EFFECT OF VARIATIONS IN TRAFFIC GROWTH. 29.1 Effect of variation in traffic growth
29.1.1 The MPRDC and the Concessionaire acknowledge that the traffic as on 1 June 2020 (the “Target Date”) is estimated to be 37096 PCUs per day (the “Target Traffic, and hereby agree that for determining the modifications to the Concession Period under this Article 29, the actual traffic on the Target Date shall be derived by the period under this Article 29, the actual traffic on the Target date shall derived by computing the average of the traffic as determined by traffic sampling to be undertaken, in accordance with Clause 22.3 on the date that falls one year prior to the Target Date (the “Actual Traffic”). For the avoidance of doubt, it is agreed that traffic sampling shall be undertaken for a continuous period of 7 (seven) days during anytime within 15(fifteen) days prior to the date specified herein and the average shall be deemed to be actual traffic.
29.1.2 In the event that the Actual Traffic shall have fallen short of the Target Traffic by more than 2.5% (two point five percent) thereof or exceeded the Target Traffic by more than 2.5% (two point five percent) thereof, the Concession Period shall be deemed to be modified in accordance with Clause 29.2. For the avoidance of doubt, in the event of any Dispute relating to Actual Traffic, the Dispute Resolution Procedure shall apply.
EFFECT OF VARIATIONS IN TRAFFIC GROWTH. 24.1 Effect of variations in traffic growth on the Concession Period
24.1.1 The Parties acknowledge that the total NTKM during the Concession Period as [on October 1, 20 ] is estimated to be ***** (the “Target Traffic”)13.
24.1.2 In the event that, as on expiry of 25th (twenty fifth) year after Appointed Date the actual NTKM shall have fallen short of the Target Traffic by more than [4% (four per cent) thereof or exceeded the Target Traffic by more than [4% (four per cent) thereof, the Concession Period shall be deemed to be modified in accordance with Clause 24.2. For the avoidance of doubt, in the event of any Dispute relating to actual NTKM, the Dispute Resolution Procedure shall apply.
EFFECT OF VARIATIONS IN TRAFFIC GROWTH. 29.1 Effect of variations in traffic growth
29.1.1 The Authority and the Concessionaire acknowledge that the traffic on the last day of the month of [month, year] (the “Target Date 1”)5 is estimated to be ***** passengers per day (the “Target Traffic 1”)6 and hereby agree that for determining the modifications to the Concession Period under this Article 29, the actual traffic on Target Date 1 shall be derived by computing the average of the traffic, on the date that falls one year prior to the Target Date 1, on Target Date 1 and on the first anniversary of Target Date 1 (the “Actual Average Traffic 1”).
EFFECT OF VARIATIONS IN TRAFFIC GROWTH. 87 ARTICLE 31 ESCROW ACCOUNT 89 ARTICLE 32 INSURANCE 92
EFFECT OF VARIATIONS IN TRAFFIC GROWTH. 29.1 Effect of variations in traffic growth
29.1.1 It is expressly agreed that any difference between the predefined (minimum assured) traffic as quoted by the Concessionaire and the actual traffic on the Project Road is the risk borne by MOPIT (GON), if the minimum assured one is more than the actual traffic for the particular year during the concession period. Deficit of revenue because of this difference shall be paid by GON (MOPIT) yearly basis. If the minimum assured traffic is less than the actual traffic for the particular year during the concession period, the surplus revenue generated by this shall be shared equally between GON and Concessionaire. It should be noted, therefore, that the variation in traffic shall neither constitute a ground for Variation in the Concession Period nor the Toll Rates.
