Common use of FORECLOSURE AND TERMINATION Clause in Contracts

FORECLOSURE AND TERMINATION. In case, during the Project Duration, it is found that the Project or any Project component is not likely to lead to successful completion, IGSTC may decide to foreclose the Project or the Project component as warranted. The decision of the IGSTC shall be final in all respects. The Company shall immediately refund any grant-in-aid unutilized out of IGSTC’s disbursements to IGSTC, at its discretion, allow deduction of, the future committed expenses to third party vendors on pro-rata basis according to the quantum of IGSTC’s funding. The Company shall submit detailed accounts of funds received, utilized and unutilized. However, IGSTC may by a specific written order, prescribe a repayment schedule for the amount outstanding. If the Company likes to continue the Project at its own cost, it would be able to do so without restrictions from IGSTC after complying with these provisions. The Company may, before the completion of the Project, terminate this Agreement by giving three months notice in writing to IGSTC. IGSTC may also terminate this Agreement by written notice in the event of “the Company” committing breach of any term of this Agreement and either not rectifying it to the satisfaction of IGSTC or not satisfying IGSTC about its inevitability within a specified period. In the event of termination of the Agreement, no further disbursement shall be made by IGSTC and the Company shall be liable to return immediately grant-in-aid already availed of from IGSTC with additional simple interest at the rate of 12 (twelve) per cent per annum within 30 (thirty) days of termination of the Agreement. In case of failure to repay, without prejudice to any other rights under this Agreement, the amount can be recovered by initiating any procedure available in Law. FORCE MAJEURE The Parties shall not be held responsible for non-fulfillment of their respective obligations in successful completion of the Project under this Agreement due to the exigency of one or more force majeure events such as but not limited to acts of God, war, flood, earthquakes, strikes not confined to the premises of the Party, lockouts beyond the control of the Party claiming force majeure, epidemics, riots, civil commotion etc. lying beyond the reasonable control of and not brought about at the instance of the Party claiming to be affected by such event and which has caused the non-performance or delay in performance; provided on the occurrence and cessation of any such event the Party affected has given a notice in writing to the other Party within one month of such occurrence or cessation. If the force majeure conditions continue beyond six months, the Parties shall jointly decide about the future course of action on the Project. The validity of the claim of force majeure shall be determined by IGSTC after due enquiry and the decision of IGSTC in this regard shall be final.

FORECLOSURE AND TERMINATION. In case, during the Project Durationtenure of the Project, it is found that the Project or any Project component is not likely to lead to successful completion, IGSTC BIRAC may decide to foreclose the Project or the Project component as warranted. The decision of the IGSTC BIRAC shall be final in all respects. The Company BIG Innovator shall immediately refund any grant-in-aid funds unutilized out of IGSTCBIRAC’s disbursements to IGSTCdisbursements, at its discretion, allow deduction of, after deducting the future legally committed expenses to third party vendors on pro-rata basis according vendors, to the quantum of IGSTC’s funding. The Company shall submit BIG Partner, along with detailed accounts of funds received, utilized and unutilized. However, IGSTC may by a specific written order, prescribe a repayment schedule for The entire outstanding amount as on the amount outstanding. If the Company likes to continue the Project at its own cost, it would be able to do so without restrictions from IGSTC after complying with these provisionsdate of foreclosure will become due and payable immediately. The Company BIG Innovator may, before the completion of the Project, terminate this Agreement by giving three months notice in writing to IGSTCBIG Partner/BIRAC. IGSTC BIG Partner/BIRAC may also terminate this Agreement by written notice in the event of “the Company” for committing breach of any term of this Agreement and either not rectifying it to the satisfaction of IGSTC BIG Partner/BIRAC or not satisfying IGSTC BIG Partner/BIRAC about its inevitability within a specified reasonable period. In the event of termination of the Agreement, no further disbursement shall be made by IGSTC BIG Partner and the Company BIG Innovator shall be liable to return immediately the amount of grant-in-aid already availed of from IGSTC BIG Partner with additional simple interest at the rate of 12 (twelve) per cent per annum within 30 (thirty) days of termination of the Agreement. In case of failure to repay, without prejudice to any other rights under this Agreementagreement, the amount can be recovered by initiating any procedure available in Law. FORCE MAJEURE The Parties shall not be held responsible for non-fulfillment of their respective obligations in successful completion of the Project under this Agreement due to the exigency of one or more of the force majeure events such as but not limited to acts of God, war, flood, earthquakes, strikes not confined to the premises of the Party, lockouts beyond the control of the Party claiming force majeure, epidemics, riots, civil commotion etc. lying beyond the reasonable control of and not brought about at the instance of the Party claiming to be affected by such event and which has