Common use of Delay Liquidated Damages and Bonus Clause in Contracts

Delay Liquidated Damages and Bonus. Subject to Article 7.11(b), if the Concessionaire fails to (a) complete the work corresponding to any Payment Milestone by the relevant Scheduled Payment Milestone Completion Date or (b) fails to either achieve the Tolly‟s Nallah Construction Completion and Garden Reach Construction Completion on or before Tolly‟s Nallah Construction Completion Date or Scheduled Garden Reach Construction Completion Date, respectively, then the KMC shall be entitled to Delay Liquidated Damages for each day of delay beyond the Scheduled Payment Milestone Completion Date, or, as the case may be, the Scheduled Construction Completion Date, at the rate of 0.1% of the relevant Location‟s Performance Security in case of a delay in achieving a Payment Milestone or completing Facility(ies) in a Location by the relevant Scheduled Construction Completion Date) up to 6 months from the relevant Scheduled Payment Milestone Completion Date, or, as the case may be, the Scheduled Construction Completion Date (collectively, Delay Liquidated Damages). The Delay Liquidated Damages will be payable until the work for the relevant Payment Milestone is completed or, as the case may be, the construction/renovation of the Facilities in a Location is completed, as certified by the KMC in accordance with Article 7.13. If the Concessionaire completes the construction/renovation of the Tolly‟s Nallah Facilities or Garden Reach Facilities by Scheduled Tolly‟s Nallah Construction Completion Date or Scheduled Garden Reach Construction Completion Date, as the case may be, the aggregate Delay Liquidated Damages recovered by the KMC under this Article 7.12(a) for a delay in achieving any Tolly‟s Nallah Payment Milestone or Garden Reach Payment Milestone, as the case maybe, shall be refunded by the KMC to the Concessionaire, without any interest. In case of the Concessionaire not completing construction/renovation of all the Facilities in a Location by the Scheduled Construction Completion Date, the KMC shall not be entitled to any partial refund of the Delay Liquidated Damages recovered by the KMC for any of the Facility(ies) of that Location, that might have been completed by the Scheduled Construction Completion Date. The KMC shall be entitled to deduct the Delay Liquidated Damages from the amount payable to the Concessionaire for any Payment Milestone, and if such amounts are insufficient, the KMC shall have a right to invoke the Performance Securities to the extent of the Delay Liquidated Damages. The Parties acknowledge that the Delay Liquidated Damages are a genuine pre-estimation of and reasonable compensation for the loss that shall be suffered by the KMC as a result of the delay in the completion of the Facilities, and not as penalty. If, for any reason, the above paragraphs relating to the payment of Delay Liquidated Damages are void, invalid or otherwise inoperative so as to disentitle the KMC from claiming any Delay Liquidated Damages then the KMC will be entitled to claim against the Concessionaire for general damages for delay in completing the works for the relevant Payment Milestone by the Scheduled Payment Milestone Completion Date, or for the delay in completing the construction/renovation of the relevant Facilities by the Scheduled Construction Completion Date.

Delay Liquidated Damages and Bonus. (a) Subject to Article Clause 7.11(b), if the Concessionaire fails to complete the: (ai) complete the work corresponding to any Payment Milestone by the relevant Scheduled Payment Milestone Completion Date Date; or (bii) fails to either achieve construction of the Tolly‟s Nallah Construction Completion and Garden Reach Construction Completion on or before Tolly‟s Nallah Construction Completion Date or Mirzapur Facilities by the Scheduled Garden Reach Mirzapur Construction Completion Date, respectively, then the KMC Jal Xxxxx shall be entitled to Delay Liquidated Damages liquidated damages for each day of delay beyond the Scheduled Payment Milestone Completion Date, orthe Scheduled Mirzapur Construction Completion Date, as the case may be, the Scheduled Construction Completion Date, at the rate of 0.1% of the relevant Location‟s Performance Security in case for each day of a delay in achieving a Payment Milestone or completing Facility(ies) in a Location by the relevant Scheduled Construction Completion