Delayed authorisation Sample Clauses
The Delayed Authorisation clause establishes the conditions under which a party may postpone granting approval or consent required under an agreement. In practice, this clause might specify a timeframe within which authorisation must be given, or outline circumstances that justify a delay, such as the need for additional information or internal review processes. Its core function is to provide flexibility in the approval process while setting clear expectations, thereby preventing disputes or misunderstandings related to timing and ensuring that both parties are aware of acceptable reasons for delay.
Delayed authorisation. In the event of delay in issuance of authorisation by the Commissioner of Railway Safety beyond a period of 60 (sixty) days from the date of completionof all items of punch list, the Contractor shall be entitled to interest for the period of delay at a rate equal to 3% (three percent) above the Bank Rate on the payment due for integrated testing and commissioning as specified in Schedule-G.
Delayed authorisation. In the event of delay in issuance of authorisation by the MD/DFCCIL or Nominated Authority of DFCCIL beyond a period of 60 (sixty) days from the date of completion of all safety/critical items of punch list, the Contractor shall be entitled to interest for the period of delay at a rate equal to 3% (three percent) above the Bank Rate on the payment due for integrated testing and commissioning as specified in Schedule-G.