Common use of Penalties & Damages Clause in Contracts

Penalties & Damages. In case the Concessionaire fails to fulfil the obligations as set out under this Agreement, penalties for non-fulfilment/ damages shall be imposed according to provisions contained in at Schedule 2. It is hereby clarified and understood between the Parties that in the event in any quarter, the aggregate Liquidated damages levied in terms hereof on the Concessionaire by the Authority exceeds at Rs.10,00,000/- ( at Rupees. Ten Lakhs) in any quarter, the same shall be deemed as Concessionaire Event of Default and shall make the Agreement liable for termination.

Penalties & Damages. In case the Concessionaire fails to fulfil the obligations as set out under this Agreement, penalties for non-fulfilment/ damages shall be imposed according to provisions contained in at Schedule of Annexure 2. It is hereby clarified and understood between the Parties that in the event in any quarter, the aggregate Liquidated damages levied in terms hereof on the Concessionaire by the Authority AMC exceeds at Rs.10,00,000/- ( at Rupees. Ten LakhsINR 1,00,000/- (INR One Lakh) in any quarter, the same shall be deemed as Concessionaire Event of Default and shall make the Agreement liable for termination.

Penalties & Damages. In case the Concessionaire fails to fulfil the obligations as set out under this Agreement, penalties for non-fulfilment/ damages shall be imposed according to provisions contained in at of Schedule 2. It is hereby clarified and understood between the Parties that in the event in any quarter, the aggregate Liquidated damages levied in terms hereof on the Concessionaire by the Authority exceeds at Rs.10,00,000/- ( at Rupees. INR 10,00,000/- (INR Ten Lakhs) in any quarter, the same shall be deemed as Concessionaire Event of Default and shall make the Agreement liable for termination.