Common use of Penalties for contractual breaches Clause in Contracts

Penalties for contractual breaches. 11.1 For each calendar day of delay in the beginning of Commercial Commissioning, as indicated in Annex 7 and taking into consideration term extensions contemplated in accordance with Clause 4.3, the Concessionaire shall pay to the Grantor, a penalty that shall be calculated as follows: a) US $ 75,000 (seventy-five thousand United States Dollars) for each of the first thirty (30) calendar days of delay. b) US $ 150,000 (one hundred and fifty thousand United States dollars) for each of the thirty (30) calendar days of delay subsequent to the period indicated in a). c) US $ 225,000 (two hundred twenty-five thousand United States dollars) for each of the ninety (90) calendar days of delay subsequent to the period indicated in b). 11.2 Non-compliance assumptions referred to in Clause 11.1 will cause the obligation to pay the respective penalty, without requiring a prior notice, and the payment will not entail the Concessionaire’s release from fulfilling its respective obligation. 11.3 Payment of the penalties referred to in Clause 11.1 is subject to the following rules: a) Such payment will be requested in writing by the Grantor to the Concessionaire, indicating the bank account in which he must deposit the corresponding amount, which must occur within ten (10) Days after receiving the request. Within the aforementioned period, the Concessionaire may contradict the origin of the payment request, in which case a dispute will have arisen that will be resolved in accordance with the provisions of Clause 14. The period provided for in subsection (a) of the section herein for penalty payment shall be suspended upon the request for contradiction of payment origin by the Concessionaire, and the calculation of this period shall be resumed in the event that its imposition is confirmed. b) If the dispute is resolved in a manner favorable for the Grantor, either in direct negotiation or by arbitral award, or after expiration of the ten (10) Days stipulated in Subsection a) above, without the Concessionaire contradicting the request for payment, then the obligation to pay the penalty is enforceable. In this case, the obligation to pay the penalty must be fulfilled on the day following expiration of said term, or after the next three (03) Days of Concessionaire notification of arbitral award or after the next three (03) Days in which the Controversy is settled in direct negotiation, as appropriate. c) In case the Concessionaire fails to pay the penalty, the Grantor shall have the right to request the respective guarantee execution. 11.4 A Two-Million Dollar penalty shall be applied in case of: Breach or partial, late or defective compliance with provisions in the arbitral award issued as a consequence of the controversy referred to in Clause 5.13 of the Agreement, or in the communication referred to in the second paragraph of that same clause, as corresponds. The rules in Clauses 11.2 and 11.3 also apply for this penalty.

Penalties for contractual breaches. 11.1 For each calendar day of delay in the beginning of Commercial Commissioning, as indicated in Annex 7 and taking into consideration term extensions contemplated in accordance with Clause 4.3, the Concessionaire shall pay to the Grantor, a penalty that shall be calculated as follows: a) US $ 75,000 (seventy-five thousand United States Dollars) for each of the first thirty (30) calendar days of delay. b) US $ 150,000 (one hundred and fifty thousand United States dollars) for each of the thirty (30) calendar days of delay subsequent to the period indicated in a). c) US $ 225,000 (two hundred twenty-five thousand United States dollars) for each of the ninety (90) calendar days of delay subsequent to the period indicated in b). 11.2 Non-compliance assumptions referred to in Clause 11.1 will cause the obligation to pay the respective penalty, without requiring a prior notice, and the payment will not entail the Concessionaire’s release from fulfilling its respective obligation. 11.3 Payment of the penalties referred to in Clause 11.1 is subject to the following rules: a) Such payment will be requested in writing by the Grantor to the Concessionaire, indicating the bank account in which he must deposit the corresponding amount, which must occur within ten (10) Days after receiving the request. Within the aforementioned period, the Concessionaire may contradict the origin of the payment request, in which case a dispute will have arisen that will be resolved in accordance with the provisions of Clause 1415. The period provided for in subsection (a) of the section herein for penalty payment shall be suspended upon the request for contradiction of payment origin by the Concessionaire, and the calculation of this period shall be resumed in the event that its imposition is confirmed. b) If the dispute is resolved in a manner favorable for the Grantor, either in direct negotiation or by arbitral award, or after expiration of the ten (10) Days stipulated in Subsection a) above, without the Concessionaire contradicting the request for payment, then the obligation to pay the penalty is enforceable. In this case, the obligation to pay the penalty must be fulfilled on the day following expiration of said term, or after the next three (03) Days of Concessionaire notification of arbitral award or after the next three (03) Days in which the Controversy is settled in direct negotiation, as appropriate. c) In case the Concessionaire fails to pay the penalty, the Grantor shall have the right to request the respective guarantee execution. 11.4 A Two-Million Dollar penalty shall be applied in case of: Breach or partial, late or defective compliance with provisions in the arbitral award issued as a consequence of the controversy referred to in Clause 5.13 of the Agreement, or in the communication referred to in the second paragraph of that same clause, as corresponds. The rules in Clauses 11.2 and 11.3 also apply for this penalty.

