Common use of DAMAGES FOR DELAY OR NON-FULFILMENT OF CONDITIONS PRECEDENT Clause in Contracts

DAMAGES FOR DELAY OR NON-FULFILMENT OF CONDITIONS PRECEDENT. 5.2.1 In the event that (i) any Party does not fulfil any or all of the Conditions Precedent set forth in Article 5 within the maximum period specified, and (ii) the delay has not occurred as a result of breach of this Contract by the other Party, or due to Force Majeure, the defaulting Party shall pay to the other Party Damages of an amount calculated at the rate of Rs. [insert in rupees (rupees in words)] per bus for each day’s delay on the entire fleet7 till the fulfilment of such Conditions Precedent, subject to the maximum amount of damages limited to the amount of Performance Security; 5.2.2 Without prejudice to the provisions of Clause 5.2.1 and subject to the provisions of Clause 2.2, the Parties expressly agree that in the event the Effective Date does not occur, for any reasons whatsoever other than due to Operator's Default, within 150 (one hundred and fifty) days from the Execution Date or within any further extended period mutually agreed between the Parties, all rights, privileges, claims, and entitlements of the Operator under or arising out of this Contract shall be deemed to have been waived by, and to have ceased with concurrence of the Operator, and the Contract shall be deemed to have been terminated by mutual agreement of the Parties. In the event of delay in occurrence of Effective Date is attributable to the Operator, the Performance Security of the Operator shall be encashed and appropriated by the Authority as Damages thereof.

DAMAGES FOR DELAY OR NON-FULFILMENT OF CONDITIONS PRECEDENT. 5.2.1 In the event that (i) any Party does not fulfil any or all of the Conditions Precedent set forth in Article 5 within the maximum period specified, and (ii) the delay has not occurred as a result of breach of this Contract by the other Party, or due to Force Majeure, the defaulting Party shall pay to the other Party Damages of an amount calculated at the rate of Rs. [insert in rupees (rupees in words)] per bus for each day’s delay on the entire fleet7 till the fulfilment of such Conditions Precedent, subject to the maximum amount of damages limited to the amount of Performance Security; 5.2.2 Without prejudice to the provisions of Clause 5.2.1 Error! Reference source not found. and subject to the provisions of Clause 2.2, the Parties expressly agree that in the event the Effective Date does not occur, for any reasons whatsoever other than due to Operator's Default, within 150 (one hundred and fifty) days from the Execution Date or within any further extended period mutually agreed between the Parties, all rights, privileges, claims, and entitlements of the Operator under or arising out of this Contract shall be deemed to have been waived by, and to have ceased with concurrence of the Operator, and the Contract shall be deemed to have been terminated by mutual agreement of the Parties. In the event of delay in occurrence of Effective Date is attributable to the Operator, the Performance Security of the Operator shall be encashed and appropriated by the Authority as Damages thereof.

DAMAGES FOR DELAY OR NON-FULFILMENT OF CONDITIONS PRECEDENT. 5.2.1 In the event that (i) any Party does not fulfil any or all of the Conditions Precedent set forth in Article 5 within the maximum period specified, and (ii) the delay has not occurred as a result of breach of this Contract by the other Party, or due to Force Majeure, the defaulting Party shall pay to the other Party Damages of an amount calculated at the rate of Rs. [insert in rupees (rupees in words)] per bus for each day’s delay on the entire fleet7 till the fulfilment of such Conditions Precedent, subject to the maximum amount of damages limited to the amount of Performance Security; 5.2.2 Without prejudice to the provisions of Clause 5.2.1 and subject to the provisions of Clause 2.2, the Parties expressly agree that in the event the Effective Date does not occur, for any reasons whatsoever other than due to Operator's Default, within 150 (one hundred and fifty) days from the Execution Date or within any further extended period mutually agreed between the Parties, all rights, privileges, claims, and entitlements of the Operator under or arising out of this Contract shall be deemed to have been waived by, and to have ceased with concurrence of the Operator, and the Contract shall be deemed to have been terminated by mutual agreement of the Parties. In the event of delay in occurrence of Effective Date is attributable to the Operator, the Performance Security of the Operator shall be encashed and appropriated by the Authority as Damages thereof.