Date) up to 6 months from the relevant Scheduled Payment Milestone Completion Date, orthe Scheduled Mirzapur Construction Completion Date, as the case may be, be (the Scheduled Construction Completion Date (collectively, Delay Liquidated Damages). If the Concessionaire fails to: (a) complete the work corresponding to a Mirzapur Payment Milestone by the relevant Scheduled Payment Milestone Completion Dates; or (b) achieve the Mirzapur Construction Completion Date by the Scheduled Mirzapur Construction Completion Date, then, the Concessionaire shall be liable to pay separate Delay Liquidated Damages for the delay in completion of the Mirzapur Facilities. The Delay Liquidated Damages will be payable until the work for the relevant Payment Milestone is completed or, or as the case may be, the construction/renovation rehabilitation of the Mirzapur Facilities in a Location is completed, as certified by the KMC Jal Xxxxx in accordance with Article Clause 7.13. If the Concessionaire completes the construction/renovation construction and rehabilitation of the Tolly‟s Nallah Facilities or Garden Reach Mirzapur Facilities by the Scheduled Tolly‟s Nallah Construction Completion Date or Scheduled Garden Reach Construction Completion Date, as the case may be, the aggregate Delay Liquidated Damages recovered by the KMC Jal Xxxxx under this Article Clause 7.12(a) for a delay in achieving any Tolly‟s Nallah Mirzapur Payment Milestone or Garden Reach Payment Milestone, as the case maybe, shall be refunded by the KMC Jal Xxxxx to the Concessionaire, without any interest. In case of the Concessionaire not completing construction/renovation of all the Facilities in a Location by the Scheduled Construction Completion Date, the KMC shall not be entitled to any partial refund of the Delay Liquidated Damages recovered by the KMC for any of the Facility(ies. (b) of that Location, that might have been completed by the Scheduled Construction Completion Date. The KMC Jal Xxxxx shall be entitled to deduct the Delay Liquidated Damages from the amount payable to the Concessionaire for any Payment Milestone, and if such amounts are insufficient, the KMC Jal Xxxxx shall have a right to invoke the relevant Performance Securities Security to the extent of the Delay Liquidated Damages. . (c) The Parties acknowledge that the Delay Liquidated Damages are a genuine pre-pre- estimation of and reasonable compensation for the loss that shall be suffered by the KMC Jal Xxxxx as a result of the delay in the completion of the Facilities, and not as penalty. . (d) If, for any reason, the above paragraphs relating to the payment of Delay Liquidated Damages are void, invalid or otherwise inoperative so as to disentitle the KMC Jal Xxxxx from claiming any Delay Liquidated Damages Damages, then the KMC Jal Xxxxx will be entitled to claim against the Concessionaire for general damages for delay in completing the works for the relevant Payment Milestone by the Scheduled Payment Milestone Completion Date, or for the delay in completing the construction/renovation rehabilitation of the relevant Facilities by the Scheduled Mirzapur Construction Completion Date, as the case may be. (e) If the Concessionaire fails to complete the works for a Payment Milestone within 6 months of the Scheduled Payment Milestone Completion Date or if the Concessionaire fails to complete the construction/rehabilitation of the Mirzapur Facilities within 6 months from the Scheduled Mirzapur Construction Completion Date, as the case may be, other than on account of any Delay Event (Grace Period), then such failure shall be deemed to be a Concessionaire Event of Default in accordance with Clause 16.1. (f) The payment or deduction of Delay Liquidated Damages shall not relieve the Concessionaire from its obligations to complete the construction/rehabilitation of the Facilities, or from any of its other duties, obligations or responsibilities under the Agreement. The Concessionaire shall use and continue to use its best endeavours to avoid or reduce further delay in completing the Facilities. (g) Bonus on early completion If the Mirzapur Construction Completion Date occurs prior to the Scheduled Mirzapur Construction Completion Date, the Concessionaire shall be entitled to a bonus equal to 0.05% of the relevant Performance Security for each day by which the Mirzapur Construction Completion Date precedes the Scheduled Mirzapur Construction Completion Date.

