Notice to Maha-Metro. 22.2.1 No later than 45 (forty-five) days prior to commencement of the Construction Period or the Operation Period, as the case may be, the Concessionaire shall by notice furnish to Maha-Metro, in reasonable detail, information in respect of the insurances that it proposes to effect and maintain in accordance with this Article 22 Within 30 (thirty) days of receipt of such notice, Maha-Metro may require the Concessionaire to effect and maintain such other insurances as may be necessary pursuant hereto, and in the event of any difference or disagreement relating to any such insurance, the Dispute Resolution Procedure shall apply.
Notice to Maha-Metro. No later than 45 (forty-five) days prior to commencement of the Construction Period or the Operation Period, as the case may be, the Concessionaire shall by notice furnish to Maha-Metro, in reasonable detail, information in respect of the insurances that it proposes to effect and maintain in accordance with this Article 22 Within 30 (thirty) days of receipt of such notice, Maha-Metro may require the Concessionaire to effect and maintain such other insurances as may be necessary pursuant hereto, and in the event of any difference or disagreement relating to any such insurance, the Dispute Resolution Procedure shall apply. Evidence of Insurance Cover All insurances obtained by the Concessionaire in accordance with this Article 22 shall be maintained with insurers on terms consistent with Good Industry Practice. Within 15 (fifteen) days of obtaining any insurance cover, the Concessionaire shall furnish to Maha-Metro, notarised true copies of the certificate(s) of insurance, copies of insurance policies and premia payment receipts in respect of such insurance, and no such insurance shall be cancelled, modified, or allowed to expire or lapse until the expiration of at least 45 (forty five) days after notice of such proposed cancellation, modification or non-renewal has been delivered by the Concessionaire to Maha- Metro. Remedy for failure to insure If the Concessionaire shall fail to effect and keep in force all insurances for which it is responsible pursuant hereto, Maha-Metro shall have the option to either keep in force any such insurances, and pay such premia and recover the costs , at actuals, thereof from the Concessionaire, or in the event of computation of a Termination Payment, deduct the amount so paid for insurance on behalf of the Concessionaire. Waiver of subrogation All insurance policies in respect of the insurance obtained by the Concessionaire pursuant to this Article 22 shall include a waiver of any and all rights of subrogation or recovery of the insurers thereunder against, inter alia, Maha-Metro, and its assigns, successors, undertakings and their subsidiaries, affiliates, employees, insurers and underwriters, and of any right of the insurers to any set-off or counterclaim or any other deduction, whether by attachment or otherwise, in respect of any liability of any such person insured under any such policy or in any way connected with any loss, liability or obligation covered by such policies of insurance. Concessionaire’s waiver The Conc...
