Damages for shortfall in performance Sample Clauses
The "Damages for shortfall in performance" clause establishes the right of one party to claim compensation if the other party fails to meet agreed performance standards or deliverables. Typically, this clause outlines how damages are calculated, such as by referencing the value of the shortfall or the costs incurred to remedy the deficiency, and may specify timeframes or procedures for making a claim. Its core function is to allocate risk and incentivize full performance by providing a clear remedy for underperformance, thereby protecting the interests of the non-breaching party.
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Damages for shortfall in performance. The Concessionaire shall ensure and procure compliance of each of the Key Performance Indicators and for any shortfall in average performance during a quarter, it shall pay Damages within 30 (thirty) days of the quarter in which the shortfall occurred. The Damages due and payable under this Clause 21.8 shall be determined in accordance with the rates as set forth in Schedule-L for each Key Performance Indicator.
Damages for shortfall in performance. The Operator will be liable to pay the Damages at the rates set out in Schedule 3 (Functional Guarantees and Damages), if the Operator fails to meet the respective Functional Guarantees in the performance of the O&M Services.
Damages for shortfall in performance. The Developer shall ensure and procure compliance of the Key Performance Indicator and for any shortfall in average performance during a quarter, it shall pay Damages at the rate of 0.5% (point five per cent) of the User Fees for that quarter for every 10% (ten per cent) in the shortfall, within 30 (thirty) days of the quarter in which the shortfall occurred.
Damages for shortfall in performance. 23.3.1 The Concessionaire shall ensure and procure compliance of each of the Key Performance Indicators specified in this Article 23 and for any shortfall in average performance during a 6 (six)-month period, it shall, subject to the proviso below, pay Damages within the time period mentioned in Clause 23.3.3 for the half year in which the shortfall occurred. The Damages due and payable under this Clause 23.3 shall be determined at the rate of [0.1% (zero point one per cent) of the total revenue from Fee in the respective 6 (six) month period for every shortfall of 10% (ten per cent)] in any single Key Performance Indicator specified in this Article 23 and in case there is a shortfall in more than one Key Performance Indicator then for each such Key Performance Indicator [0.1% (zero point one per cent) of total revenue from Fee] shall be payable as Damages; Provided that no Damages shall be payable in pursuance of this Clause 23.3.1 if the Concessionaire, within a period not exceeding 90 (ninety) days from the date of notice of such shortfall from the Authority is able to identify, rectify and cure the reasons attributable to the shortfall in the performance and demonstrate to the satisfaction of the Authority that all Key Performance Indicators are adhered.
23.3.2 Save and except as expressly provided in this Agreement, the Independent Expert shall:
(a) within 7 (seven) days of the receipt of the report, conduct an audit based on documents to be made available by the Concessionaire and the Authority, to determine the performance of the Concessionaire for and in respect of the Key Performance Indicators; and
(b) within 15 (fifteen) days of the receipt of the report, conduct a physical audit at the MMLP, to determine the performance of the Concessionaire for and in respect of the Key Performance Indicators. Upon completion of the audit under the provisions of Clause 23.3.2, the Independent Expert shall compute and communicate to the Concessionaire and the Authority, by written notice, the Damages payable by the Concessionaire.
23.3.3 The Parties agree that the Damages shall be due and payable within 30 (thirty) days of the date of their determination by the Independent Expert under Clause 23.3.2 and any errors thereof shall be corrected and reconciled within 60 (sixty) days of the close of the relevant Accounting Year.
23.3.4 Any goods and services tax, if applicable, on the payment of Damages by the Concessionaire to the Authority shall be paid by the Conc...
Damages for shortfall in performance. The Concessionaire shall ensure and procure compliance of each of the Key Performance Indicators specified in this Article 26 and for any shortfall in performance during a quarter, it shall be liable for Damages. Any such Damages will be determined by AERA and adjusted against Aeronautical Charges for the specified period. In the event the Damages are not determined by AERA, the Damages shall be determined by the Authority. In case the damages are determined by the Authority, the damages due and payable under this clause 26.9 shall, save and except as provided in Clauses 26.5.3 and 26.7.4, be determined at the rate of 1% of the total revenue from Fees in the respective quarter for every shortfall of 10% in any single performance indicator specified in this Article 26; provided, however, that where the shortfall cannot be quantified, the Damages shall be determined at the rate of 2% of the total revenue from the Fees for the relevant quarter; provided further that the Authority may fully or partially waive its right to impose Damages, in part or full, if it is satisfied that the Concessionaire has been carrying outs its obligations diligently and efficiently and that the shortfall to be waived was on account of reasons beyond the control of the Concessionaire.