Delay Liquidated Damages and Bonus. (a) Subject to Article Clause 7.11(b), if the Concessionaire fails to (a) complete the work corresponding to any Payment Milestone by the relevant Scheduled Payment Milestone Completion Date or (b) fails to either achieve complete the Tolly‟s Nallah Construction Completion and Garden Reach Construction Completion on or before Tolly‟s Nallah Construction Completion Date or construction of the Facilities by the Scheduled Garden Reach Construction Completion Date, respectively, then the KMC Jal Xxxxx shall be entitled to Delay Liquidated Damages liquidated damages for each day of delay beyond the Scheduled Payment Milestone Completion Date, or, as the case may be, the Scheduled Construction Completion Date, at the rate of 0.1% of the relevant Location‟s Jagjeetpur Performance Security (in case of a delay in achieving a Jagjeetpur Payment Milestone or completing Facility(ies) in a Location the Jagjeetpur Facilities by the relevant Scheduled Construction Completion Date) and/or at the rate of 0.1% of the Sarai Performance Security (in case of a delay in achieving a Sarai Payment Milestone or completing the Sarai Facilities by the Scheduled Construction Completion Date) for each day of delay up to 6 months from the relevant Scheduled Payment Milestone Completion Date, or, as the case may be, the Scheduled Construction Completion Date (collectively, the Delay Liquidated Damages). The Delay Liquidated Damages will be payable until the work for the relevant Payment Milestone is completed or, as the case may be, the construction/renovation construction of the Facilities in a Location is completed, as certified by the KMC Jal Xxxxx in accordance with Article Clause 7.13. If the Concessionaire completes the construction/renovation construction of the Tolly‟s Nallah Facilities or Garden Reach Facilities by the Scheduled Tolly‟s Nallah Construction Completion Date or Scheduled Garden Reach Construction Completion Date, as the case may be, the aggregate Delay Liquidated Damages recovered by the KMC Jal Xxxxx under this Article Clause 7.12(a) for a delay in achieving any Tolly‟s Nallah Payment Milestone or Garden Reach Payment Milestone, as the case maybe, shall be refunded by the KMC Jal Xxxxx to the Concessionaire, without any interest. In case of Provided that, if the Concessionaire completes the construction of only one Facility (and not completing construction/renovation of all both the Facilities in a Location Facilities) by the Scheduled Construction Completion Date, then the KMC Jal Xxxxx shall not be entitled to any partial only refund of the Delay Liquidated Damages recovered by the KMC Jal Xxxxx under this Clause 7.12(a) for any of the Facility(ies) of Facility that Location, that might have been is completed by the Scheduled Construction Completion Date. . (b) The KMC Jal Xxxxx shall be entitled to deduct the Delay Liquidated Damages from the amount payable to the Concessionaire for any Payment Milestone, and if such amounts are insufficient, the KMC Jal Xxxxx shall have a right to invoke the Performance Securities to the extent of the Delay Liquidated Damages. . (c) The Parties acknowledge that the Delay Liquidated Damages are a genuine pre-pre- estimation of and reasonable compensation for the loss that shall be suffered by the KMC Jal Xxxxx as a result of the delay in the completion of the Facilities, and not as penalty. . (d) If, for any reason, the above paragraphs relating to the payment of Delay Liquidated Damages are void, invalid or otherwise inoperative so as to disentitle the KMC Jal Xxxxx from claiming any Delay Liquidated Damages Damages, then the KMC Jal Xxxxx will be entitled to claim against the Concessionaire for general damages for delay in completing the works for the relevant Payment Milestone by the Scheduled Payment Milestone Completion Date, or for the delay in completing the construction/renovation construction of the relevant Facilities by the Scheduled Construction Completion Date. (e) If the Concessionaire fails to complete the works for a Payment Milestone within 6 months of the Scheduled Payment Milestone Completion Date or if the Concessionaire fails to complete the construction of the Facilities within 6 months from the Scheduled Construction Completion Date, other than on account of any Delay Event (Grace Period), then such failure shall be deemed to be a Concessionaire Event of Default in accordance with Clause 16.1. (f) The payment or deduction of Delay Liquidated Damages shall not relieve the Concessionaire from its obligations to complete the construction of the Facilities, or from any of its other duties, obligations or responsibilities under the Agreement. The Concessionaire shall use and continue to use its best endeavours to avoid or reduce further delay in completing the Facilities. (g) Bonus on early completion If the Construction Completion Date for a Facility occurs prior to the Scheduled Construction Completion Date, the Concessionaire shall be entitled to a bonus equal to 0.05% of the relevant Performance Security for each day by which the Construction Completion Date precedes the Scheduled Construction Completion Date.

