Common use of Delayed Payment of Compensation Clause in Contracts

Delayed Payment of Compensation. If for any reasons, other than those attributable to the Concessionaire, the Concessioning Authority fails to pay the compensation on the Transfer Date, the Concessioning Authority shall be liable to pay interest@ SBI PLR plus 2% (two percent) per annum thereon from the Transfer Date till payment thereof. Provided, nothing contained in this Article shall be deemed to authorise any delay in payment of compensation in accordance with this Agreement.

Delayed Payment of Compensation. If for any reasons, other than those attributable to the Concessionaire, the Concessioning Authority fails to pay the compensation on the Transfer Date, the Concessioning Authority shall be liable to pay interest@ SBI PLR plus 2interest @12% (two percent) per annum thereon from the Transfer Date till payment thereof. Provided, nothing contained in this Article clause shall be deemed to authorise any delay in payment of compensation in accordance with this Agreement.