caused the non-performance or delay in performance; provided on the occurrence and cessation of any such event the Party affected has given a notice in writing to the other Party within one month of such occurrence or cessation. If the force majeure conditions continue beyond six months, the Parties shall jointly decide about the future course of action on the Project. The validity of the claim of force majeure shall be determined by IGSTC BIRAC after due enquiry and the decision of IGSTC BIRAC in this regard shall be final. DISPUTE RESOLUTION In the event of any dispute or difference between the Parties hereto upon or in relation to or in connection with this Agreement, such dispute or difference shall be resolved amicably by mutual consultation. If the dispute is not resolved, then the matter shall be referred for settlement through the good offices of the Managing Director, BIRAC and such settlement shall be binding on the Parties. The provision of this clause shall not become inoperative notwithstanding the Agreement expiring or ceasing to exist or being terminated or revoked.

FORECLOSURE AND TERMINATION. In case, during the Project Durationtenure of the Project, it is found that the Project or any Project component is not likely to lead to successful completion, IGSTC BIRAC may decide to foreclose the Project or the Project component as warranted. The decision of the IGSTC BIRAC shall be final in all respects. The Company Fund Recipients shall immediately refund any grant-in-aid unutilized out of IGSTCBIRAC’s disbursements to IGSTCdisbursements, at its discretion, allow deduction of, the future committed expenses to third party vendors on pro-rata basis according to the quantum of IGSTC’s funding. The Company shall submit along with detailed accounts of funds received, utilized and unutilized. However, IGSTC may by a specific written order, prescribe a repayment schedule for the amount outstanding. If the Company likes The Fund Recipients jointly as well as severally like to continue the Project at its own cost, it would be able to do so without restrictions from IGSTC BIRAC after complying with these provisions. The Company Fund Recipients may, before the completion of the Project, terminate this Agreement by giving three months months’ notice in writing to IGSTCBIRAC. IGSTC BIRAC may also terminate this Agreement by written notice in the event of to “the CompanyThe Fund Recipients” committing breach of any term of this Agreement and either not rectifying it to the satisfaction of IGSTC BIRAC or not satisfying IGSTC BIRAC about its inevitability within a specified period. In the event of termination of the Agreement, no further disbursement shall be made by IGSTC and the Company BIRAC. The Fund Recipients shall be liable to return immediately the amount of grant-in-aid already availed of from IGSTC BIRAC with additional simple interest at the rate of 12 (twelve) per cent per annum within 30 (thirty) days of termination of the Agreement. In case of failure to repay, without prejudice to any other rights under this Agreement, the amount can be recovered by initiating any procedure available in Law. FORCE MAJEURE DISPUTE RESOLUTION AND ARBITRATION In the event of any dispute or difference whatsoever arising between the Parties out of or relation to the construction, meaning, scope, operation or effect of this agreement or the validity the breach thereof shall be resolved amicably by mutual consultation or through the good offices of the Chairman, BIRAC. If such resolution is not possible, then the unresolved dispute or difference whatsoever arising between the Parties out of or relation to the construction, meaning, scope, operation or effect of this GLA or the validity the breach thereof or in respect of any defined legal relationship associated therewith or derived there from dispute shall be submitted for arbitration to International Center for Alternate Dispute Resolution (ICADR), an autonomous organization working under the aegis of the Ministry of Law & Justice, Department of Legal Affairs, Government of India. The Parties Authority to appoint the arbitrator(s) shall be the ICADR. The Arbitration under this Clause and provision of administrative services by ICADR shall be in accordance with the ICADR Arbitration Rules, 1996 read with the Xxx Xxxxx Xxxxxxxxxxxxx Xxxxxxxxxxx Xxxxxx Xxx, 0000. The award made in pursuance thereof shall be binding on the Parties. The venue of arbitration shall be New Delhi and the arbitration proceedings shall be conducted in English Language. The provision of this Clause shall not be held responsible for non-fulfillment of their respective obligations in successful completion of become inoperative notwithstanding the Project under this Agreement due GLA expiring or ceasing to the exigency of one exist or more force majeure events such as but not limited to acts of God, war, flood, earthquakes, strikes not confined to the premises of the Party, lockouts beyond the control of the Party claiming force majeure, epidemics, riots, civil commotion etc. lying beyond the reasonable control of and not brought about at the instance of the Party claiming to be affected by such event and which has caused the non-performance being terminated or delay in performance; provided on the occurrence and cessation of any such event the Party affected has given a notice in writing to the other Party within one month of such occurrence or cessation. If the force majeure conditions continue beyond six months, the Parties shall jointly decide about the future course of action on the Project. The validity of the claim of force majeure shall be determined by IGSTC after due enquiry and the decision of IGSTC in this regard shall be finalforeclosed.