Delay Liquidated Damages and Bonus. (a) Subject to Article Clause 7.11(b), if the Concessionaire fails to (a) complete the work corresponding to any STP Payment Milestone by the relevant Scheduled STP Payment Milestone Completion Date or (b) fails to either achieve complete the Tolly‟s Nallah Construction Completion and Garden Reach Construction Completion on or before Tolly‟s Nallah Construction Completion Date or construction of the STP Facilities by the Scheduled Garden Reach STP Construction Completion Date, respectively, then the KMC BUIDCO shall be entitled to Delay Liquidated Damages liquidated damages for each day of delay beyond the Scheduled STP Payment Milestone Completion Date, or, as the case may be, the Scheduled STP Construction Completion Date, at the rate of 0.1% of the relevant Location‟s Digha STP Performance Security (in case of a delay in achieving a Digha STP Payment Milestone or completing Facility(ies) in a Location the Digha STP Facilities by the relevant Scheduled STP Construction Completion Date) and/or at the rate of 0.1% of the Kankarbagh STP Performance Security (in case of a delay in achieving a Kankarbagh STP Payment Milestone or completing the Kankarbagh STP Facilities by the Scheduled STP Construction Completion Date) for each day of delay up to 6 months from the relevant Scheduled STP Payment Milestone Completion Date, or, as the case may be, the Scheduled STP Construction Completion Date (collectively, the Delay Liquidated Damages). The Delay Liquidated Damages will be payable until the work for the relevant STP Payment Milestone is completed or, as the case may be, the construction/renovation construction of the STP Facilities in a Location is completed, as certified by the KMC BUIDCO in accordance with Article Clause 7.13. If the Concessionaire completes the construction/renovation construction of the Tolly‟s Nallah Facilities or Garden Reach respective STP Facilities by the respective Scheduled Tolly‟s Nallah Construction Completion Date or Scheduled Garden Reach STP Construction Completion Date, as the case may be, the respective aggregate Delay Liquidated Damages recovered by the KMC BUIDCO under this Article Clause 7.12(a) for a delay in achieving any Tolly‟s Nallah respective STP Payment Milestone or Garden Reach Payment Milestone, as the case maybe, shall be refunded by the KMC BUIDCO to the Concessionaire, without any interest. In case of Provided that, if the Concessionaire completes the construction of only one Facility (and not completing construction/renovation of all both the Facilities in a Location Facilities) by the Scheduled Construction Completion Date, the KMC then BUIDCO shall not be entitled to any partial only refund of the Delay Liquidated Damages recovered by BUIDCO under this Clause 7.12(a) for the KMC for any of the Facility(ies) of Facility that Location, that might have been is completed by the Scheduled Construction Completion Date. The KMC . (b) BUIDCO shall be entitled to deduct the Delay Liquidated Damages from the amount payable to the Concessionaire for any STP Payment Milestone, and if such amounts are insufficient, the KMC BUIDCO shall have a right to invoke the STP Performance Securities to the extent of the Delay Liquidated Damages. . (c) The Parties acknowledge that the Delay Liquidated Damages are a genuine pre-pre- estimation of and reasonable compensation for the loss that shall be suffered by the KMC BUIDCO as a result of the delay in the completion of the STP Facilities, and not as penalty. . (d) If, for any reason, the above paragraphs relating to the payment of Delay Liquidated Damages are void, invalid or otherwise inoperative so as to disentitle the KMC BUIDCO from claiming any Delay Liquidated Damages Damages, then the KMC BUIDCO will be entitled to claim against the Concessionaire for general damages for delay in completing the works for the relevant STP Payment Milestone by the Scheduled STP Payment Milestone Completion Date, or for the delay in completing the construction/renovation construction of the relevant STP Facilities by the Scheduled STP Construction Completion Date. (e) If the Concessionaire fails to complete the works for a STP Payment Milestone within 6 months of the Scheduled STP Payment Milestone Completion Date or if the Concessionaire fails to complete the construction of the STP Facilities within 6 months from the Scheduled STP Construction Completion Date, other than on account of any Delay Event (Grace Period), then such failure shall be deemed to be a Concessionaire Event of Default in accordance with Clause 16.1. (f) The payment or deduction of Delay Liquidated Damages shall not relieve the Concessionaire from its obligations to complete the construction of the STP Facilities, or from any of its other duties, obligations or responsibilities under the Concession Agreement. The Concessionaire shall use and continue to use its best endeavours to avoid or reduce further delay in completing the STP Facilities.

