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 Risk and-Cost Procurement as per following sub-clause.