FORECLOSURE AND TERMINATION. In case, during the Project Duration, it is found that the Project or any Project component is not likely to lead to successful completion, IGSTC BIRAC may decide to foreclose the Project or the Project component as warranted. The decision of the IGSTC BIRAC shall be final in all respects. The Company Institute shall immediately refund any grantGrant-in-aid unutilized out of IGSTCBIRAC’s disbursements to IGSTCBIRAC. BIRAC, at its discretion, discretion can allow deduction of, of the future committed expenses to third party vendors on pro-rata basis according to the quantum of IGSTCBIRAC’s funding. The Company Institute shall submit detailed consolidated accounts of funds received, utilized and unutilized. However, IGSTC may by a specific written order, prescribe a repayment schedule for the amount outstandingunutilized (UC&SOE). If the Company likes Institute and the Collaborator company like to continue the Project at its own cost, it would be able to do so without restrictions from IGSTC BIRAC after complying with these provisions. The Company Institute may, before the completion of the Project, terminate this Agreement GLA by giving three months months’ notice in writing to IGSTCBIRAC. IGSTC BIRAC may also terminate this Agreement GLA by written notice in the event of “the Company” committing breach of any term of this Agreement GLA and either not rectifying it to the satisfaction of IGSTC BIRAC or not satisfying IGSTC BIRAC about its inevitability within a specified period. In the event of termination of the AgreementGLA, no further disbursement shall be made by IGSTC and the Company BIRAC. The Institute shall be liable to return immediately grantthe amount of Grant-in-aid already availed of from IGSTC BIRAC with additional simple interest at the rate of 12 (twelve) per cent per annum within 30 (thirty) days of termination of the AgreementGLA. Interest on the quantum of funding assistance shall accrue from the date of release of the grant in aid assistance. In case of failure to repay, without prejudice to any other rights under this AgreementGLA, the amount can be recovered by initiating any procedure available in Law. FORCE MAJEURE DISPUTE RESOLUTION AND ARBITRATION In the event of any dispute or difference between the Parties hereto upon or in relation to or in connection with this GLA, such dispute or difference, shall be resolved amicably and in good faith by mutual consultation. If such resolution is not possible, then the unresolved dispute or difference whatsoever arising between the Parties out of or relation to the construction, meaning, scope, operation or effect of this GLA or the validity the breach thereof or in respect of any defined legal relationship associated therewith or derived therefrom dispute shall be submitted for arbitration to International Center for Alternate Dispute Resolution (ICADR), an autonomous organization working under the aegis of the Ministry of Law & Justice, Department of Legal Affairs, Government of India. The Parties Authority to appoint the arbitrator(s) shall be the ICADR. The Arbitration under this Clause and provision of administrative services by ICADR shall be in accordance with the ICADR Arbitration Rules, 1996 read with the Xxx Xxxxx Xxxxxxxxxxxxx Xxxxxxxxxxx Xxxxxx Xxx, 0000. The award made in pursuance thereof shall be binding on the Parties. The venue of arbitration shall be New Delhi and the arbitration proceedings shall be conducted in English Language. The provision of this Clause shall not be held responsible for non-fulfillment of their respective obligations in successful completion of become inoperative notwithstanding the Project under this Agreement due GLA expiring or ceasing to the exigency of one exist or more force majeure events such as but not limited to acts of God, war, flood, earthquakes, strikes not confined to the premises of the Party, lockouts beyond the control of the Party claiming force majeure, epidemics, riots, civil commotion etc. lying beyond the reasonable control of and not brought about at the instance of the Party claiming to be affected by such event and which has caused the non-performance being terminated or delay in performance; provided on the occurrence and cessation of any such event the Party affected has given a notice in writing to the other Party within one month of such occurrence or cessation. If the force majeure conditions continue beyond six months, the Parties shall jointly decide about the future course of action on the Project. The validity of the claim of force majeure shall be determined by IGSTC after due enquiry and the decision of IGSTC in this regard shall be finalforeclosed.

