Common use of Deemed Termination upon delay Clause in Contracts

Deemed Termination upon delay. 4.2.1 In the event that (i) the Operator does not procure fulfilment of any or all of the Conditions Precedent set forth in Article 4.1.2 within a period of ninety (90) days from the ” Handing Over Date, and (ii) the delay has not occurred as a result of failure to fulfil the obligations under Article 4.1.2 or other breach of this Agreement by the Authority, or due to Force Majeure, the Operator shall pay to the Authority, Damages equivalent to an amount calculated at the rate of State Bank of India Prime Lending Rate (SBI PLR) plus 2 % of the Minimum Annual Guarantee for each day’s delay until the fulfilment of such Conditions Precedent, subject to a maximum amount equal to Performance Security and upon reaching such maximum, the Authority may, in its sole discretion, terminate this Agreement. 4.2.2 Without prejudice to the provisions of Article 4.2, the Parties expressly agree that in the event the Appointed Date does not occur, for any reason whatsoever, within ninety days from the Handing Over Date or the extended period provided in accordance with this Agreement, all rights, privileges, claims and entitlements of the Operator under or arising out of this Agreement shall be deemed to have been waived by, and to have ceased with the concurrence of the Operator, and the Agreement shall be deemed to have been terminated by mutual agreement of the Parties. Provided, however, that in the event the delay in occurrence of the Appointed Date is for reasons attributable to the Operator, the Performance Security of the Operator shall be encashed and appropriated by the Authority as Damages thereof in addition to any other right or remedy that the Authority may have under law or equity. 4.2.3 Without prejudice to and notwithstanding anything to the contrary set out in the foregoing, the Parties may by mutual agreement in writing, instead decide to extend the time for fulfilling the Conditions Precedent.

Deemed Termination upon delay. 4.2.1 In the event that (i) the Operator Concessionaire does not procure fulfilment of any or all of the Conditions Precedent set forth in Article 4.1.2 Clause 4.1.3 within a period of ninety 180 (90one hundred and eighty) days from the ” Handing Over Effective Date, and (ii) the delay has not occurred as a result of failure to fulfil the obligations under Article 4.1.2 Clause 4.1.3 or other breach of this Agreement by the Authority, or due to Force Majeure, the Operator Concessionaire shall pay to the Authority, Authority Damages equivalent to in an amount calculated at the rate of State Bank of India Prime Lending Rate 0.2% (SBI PLRzero point two per cent) plus 2 % of the Minimum Annual Guarantee Performance Security for each day’s delay until the fulfilment of such Conditions Precedent, subject to a maximum amount equal to 20% (twenty percent) of the Performance Security Security, and upon reaching such maximum, the Authority may, in its sole discretion, terminate this the Agreement. 4.2.2 In the event that (i) the Authority does not procure fulfilment of any or all of the Conditions Precedent set forth in Clause 4.1.2 within the period specified in respect thereof, and (ii) the delay has not occurred as a result of breach of this Agreement by the Concessionaire or due to Force Majeure, the Authority shall pay to the Concessionaire Damages in an amount calculated at the rate of 0.1% (zero point one per cent) of the Performance Security for each day’s delay until the fulfilment of such Conditions Precedent, subject to a maximum of 10% (ten percent) of the Performance Security. 4.2.3 Without prejudice to the provisions of Article Clause 4.2, the Parties expressly agree that in the event the Appointed Date does not occur, for any reason whatsoever, within ninety 270 days from the Handing Over Effective Date or the extended period provided in accordance with this Agreement, all rights, privileges, claims and entitlements of the Operator Concessionaire under or arising out of this Agreement shall be deemed to have been waived by, and to have ceased with the concurrence of the OperatorConcessionaire, and the Concession Agreement shall be deemed to have been terminated by mutual agreement Agreement of the Parties. Provided, however, that in the event the delay in occurrence of the Appointed Date is for reasons attributable to the OperatorConcessionaire, the Performance Security of the Operator Concessionaire shall be encashed and appropriated by the Authority as Damages thereof in addition to any other right or remedy that the Authority may have under law or equity. 4.2.3 thereof. Without prejudice to and notwithstanding anything to the contrary set out in the foregoing, the Parties may by mutual agreement Agreement in writing, instead decide to extend the time for fulfilling the Conditions Precedent.

Deemed Termination upon delay. 4.2.1 3.2.1 In the event that (i) the OMD Operator does not procure fulfilment fulfillment of any or all of the Conditions Precedent set forth in Article 4.1.2 3.1.2 within a period of ninety (90) days from the ” Handing Over Effective Date, and (ii) the delay has not occurred as a result of failure to fulfil fulfill the obligations under Article 4.1.2 3.1.2 or other breach of this Agreement by the AuthorityNTB, or due to Force Majeure, the OMD Operator shall pay to the AuthorityNTB, Damages equivalent to an amount calculated at the rate of State Bank of India Prime Lending Rate (SBI PLR) plus 2 % of the Minimum Annual Guarantee rent for each day’s delay until the fulfilment fulfillment of such Conditions Precedent, subject to a maximum amount equal to Performance Security Value and upon reaching such maximum, the Authority NTB may, in its sole discretion, terminate this Agreement. 4.2.2 3.2.2 Without prejudice to the provisions of Article 4.23.2 , the Parties expressly agree that in the event the Appointed Date does not occur, for any reason whatsoever, within ninety days from the Handing Over Effective Date or the extended period provided in accordance with this Agreement, all rights, privileges, claims and entitlements of the OMD Operator under or arising out of this Agreement shall be deemed to have been waived by, and to have ceased with the concurrence of the OMD Operator, and the Agreement shall be deemed to have been terminated by mutual agreement of the Parties. Provided, however, that in the event the delay in occurrence of the Appointed Date is for reasons attributable to the OMD Operator, the Performance Security of the OMD Operator shall be encashed and appropriated by the Authority NTB as Damages thereof in addition to any other right or remedy that the Authority NTB may have under law or equity. 4.2.3 . Without prejudice to and notwithstanding anything to the contrary set out in the foregoing, the Parties may by mutual agreement in writing, instead decide to extend the time for fulfilling the Conditions Precedent.