Common use of Payment Abatement Schedule Clause in Contracts

Payment Abatement Schedule. 15.2.1 The Facility Manager shall on a monthly basis provide through the SFMIS, a payment abatement schedule (“Payment Abatement Schedule”), specifying the liquidated damages payable by the Facility Manager consequent to delays and failures of the Facility Manager to adhere to the service level standards as set forth in this SFM Agreement (including specifically Schedule 2 (Scope of SFM Project) and Schedule 3 (Station Service Level Standards), in the immediately preceding month. 15.2.2 The Payment Abatement Schedule shall be determined on the aggregate extent of liquidated damages payable in respect of the various instances of delay and/ or default on the part of the Facility Manager, as determined on the basis of the applicable extents of liquidated damages specified under Schedule 4 Part B (Computation of Payment Abatement), and shall be generated through the SFMIS. 15.2.3 Authority shall have the ability to audit the Payment Abatement Schedule, and the Facility Manager would be required to appropriately amend and/ or modify the Payment Abatement Schedule in light of any comments of Authority (whether pursuant to such audit or otherwise). Provided that where the Facility Manager fails to revert to any comments of Authority within a period of 30 days from the issuance thereof, the liability in respect of the same would have been deemed to be acknowledged and accepted by the Facility Manager and the Payment Abatement Schedule shall be deemed to be modified accordingly. The Parties agree and acknowledge that the Payment Abatement Schedule represents an aggregation of the various liquidated damages payable by the Facility Manager in respect of the delay and/ or defaults identified in such Payment Abatement Schedule, each of which represents a genuine, pre-agreed estimate of the loss and/ or damage that would accrue to/ be suffered by Authority on account of the relevant delay and/ or defaults on the part of the Facility Manager, and are not by way of penalty. 15.2.4 The Facility Manager shall, pay to Authority, from the Escrow Account the entire extent of liquidated damages payable by the Facility Manager (to the extent of the approved Payment Abatement Schedule). Provided that in the event of a failure of the Facility Manager to duly pay the aforesaid amount, within seven (7) days of the relevant due date, Authority shall be entitled to withdraw such amount from the Escrow Account directly.

Payment Abatement Schedule. 15.2.1 The Facility Manager shall on a monthly basis provide through the SFMIS, a payment abatement schedule (“Payment Abatement Schedule”), specifying the liquidated damages payable by the Facility Manager consequent to delays and failures of the Facility Manager to adhere to the service level standards as set forth in this SFM Agreement (including specifically Schedule 2 (Scope of SFM Project) and Schedule 3 (Station Service Level Standards), in the immediately preceding month. 15.2.2 The Payment Abatement Schedule shall be determined on the aggregate extent of liquidated damages payable in respect of the various instances of delay and/ or default on the part of the Facility Manager, as determined on the basis of the applicable extents of liquidated damages specified under Schedule 4 Part B (Computation of Payment Abatement), and shall be generated through the SFMIS. 15.2.3 Authority shall have the ability to audit the Payment Abatement Schedule, and the Facility Manager would be required to appropriately amend and/ or modify the Payment Abatement Schedule in light of any comments of Authority (whether pursuant to such audit or otherwise). Provided that where the Facility Manager fails to revert to any comments of Authority within a period of 30 days from the issuance thereof, the liability in respect of the same would have been deemed to be acknowledged and accepted by the Facility Manager and the Payment Abatement Schedule shall be deemed to be modified accordingly. The Parties agree and acknowledge that the Payment Abatement Schedule represents an aggregation of the various liquidated damages payable by the Facility Manager in respect of the delay and/ or defaults identified in such Payment Abatement Schedule, each of which represents a genuine, pre-agreed estimate of the loss and/ or damage that would accrue to/ be suffered by Authority on account of the relevant delay and/ or defaults on the part of the Facility Manager, and are not by way of penalty. 15.2.4 The Facility Manager shall, pay to Authority, from the Escrow Account the entire extent of liquidated damages payable by the Facility Manager (to the extent of the approved Payment Abatement Schedule). Provided that in the event of a failure of the Facility Manager to duly pay the aforesaid amount, within seven (7) days of the relevant due date, Authority shall be entitled to withdraw such amount from the Escrow Account directly.

Payment Abatement Schedule. 15.2.1 The Facility Manager shall on a monthly basis provide through the SFMIS, a payment abatement schedule (“Payment ―Payment Abatement Schedule”Schedule‖), specifying the liquidated damages payable by the Facility Manager consequent to delays and failures of the Facility Manager to adhere to the service level standards as set forth in this SFM Agreement (including specifically Schedule 2 (Scope of SFM Project) and Schedule 3 (Station Service Level Standards), in the immediately preceding month. 15.2.2 The Payment Abatement Schedule shall be determined on the aggregate extent of liquidated damages payable in respect of the various instances of delay and/ or default on the part of the Facility Manager, as determined on the basis of the applicable extents of liquidated damages specified under Schedule 4 Part B (Computation of Payment Abatement), and shall be generated through the SFMIS. 15.2.3 Authority shall have the ability to audit the Payment Abatement Schedule, and the Facility Manager would be required to appropriately amend and/ or modify the Payment Abatement Schedule in light of any comments of Authority (whether pursuant to such audit or otherwise). Provided that where the Facility Manager fails to revert to any comments of Authority within a period of 30 days from the issuance thereof, the liability in respect of the same would have been deemed to be acknowledged and accepted by the Facility Manager and the Payment Abatement Schedule shall be deemed to be modified accordingly. The Parties agree and acknowledge that the Payment Abatement Schedule represents an aggregation of the various liquidated damages payable by the Facility Manager in respect of the delay and/ or defaults identified in such Payment Abatement Schedule, each of which represents a genuine, pre-agreed estimate of the loss and/ or damage that would accrue to/ be suffered by Authority on account of the relevant delay and/ or defaults on the part of the Facility Manager, and are not by way of penalty. 15.2.4 The Facility Manager shall, pay to Authority, from the Escrow Account the entire extent of liquidated damages payable by the Facility Manager (to the extent of the approved Payment Abatement Schedule). Provided that in the event of a failure of the Facility Manager to duly pay the aforesaid amount, within seven (7) days of the relevant due date, Authority shall be entitled to withdraw such amount from the Escrow Account directly.