EFFECT OF VARIATIONS IN TRAFFIC GROWTH. 104 ARTICLE 31: CONSTRUCTION OF COMPETING FACILITY 108 ARTICLE 32: ESCROW ACCOUNT 110
EFFECT OF VARIATIONS IN TRAFFIC GROWTH. 99 ARTICLE 30 102 CONSTRUCTION OF ADDITIONAL TOLLWAY 102 ARTICLE 31 104 ESCROW ACCOUNT 104 ARTICLE 32 107 INSURANCE 107
32.1 Insurance during Concession Period 107 32.2 Notice to the Authority 107 32.3 Evidence of Insurance Cover 107 32.4 Remedy for failure to insure 108 32.5 Waiver of subrogation 108 32.6 Concessionaire’s waiver 108 32.7 Application of insurance proceeds 108 33.1 Audited accounts 109 33.2 Appointment of auditors 109 33.3 Certification of claims by Statutory Auditors 110 33.4 Dispute resolution 110 Part V 111 Force Majeure and Termination 111 34.1 Force Majeure 113 34.2 Non-Political Event 113 34.3 Indirect Political Event 114
EFFECT OF VARIATIONS IN TRAFFIC GROWTH. 93 29.1 Effect of variations in traffic growth 93 29.2 Modification in the Concession Period 93 30 ARTICLE 30 95 CONSTRUCTION OF ADDITIONAL TOLL WA Y 95 30.1 Restrictions on construction of Additional Tollway 95 30.2 Modification in the Concession Period 95 30.3 Minimum Fee for the Project Xxxxxxx 00 30.4 Minimum Fee for Additional Tollway 96 31 ARTICLE 31 97 31.1 Escrow Account 97 31.2 Deposits into Escrow Account 97 31.3 Withdrawals during Concession Period 97 31.4 Withdrawals upon Termination 98 32 ARTICLE 32 100
32.1 Insurance during Concession Period 100 (i^^rilsft^ U Managing^irecto r |;|y^^'j| Principal Secretary to Government K R D C L ^ >( • • : -/ > Subtle Works, Ports & Inland • ,v -
32.2 Notice to the Authority 100 32.3 Evidence of Insurance Cover 100 32.4 Remedy for failure to insure 101 32.5 Waiver of subrogation 101 32.6 Concessionaire's waiver 101 32.7 Application of insurance proceeds 101 33 ARTICLE 33 103 ACCOUNTS AND AUDIT 103 33.1 Audited accounts 103 33.2 Appointment of auditors 103 33.3 Certification of claims by Statutory Auditors 104 33.4 Set-off. 104 33.5 Dispute resolution 104 34 ARTICLE 34 107 FORCE MAJEURE 107 34.1 Force Majeure 107 34.2 Non-Political Event 107 34.3 Indirect Political Event 108 34.4 Political Event 108 34.5 Duty to report Force Majeure Event 109 34.6 Effect of Force Majeure Event on the Concession 109 34.7 Allocation of costs arising out of Force Majeure . 110 34.8 Termination Notice for Force Majeure Event 111 34.9 Termination Payment for Force Majeure Event 111 34.10 Dispute resolution 112 34.11 Excuse from performance of obligations 112 35 ARTICLE 35 113 COMPENSATION FOR BREACH OF AGREEMENT 113 35.1 Compensation for default by the Concessionaire 113 35.2 Compensation for default by the Authority 113 35.3 Extension of Concession Period 113 35.4 Compensation for Competing Roads 114 35.5 Compensation to be in addition 114 35.6 Mitigation of costs and damage 114
EFFECT OF VARIATIONS IN TRAFFIC GROWTH. Effect of variations in traffic growth The Authority and the Concessionaire acknowledge that the traffic (the “Target Traffic”) as on the dates mentioned in the Table below(the “Target Date”) is expected to be as under: Target Date Target Traffic in PCUs
1.1. 2025
1.1. 2030
EFFECT OF VARIATIONS IN TRAFFIC GROWTH. 99 29.1 Effect of variations in traffic growth 99 29.2 Modification in the Concession Period 99 30.1 Restriction on construction of Additional Tollway 102 30.2 Modification in the Concession Period 102 30.3 Minimum Fee for the Project Highway 102 30.4 Minimum Fee for Additional Tollway 103 31.1 Escrow Account 104 31.2 Deposits into Escrow Account 104 31.3 Withdrawals during Concession Period 104 31.4 Withdrawals upon Termination 105
32.1 Insurance during Concession Period 107 32.2 Notice to the Authority 107 32.3 Evidence of Insurance Cover 107 32.4 Remedy for failure to insure 108 32.5 Waiver of subrogation 108 32.6 Concessionaire’s waiver 108 32.7 Application of insurance proceeds 108 33.1 Audited accounts 109 33.2 Appointment of auditors 109 33.3 Certification of claims by Statutory Auditors 110 33.4 Dispute resolution 110 Part V 111 Force Majeure and Termination 111 34.1 Force Majeure 113 34.2 Non-Political Event 113 34.3 Indirect Political Event 114