FORECLOSURE AND TERMINATION. In case, during the Project Duration, it is found that the Project or any Project component is not likely to lead to successful completion, IGSTC BIRAC may decide to foreclose the Project or the Project component as warranted. The decision of the IGSTC BIRAC shall be final in all respects. The Company and the Collaborator Institutes shall immediately refund any grantGrant-in-aid unutilized out of IGSTCBIRAC’s disbursements to IGSTCBIRAC. BIRAC, at its discretion, discretion can allow deduction of, of the future committed expenses to third party vendors on pro-rata basis according to the quantum of IGSTCBIRAC’s funding. The Company and the Collaborator Institutes shall submit detailed Consolidated accounts of funds received, utilized and unutilized. However, IGSTC may by a specific written order, prescribe a repayment schedule for the amount outstandingunutilized (UC&SOE). If the Company likes and the Collaborators Institutes like to continue the Project at its own cost, it would be able to do so without restrictions from IGSTC BIRAC after complying with these provisions. The Company and the Collaborators Institutes may, before the completion of the Project, terminate this Agreement GLA by giving three months months’ notice in writing to IGSTCBIRAC. IGSTC BIRAC may also terminate this Agreement GLA by written notice in the event of “the CompanyCompany and the Collaborators Institutes” committing breach of any term of this Agreement GLA and either not rectifying it to the satisfaction of IGSTC BIRAC or not satisfying IGSTC BIRAC about its inevitability within a specified period. In the event of termination of the AgreementGLA, no further disbursement shall be made by IGSTC and the BIRAC. The Company shall be liable to return immediately grantthe amount of Grant-in-aid already availed of from IGSTC BIRAC with additional simple interest at the rate of 12 (twelve) per cent per annum within 30 (thirty) days of termination of the AgreementGLA. Interest on the quantum of funding assistance shall accrue from the date of release of the grant in aid assistance. The Collaborators Institutes shall immediately refund any funds unutilized out of BIRAC’s disbursements, to BIRAC, along with consolidated accounts of funds received, utilized and unutilized (UC&SOE). In case of failure to repay, without prejudice to any other rights under this AgreementGLA, the amount can be recovered by initiating any procedure available in Law. FORCE MAJEURE DISPUTE RESOLUTION AND ARBITRATION In the event of any dispute or difference between the Parties hereto upon or in relation to or in connection with this GLA, such dispute or difference, shall be resolved amicably and in good faith by mutual consultation. If such resolution is not possible, then the unresolved dispute or difference whatsoever arising between the Parties out of or relation to the construction, meaning, scope, operation or effect of this GLA or the validity the breach thereof or in respect of any defined legal relationship associated therewith or derived therefrom dispute shall be submitted for arbitration to International Center for Alternate Dispute Resolution (ICADR), an autonomous organization working under the aegis of the Ministry of Law & Justice, Department of Legal Affairs, Government of India. The Parties Authority to appoint the arbitrator(s) shall be the ICADR. The Arbitration under this Clause and provision of administrative services by ICADR shall be in accordance with the ICADR Arbitration Rules, 1996. The award made in pursuance thereof shall be binding on the Parties. The venue of arbitration shall be New Delhi and the arbitration proceedings shall be conducted in English Language. The provision of this Clause shall not be held responsible for non-fulfillment of their respective obligations in successful completion of become inoperative notwithstanding the Project under this Agreement due GLA expiring or ceasing to the exigency of one exist or more force majeure events such as but not limited to acts of God, war, flood, earthquakes, strikes not confined to the premises of the Party, lockouts beyond the control of the Party claiming force majeure, epidemics, riots, civil commotion etc. lying beyond the reasonable control of and not brought about at the instance of the Party claiming to be affected by such event and which has caused the non-performance being terminated or delay in performance; provided on the occurrence and cessation of any such event the Party affected has given a notice in writing to the other Party within one month of such occurrence or cessation. If the force majeure conditions continue beyond six months, the Parties shall jointly decide about the future course of action on the Project. The validity of the claim of force majeure shall be determined by IGSTC after due enquiry and the decision of IGSTC in this regard shall be finalforeclosed.

