Common use of Damages for delay by the Concessionaire Clause in Contracts

Damages for delay by the Concessionaire. 4.2.1. If the Conditions Precedent set forth in Clause 4.1.2have not been satisfied by the Concessionaire within the stipulated period, including extension if granted by the Authority, and (i) the delay has not occurred as a result of failure by the Authority to fulfil its obligation under Clause 4.1.3 or other breach of this Agreement by the Authority or (ii) due to Force Majeure, the Concessionaire shall pay to the Authority Damages in an amount calculated at the rate of 0.2% of Performance Security for each day‟s delay until the fulfilment of such Conditions Precedent, subject to a maximum of 20% of Performance Security. In the event the total Damages under this Clause reach the maximum level stipulated herein, it will constitute a Concessionaire Default and the provisions of Clause 21.1 shall apply.

Damages for delay by the Concessionaire. 4.2.1. If the Conditions Precedent set forth in Clause 4.1.2have not been satisfied by the Concessionaire within the stipulated period, including extension if granted by the Authority, and (i) the delay has not occurred as a result of failure by the Authority to fulfil its obligation under Clause 4.1.3 or other breach of this Agreement by the Authority or (ii) due to Force Majeure, the Concessionaire shall pay to the Authority Damages in an amount calculated at the rate of 0.2% of Performance Security for each day‟s day’s delay until the fulfilment of such Conditions Precedent, subject to a maximum of 20% of Performance Security. In the event the total Damages under this Clause reach the maximum level stipulated herein, it will constitute a Concessionaire Default and the provisions of Clause 21.1 shall apply.