Common use of Liquidated Damages for delay in Commissioning beyond Scheduled Commercial Operation Date Clause in Contracts

Liquidated Damages for delay in Commissioning beyond Scheduled Commercial Operation Date. 6.6.1 If the SPV is unable to commission the Project by the Scheduled Commercial Operation Date, the SPV shall be liable to pay to MSEDCL, Liquidated Damages for the delay in such Commissioning and making the Contracted Capacity available for dispatch by the Scheduled Commercial Operation Date. Such Liquidated Damages shall be recovered by MSEDCL by way of encashment of the Performance Bank Guarantee, on a per day basis, on and from the Scheduled Commercial Operation Date, for an amount proportionate to such portion of the Contracted Capacity which has not been Commissioned. 6.6.2 The maximum time period allowed for Commissioning of the complete Contracted Capacity, with encashment of Performance Bank Guarantee, shall be limited to 14 (fourteen) months from the Effective Date. For any Contracted Capacity not Commissioned by the expiry of such 14 (fourteen) month period, Liquidated Damages shall be recovered by MSEDCL by way of encashment of the Performance Bank Guarantee for entirety of the balance amount of the Performance Bank Guarantee proportionate to the Contracted Capacity which has not been Commissioned. 6.6.3 The Commissioning of the Project or any part thereof, which is delayed beyond 14 (fourteen) months from the Effective Date shall be considered as an SPV Event of Default in accordance with the provisions of Article 12 and the Contracted Capacity shall stand reduced to the capacity Commissioned within 14 (fourteen) months from Effective Date. The PPA shall stand terminated for such portion of the Contracted Capacity which has not been Commissioned within the aforementioned period. 6.6.4 The SPV further acknowledges that the amount of the Liquidated Damages fixed is a genuine and reasonable pre-estimate of the damages that may be suffered by MSEDCL.

Liquidated Damages for delay in Commissioning beyond Scheduled Commercial Operation Date. 6.6.1 If the SPV is unable to commission the Project by the Scheduled Commercial Operation DateSCSD, the SPV shall be liable to pay to MSEDCL, Liquidated Damages for the delay in such Commissioning and making the Contracted Capacity available for dispatch by the Scheduled Commercial Operation DateSCSD. Such Liquidated Damages shall be recovered by MSEDCL by way of encashment of the Performance Bank Guarantee, on a per day basis, on and from the Scheduled Commercial Operation Date, for an amount proportionate to such portion of the Contracted Capacity which has not been Commissioned. 6.6.2 The maximum time period allowed for Commissioning of the complete Contracted Capacity, with encashment of Performance Bank Guarantee, shall be limited to 14 20 (fourteentwenty) months from the Effective Datedate of the Letter of Award. For any Contracted Capacity not Commissioned by the expiry of such 14 20 (fourteentwenty) month period, Liquidated Damages shall be recovered by MSEDCL by way of encashment of the Performance Bank Guarantee for entirety of the balance amount of the Performance Bank Guarantee proportionate to the Contracted Capacity which has not been Commissioned. 6.6.3 The Commissioning of the Project or any part thereof, which is delayed beyond 14 20 (fourteentwenty) months from the Effective Date date of the Letter of Award shall be considered as an SPV Event of Default in accordance with the provisions of Article 12 and the Contracted Capacity shall stand reduced to the capacity Commissioned within 14 20 (fourteentwenty) months from Effective Datedate of the Letter of Award. The This PPA shall stand terminated for such portion of the Contracted Capacity which has not been Commissioned within the aforementioned period. 6.6.4 The SPV further acknowledges that the amount of the Liquidated Damages fixed is a genuine and reasonable pre-estimate of the damages that may be suffered by MSEDCL.