Common use of FORECLOSURE AND TERMINATION Clause in Contracts

FORECLOSURE AND TERMINATION. I. 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.

FORECLOSURE AND TERMINATION. I. i. 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- grant-in-aid unutilized out of IGSTC’s 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 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.

FORECLOSURE AND TERMINATION. I. i. 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- 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.