Common use of Development of Project Clause in Contracts

Development of Project. 12.3.1 On or after the Appointed Date, the Concessionaire shall undertake to complete the Construction Works for the Project as specified in Schedule A, and in conformity with the Specifications and Standards set forth in Schedule B. 12.3.2 The Concessionaire agrees and undertakes that it shall complete the Construction Works for the Project or any phase thereof, as the case may be, in accordance with the Project Completion Schedule set forth in Schedule H and, shall be completed on or before the relevant Scheduled Completion Date. In the event that the Concessionaire fails to achieve any Project Milestone within a period of 60 (sixty) days from the date set forth for such Project Milestone in Schedule-H, unless such failure has occurred due to Force Majeure or for reasons solely attributable to the Authority, it shall pay Damages to the Authority in a sum calculated at the rate of 0.1% (zero point one per cent) of the amount of Performance Security for delay of each day until such Project Milestone is achieved; provided that if any or all the Scheduled Completion Dates are extended in accordance with the provisions of this Agreement, the dates set forth in Schedule-H shall be deemed to be modified accordingly and the provisions of this Agreement shall apply as if Schedule-H has been amended as above. For the avoidance of doubt, it is agreed that recovery of Damages under this Clause 12.3.2 shall be without prejudice to the rights of the Authority under this Agreement, including the right of Termination thereof. 12.3.3 Without prejudice to the provision of clause 12.3.2 above, in the event that the full Project is not completed within 180 (one hundred and eighty) days from the Scheduled Project Completion Date, unless the delay is on account of reasons solely attributable to the Authority (including those specified in Article 11) or due to Force Majeure, the Authority shall be entitled to terminate this Agreement. Without prejudice to the Authority’s rights under this Agreement and/or any other right that it may have under Applicable Law or equity, the Authority may in its sole discretion choose not to terminate this Agreement after the said period of 180 (one hundred and eighty) days and allow for a weekly/ monthly extension beyond such period of 180 (one hundred and eighty) days; provided that the Concessionaire agrees and pays in advance, the liquidated damages calculated in accordance with Clause 12.3.2 above, for each day of such extension. To the extent that the Authority has agreed to allow for an extension and the Concessionaire has paid liquidated damages in advance as stated above, the Authority shall not terminate this Agreement in accordance with the provisions of this Clause 12.

Development of Project. 12.3.1 On or after the Appointed Date, the Concessionaire shall undertake to complete the Construction Works for the Project Phase I as specified in Schedule A, and in conformity with the Specifications and Standards set forth in Schedule B. 12.3.2 The Concessionaire agrees and undertakes that it shall complete the Construction Works for the Project or any phase thereof, as the case may bePhase I, in accordance with the Project Completion Schedule set forth in Schedule H G and, shall be completed on or before the relevant Scheduled Completion Date. In the event that the Concessionaire fails to achieve any Project Milestone within a period of 60 (sixty) days from the date set forth for such Project Milestone in Schedule-HSchedule G, unless such failure has occurred due to Force Majeure or for reasons solely attributable to the Authority, it the Concessionaire shall pay Damages to the Authority in a sum calculated at the rate of 0.1% (zero point one per cent) of the amount of Performance Security for delay of each day until such Project Milestone is achieved; provided such damages shall not in aggregate exceed 5% of the Total Project Cost. Provided that if any or all the Scheduled Completion Dates are extended in accordance with the provisions of this Agreement, the dates set forth in Schedule-H Schedule G shall be deemed to be modified accordingly and the provisions of this Agreement shall apply as if Schedule-H Schedule G has been amended as above. For the avoidance of doubt, it is agreed that recovery of Damages under this Clause 12.3.2 shall be without prejudice to the rights of the Authority under this Agreement, including the right of Termination termination thereof. 12.3.3 Without prejudice to the provision of clause 12.3.2 above, in In the event that the full Project Phase I, is not completed within 180 (one hundred and eighty) days from the Scheduled Project Completion Date, unless the delay is on account of reasons solely attributable to the Authority (including those specified in Article 11) or due to Force Majeure, the Authority shall be entitled to terminate this Agreement. Without prejudice to the Authority’s rights under this Agreement and/or any other right that it may have under Applicable Law Laws or equity, the Authority may regardless of anything to the contrary contained herein, in its sole discretion choose not to terminate this Agreement after the said period of 180 (one hundred and eighty) days and allow for a weekly/ monthly extension beyond such period of 180 (one hundred and eighty) days; provided that the Concessionaire agrees and pays in advance, the liquidated damages Damages calculated in accordance with Clause 12.3.2 above, for each day of such extension. To the extent that the Authority has agreed to allow for an extension and the Concessionaire has paid liquidated damages Damages in advance as stated above, the Authority shall not terminate this Agreement in accordance with the provisions of this Clause 12.Clause