Contractual Remedies for Breaches/Defaults or Termination for Default. If there is an unsatisfactory resolution within this period, MDL shall take one; or more of the following contractual remedies. (i) Temporary withhold payments due to the contractor till recoveries due to invocation of other contractual remedies are complete. (ii) Call back any loaned property or advances of payment, if any, with the levy of interest at the prevailing rate (MIBID - Mumbai Interbank Bid Rate). (iii) Recover liquidated damages and invoke denial clause for delays. (iv) Encash and/ or Forfeit performance or other contractual securities. (v) Prefer claims against insurances, if any. (vi) Terminate contract for default, fully or partially including its right for Riskand-Cost Procurement as per following sub-clause. (vii) Risk and Cost Procurement In addition to termination for default, MDL shall be entitled, and it shall be lawful on his part, to procure Goods same to those terminated, with such terms and conditions and in such manner as it deems fit at the “Risk and Cost” of the contractor. Such ‘Risk and Cost Procurement’ must be initiated (viz. AIP/PR/Tender) within six months from the termination of Contract. The Contractor shall be liable for any loss which MDL may sustain on that account provided the procurement, or, if there is an agreement to procure, such agreement is made. The Contractor shall not be entitled to any gain on such procurement, and the manner and method of such procurement shall be in the entire discretion of MDL. (Note: deleted being contrary to law). (Note: No contractor would give security after the termination of the contract) Note: Regarding the Goods which
Contractual Remedies for Breaches/Defaults or Termination for Default. If there is an unsatisfactory resolution within this period, MDL shall take one; or more of the following contractual remedies. (i) Temporary withhold payments due to the contractor till recoveries due to invocation of other contractual remedies are complete. (ii) Call back any loaned property or advances of payment, if any, with the levy of interest at the prevailing rate (MIBID - Mumbai Interbank Bid Rate). (iii) Recover liquidated damages and invoke denial clause for delays. (iv) Encash and/ or Forfeit performance or other contractual securities. (v) Prefer claims against insurances, if any.
Contractual Remedies for Breaches/Defaults or Termination for Default. If there is an unsatisfactory resolution within this period, MDL shall take one; or more of the following contractual remedies. (i) Temporary withhold payments due to the contractor till recoveries due to invocation of other contractual remedies are complete. (ii) Call back any loaned property or advances of payment, if any, with the levy of interest at the prevailing rate (MIBID - Mumbai Interbank Bid Rate). (iii) Recover liquidated damages and invoke denial clause for delays. (iv) Encash and/ or Forfeit performance or other contractual securities. (v) Prefer claims against insurances, if any. (vi) Terminate contract for default, fully or partially including its right for Riskand-Cost Procurement as per following sub-clause. (vii) Risk and Cost Procurement In addition to termination for default, MDL shall be entitled, and it shall be lawful on his part, to procure Goods same to those terminated, with such terms and conditions and in
