Common use of Liquidated Damages not amounting to penalty for delay in Commissioning Clause in Contracts

Liquidated Damages not amounting to penalty for delay in Commissioning. 4.5.1 If the SPG is unable to commission the Project by the Scheduled Commissioning Dateother than for the reasons specified in Article 4.4.1, the SPG shall pay to PGVCL, damages for the delay in such commissioning and making the Contracted Capacity available for dispatch by the Scheduled Commissioning Date as per following: 4.5.2 In case any SPG fails to achieve this milestone, PGVCL shall encash the Performance Bank Guarantee (PBG) as liquidated damages (LD) in the following manner: In case the commissioning of the solar power plant is delayed over two months: Thecomplete PBG amount shall be encashed and DISCOM shall have right to terminate the PPA. The decision of MNRE regarding release of CFA shall be binding and to the account of SPG. In case of delays of plant commissioning due to the reasons beyond the control of the SPG, Procurer / PGVCL after having been satisfied with documentary evidences produced by the SPG for the purpose, can extend the time for commissioning date without any financial implications on the SPG. 4.5.3 The SPG further acknowledge that the amount of the liquidated damages fixed is genuine and reasonable pre-estimate of the damages that may be suffered byDISCOM.

Liquidated Damages not amounting to penalty for delay in Commissioning. 4.5.1 If the SPG is unable to commission the Project by the Scheduled Commissioning Dateother Date other than for the reasons specified in Article 4.4.1, the SPG shall pay to PGVCL, damages for the delay in such commissioning and making the Contracted Capacity available for dispatch by the Scheduled Commissioning Date as per following: 4.5.2 In case any SPG fails to achieve this milestone, PGVCL shall encash the Performance Bank Guarantee (PBG) as liquidated damages (LD) in the following manner: In case the commissioning of the solar power plant is delayed over two months: Thecomplete The complete PBG amount shall be encashed and DISCOM shall have right to terminate the PPA. The decision of MNRE regarding release of CFA shall be binding and to the account of SPG. In case of delays of plant commissioning due to Force Majeure reasons, the reasons beyond the control of the SPG, Procurer / PGVCL after having been satisfied with documentary evidences produced by the SPG for the purpose, can extend the time for commissioning date without any financial implications on the SPG. 4.5.3 The SPG further acknowledge that the amount of the liquidated damages fixed is genuine and reasonable pre-estimate of the damages that may be suffered byDISCOMby PGVCL.

Liquidated Damages not amounting to penalty for delay in Commissioning. 4.5.1 If the SPG is unable to commission the Project by the Scheduled Commissioning Dateother Date other than for the reasons specified in Article 4.4.1, the SPG shall pay to PGVCLUGVCL, damages for the delay in such commissioning and making the Contracted Capacity available for dispatch by the Scheduled Commissioning Date as per following: 4.5.2 In case any SPG fails to achieve this milestone, PGVCL UGVCL shall encash the Performance Bank Guarantee (PBG) as liquidated damages (LD) in the following manner: In case the commissioning of the solar power plant is delayed over two months: Thecomplete The complete PBG amount shall be encashed and DISCOM shall have right to terminate the PPA. The decision of MNRE regarding release of CFA shall be binding and to the account of SPG. In case of delays of plant commissioning due to Force Majeure reasons, the reasons beyond the control of the SPG, Procurer / PGVCL UGVCL after having been satisfied with documentary evidences produced by the SPG for the purpose, can extend the time for commissioning date without any financial implications on the SPG. 4.5.3 The SPG further acknowledge that the amount of the liquidated damages fixed is genuine and reasonable pre-estimate of the damages that may be suffered byDISCOMby UGVCL.