FORECLOSURE AND TERMINATION. In case, during the Project Duration, it is found that the Project or any Project component is not likely to lead to successful completion, IGSTC BIRAC may decide to foreclose the Project or the Project component as warranted. The decision of the IGSTC BIRAC shall be final in all respects. The Company shall immediately refund any grantGrant-in-aid unutilized out of IGSTCBIRAC’s disbursements to IGSTCBIRAC. BIRAC, at its discretion, discretion can allow deduction of, of the future committed expenses to third party vendors on pro-rata basis according to the quantum of IGSTCBIRAC’s funding. The Company shall submit detailed consolidated accounts of funds received, utilized and unutilized. However, IGSTC may by a specific written order, prescribe a repayment schedule for the amount outstandingunutilized (UC&SOE). If the Company likes and the Collaborators Institutes like to continue the Project at its own cost, it would be able to do so without restrictions from IGSTC BIRAC after complying with these provisions. The Company may, before the completion of the Project, terminate this Agreement GLA by giving three months months’ notice in writing to IGSTCBIRAC. IGSTC BIRAC may also terminate this Agreement GLA by written notice in the event of “the Company” committing breach of any term of this Agreement GLA and either not rectifying it to the satisfaction of IGSTC BIRAC or not satisfying IGSTC BIRAC about its inevitability within a specified period. In the event of termination of the AgreementGLA, no further disbursement shall be made by IGSTC and the BIRAC. The Company shall be liable to return immediately grantthe amount of Grant-in-aid already availed of from IGSTC BIRAC with additional simple interest at the rate of 12 (twelve) per cent per annum within 30 (thirty) days of termination of the AgreementGLA. Interest on the quantum of funding assistance shall accrue from the date of release of the grant in aid assistance.. In case of failure to repay, without prejudice to any other rights under this AgreementGLA, the amount can be recovered by initiating any procedure available in Law. FORCE MAJEURE DISPUTE RESOLUTION AND ARBITRATION In the event of any dispute or difference between the Parties hereto upon or in relation to or in connection with this GLA, such dispute or difference, shall be resolved amicably and in good faith by mutual consultation. If such resolution is not possible, then the unresolved dispute or difference whatsoever arising between the Parties out of or relation to the construction, meaning, scope, operation or effect of this GLA or the validity the breach thereof or in respect of any defined legal relationship associated therewith or derived therefrom dispute shall be submitted for arbitration to International Center for Alternate Dispute Resolution (ICADR), an autonomous organization working under the aegis of the Ministry of Law & Justice, Department of Legal Affairs, Government of India. The Parties Authority to appoint the arbitrator(s) shall be the ICADR. The Arbitration under this Clause and provision of administrative services by ICADR shall be in accordance with the ICADR Arbitration Rules, 1996. The award made in pursuance thereof shall be binding on the Parties. The venue of arbitration shall be New Delhi and the arbitration proceedings shall be conducted in English Language. The provision of this Clause shall not be held responsible for non-fulfillment of their respective obligations in successful completion of become inoperative notwithstanding the Project under this Agreement due GLA expiring or ceasing to the exigency of one exist or more force majeure events such as but not limited to acts of God, war, flood, earthquakes, strikes not confined to the premises of the Party, lockouts beyond the control of the Party claiming force majeure, epidemics, riots, civil commotion etc. lying beyond the reasonable control of and not brought about at the instance of the Party claiming to be affected by such event and which has caused the non-performance being terminated or delay in performance; provided on the occurrence and cessation of any such event the Party affected has given a notice in writing to the other Party within one month of such occurrence or cessation. If the force majeure conditions continue beyond six months, the Parties shall jointly decide about the future course of action on the Project. The validity of the claim of force majeure shall be determined by IGSTC after due enquiry and the decision of IGSTC in this regard shall be finalforeclosed.

