the avoidance of doubt, it is clarified that this Article shall survive the termination of this Agreement.
3.2.3 In case of the inability of the SPD to fulfil any one or more of the conditions specified in Article 3.2.1 due to any Force Majeure event the time period for fulfillment of the Conditions Subsequent as mentioned in Article 3.2.1, shall be extended for the period of such Force Majeure event and shall also correspondingly extend the Scheduled Commissioning Date.