Delay Liquidated Damages and Bonus. (a) Subject to Article Clause 7.11(b), if the Concessionaire fails to (a) complete the work corresponding to any Payment Milestone by the relevant Scheduled Payment Milestone Completion Date or (b) fails to either achieve complete the Tolly‟s Nallah Construction Completion and Garden Reach Construction Completion on or before Tolly‟s Nallah Construction Completion Date or construction of the Facilities by the Scheduled Garden Reach Construction Completion Date, respectively, then the KMC Executive Agency shall be entitled to Delay Liquidated Damages liquidated damages for each day of delay beyond the Scheduled Payment Milestone Completion Date, or, as the case may be, the Scheduled Construction Completion Date, at the rate of 0.1% of the relevant Location‟s Farrukhabad Performance Security (in case of a delay in achieving a Farrukhabad Payment Milestone or completing Facility(ies) in a Location the Farrukhabad Facilities by the relevant Scheduled Construction Completion Date) and/or at the rate of 0.1% of the Fatehgarh Performance Security (in case of a delay in achieving a Fatehgarh Payment Milestone or completing the Fatehgarh Facilities by the Scheduled Construction Completion Date) for each day of delay up to 6 months from the relevant Scheduled Payment Milestone Completion Date, or, as the case may be, the Scheduled Construction Completion Date (collectively, the Delay Liquidated Damages). The Delay Liquidated Damages will be payable until the work for the relevant Payment Milestone is completed or, as the case may be, the construction/renovation construction of the Facilities in a Location is completed, as certified by the KMC Executive Agency in accordance with Article Clause 7.13. If the Concessionaire completes the construction/renovation construction of the Tolly‟s Nallah Facilities or Garden Reach Facilities by the Scheduled Tolly‟s Nallah Construction Completion Date or Scheduled Garden Reach Construction Completion Date, as the case may be, the aggregate Delay Liquidated Damages recovered by the KMC Executive Agency under this Article Clause 7.12(a) for a delay in achieving any Tolly‟s Nallah Payment Milestone or Garden Reach Payment Milestone, as the case maybe, shall be refunded by the KMC Executive Agency to the Concessionaire, without any interest. In case of Provided that, if the Concessionaire completes the construction of only one Facility (and not completing construction/renovation of all both the Facilities in a Location Facilities) by the Scheduled Construction Completion Date, then the KMC Executive Agency shall not be entitled to any partial only refund of the Delay Liquidated Damages recovered by the KMC Executive Agency under this Clause 7.12(a) for any of the Facility(ies) of Facility that Location, that might have been is completed by the Scheduled Construction Completion Date. . (b) The KMC Executive Agency shall be entitled to deduct the Delay Liquidated Damages from the amount payable to the Concessionaire for any Payment Milestone, and if such amounts are insufficient, the KMC Executive Agency shall have a right to invoke the Performance Securities to the extent of the Delay Liquidated Damages. . (c) The Parties acknowledge that the Delay Liquidated Damages are a genuine pre-pre- estimation of and reasonable compensation for the loss that shall be suffered by the KMC Executive Agency as a result of the delay in the completion of the Facilities, and not as penalty. . (d) If, for any reason, the above paragraphs relating to the payment of Delay Liquidated Damages are void, invalid or otherwise inoperative so as to disentitle the KMC Executive Agency from claiming any Delay Liquidated Damages Damages, then the KMC Executive Agency will be entitled to claim against the Concessionaire for general damages for delay in completing the works for the relevant Payment Milestone by the Scheduled Payment Milestone Completion Date, or for the delay in completing the construction/renovation construction of the relevant Facilities by the Scheduled Construction Completion Date. (e) If the Concessionaire fails to complete the works for a Payment Milestone within 6 months of the Scheduled Payment Milestone Completion Date or if the Concessionaire fails to complete the construction of the Facilities within 6 months from the Scheduled Construction Completion Date, other than on account of any Delay Event (Grace Period), then such failure shall be deemed to be a Concessionaire Event of Default in accordance with Clause 16.1. (f) The payment or deduction of Delay Liquidated Damages shall not relieve the Concessionaire from its obligations to complete the construction of the Facilities, or from any of its other duties, obligations or responsibilities under the Agreement. The Concessionaire shall use and continue to use its best endeavours to avoid or reduce further delay in completing the Facilities.