FORECLOSURE AND TERMINATION. In case, during the Project Durationtenure of the Project, it is found that the Project or any Project component is not likely to lead to successful completion, IGSTC BIRAC may decide to foreclose the Project or the Project component as warranted. The decision of the IGSTC BIRAC shall be final in all respects. The Institutes and the Company shall immediately refund any grant-in-aid unutilized out of IGSTCBIRAC’s disbursements to IGSTCdisbursements, at its discretion, allow deduction of, the future committed expenses to third party vendors on pro-rata basis according to the quantum of IGSTC’s funding. The Company shall submit along with detailed accounts of funds received, utilized and unutilized. However, IGSTC may by a specific written order, prescribe a repayment schedule for the amount outstanding. If the both the Institutes jointly as well as severally and the Company likes like to continue the Project at its own cost, it would be able to do so without restrictions from IGSTC BIRAC after complying with these provisions. The Institutes and the Company may, before the completion of the Project, terminate this Agreement by giving three months months’ notice in writing to IGSTCBIRAC. IGSTC BIRAC may also terminate this Agreement by written notice in to “both the event of “Institutes and the Company” committing breach of any term of this Agreement and either not rectifying it to the satisfaction of IGSTC BIRAC or not satisfying IGSTC BIRAC about its inevitability within a specified period. In the event of termination of the Agreement, no further disbursement shall be made by IGSTC BIRAC. The Institutes and the Company shall be liable to return immediately the amount of grant-in-aid already availed of from IGSTC BIRAC with additional simple interest at the rate of 12 (twelve) per cent per annum within 30 (thirty) days of termination of the Agreement. In case of failure to repay, without prejudice to any other rights under this Agreement, the amount can be recovered by initiating any procedure available in Law. FORCE MAJEURE DISPUTE RESOLUTION AND ARBITRATION In the event of any dispute or difference whatsoever arising between the Parties out of or relation to the construction, meaning, scope, operation or effect of this agreement or the validity the breach thereof shall be resolved amicably by mutual consultation or through the good offices of the Chairman, BIRAC. If such resolution is not possible, then the unresolved dispute or difference whatsoever arising between the Parties out of or relation to the construction, meaning, scope, operation or effect of this GLA or the validity the breach thereof or in respect of any defined legal relationship associated therewith or derived therefrom dispute shall be submitted for arbitration to International Center for Alternate Dispute Resolution (ICADR), an autonomous organization working under the aegis of the Ministry of Law & Justice, Department of Legal Affairs, Government of India. The Parties Authority to appoint the arbitrator(s) shall be the ICADR. The Arbitration under this Clause and provision of administrative services by ICADR shall be in accordance with the ICADR Arbitration Rules, 1996. The award made in pursuance thereof shall be binding on the Parties. The venue of arbitration shall be New Delhi and the arbitration proceedings shall be conducted in English Language. The provision of this Clause shall not be held responsible for non-fulfillment of their respective obligations in successful completion of become inoperative notwithstanding the Project under this Agreement due GLA expiring or ceasing to the exigency of one exist or more force majeure events such as but not limited to acts of God, war, flood, earthquakes, strikes not confined to the premises of the Party, lockouts beyond the control of the Party claiming force majeure, epidemics, riots, civil commotion etc. lying beyond the reasonable control of and not brought about at the instance of the Party claiming to be affected by such event and which has caused the non-performance being terminated or delay in performance; provided on the occurrence and cessation of any such event the Party affected has given a notice in writing to the other Party within one month of such occurrence or cessation. If the force majeure conditions continue beyond six months, the Parties shall jointly decide about the future course of action on the Project. The validity of the claim of force majeure shall be determined by IGSTC after due enquiry and the decision of IGSTC in this regard shall be finalforeclosed.