Penalties for contractual breaches. 11.1 For each calendar day of delay in the beginning start of the Commercial Operation Commissioning, as indicated in Annex No. 7 and taking into consideration considering the extensions of the term extensions contemplated in accordance with provided according to Clause 4.3, the Concessionaire shall pay to the Grantor, a penalty that shall will be calculated as follows: a) US $ 75,000 US$ 8, 333,00 (seventy-five Eight thousand United States three hundred and thirty three and 00/100 Dollars) ), for each one of the first thirty (30) calendar days of delay. b) US $ 150,000 US$ 16,667,00 (one Sixteen thousand six hundred and fifty thousand United States dollars) sixty seven and 00/100 Dollars), for each one of the thirty (30) calendar days of delay subsequent following to the period indicated in a). c) US $ 225,000 US$ 25,000,00 (two hundred twenty-Twenty five thousand United States dollars) and 00/100 Dollars), for each one of the ninety (90) calendar days of delay subsequent following to the period indicated in b). 11.2 Non-compliance The assumptions of breach referred to in Clause 11.1 will cause 11.1, shall imply the obligation to pay top ay the respective penalty, without requiring a any prior noticeintimation, and its payment does not imply the payment will not entail release of the Concessionaire’s release from fulfilling its Concessionaire to fulfill the respective obligation. 11.3 Payment The payment of the penalties referred to in Clause 11.1 11.1, is subject to the following rules: a) Such Said payment will be requested required in writing by the Grantor to the Concessionaire, indicating the bank banking account in which he must deposit where the corresponding amountamount should be deposited, which must should occur within ten (10) Days after receiving days following to the requestreception of the requirement. Within the aforementioned period, referred term the Concessionaire may contradict the origin provenance of the payment requestrequirement, in which case there shall be a dispute will have arisen controversy that will be resolved in accordance with settled according to the provisions of Clause 14. The period term provided for in subsection (Literal a) of this Section for the section herein for penalty payment shall deposit of penalties, will be suspended upon before the request for contradiction of the provenance of the payment origin requirement by the Concessionaire, and restarting the calculation of this period shall be resumed in the event that said term if its imposition is confirmed. b) If Once the dispute controversy is resolved in a manner favorable for settled favorably to the Grantor, either in whether by direct negotiation deal or by arbitral award, or after expiration of the term of ten (10) Days stipulated days indicated in Subsection the previous Literal a) above), without the Concessionaire contradicting contradicts the request for paymentpayment requirement, then it shall be understood that the payment obligation to pay of the penalty is enforceable. In this case, the payment obligation to pay of the penalty must shall be fulfilled on complied the following day following of the expiration of said the referred term, or after at the next following three (03) Days days of the notification made to the Concessionaire notification of with the arbitral award or after the next at three (03) Days in which following days when the Controversy controversy is settled in by direct negotiation, as appropriate. c) In case the Concessionaire does fails to pay the penalty, the Grantor shall have the right to request the execution of the respective guarantee executionguarantee. 11.4 A Two-Million Dollar penalty The occurrence of any of the following events shall be applied in case of: Breach penalized with the payment of two million and 00/100 Dollars (US$ 2 000 000,00): The breach or partial, late or defective compliance with of the provisions set forth in the arbitral award that is issued as a consequence of the controversy referred to in the third paragraph of Clause 5.13 of the AgreementContract, or in the communication referred to in the second paragraph of that the same clause, as correspondsappropriate. The Also are applied for this penalty the rules in of Clauses 11.2 and 11.3 also apply for this penalty11.3.

Penalties for contractual breaches. 11.1 For each calendar day of delay in the beginning of Commercial Commissioning, as indicated in Annex 7 and taking into consideration term extensions contemplated granted in accordance with Clause 4.34.3 and Clause 10, the Concessionaire shall pay to the Grantor, a penalty that shall be calculated as follows: a) US $ 75,000 (seventy-five thousand United States Dollars) for each of the first thirty (30) calendar days of delay. b) US $ 150,000 (one hundred and fifty thousand United States dollars) for each of the thirty (30) calendar days of delay subsequent to the period indicated in a). c) US $ 225,000 (two hundred twenty-five thousand United States dollars) for each of the ninety (90) calendar days of delay subsequent to the period indicated in b). 11.2 Non-compliance assumptions referred to in Clause 11.1 will cause the obligation to pay the respective penalty, without requiring a prior notice, and the payment will not entail the Concessionaire’s release from fulfilling its respective obligation. 11.3 Payment of the penalties referred to in Clause 11.1 is subject to the following rules: a) Such payment will be requested in writing by the Grantor to the Concessionaire, indicating the bank account in which he must deposit the corresponding amount, which must occur within ten (10) Days after receiving the request. Within the aforementioned period, the Concessionaire may contradict the origin of the payment request, in which case a dispute will have arisen that will be resolved in accordance with the provisions of Clause 14. The period provided for in subsection (a) of the section herein for penalty payment shall be suspended upon the request for contradiction of payment origin by the Concessionaire, and the calculation of this period shall be resumed in the event that its imposition is confirmed. b) If the dispute is resolved in a manner favorable for the Grantor, either in direct negotiation or by arbitral award, or after expiration of the ten (10) Days stipulated in Subsection a) above, without the Concessionaire contradicting the request for payment, then the obligation to pay the penalty is enforceable. In this case, the obligation to pay the penalty must be fulfilled on the day following expiration of said term, or after the next three (03) Days of Concessionaire notification of arbitral award or after the next three (03) Days in which the Controversy is settled in direct negotiation, as appropriate. c) In case the Concessionaire fails to pay the penalty, the Grantor shall have the right to request the respective guarantee execution. 11.4 A Two-Million Dollar penalty shall be applied in case of: Breach or partial, late or defective compliance with provisions in the arbitral award issued as a consequence of the controversy referred to in Clause 5.13 of the Agreement, or in the communication referred to in the second paragraph of that same clause, as corresponds. The rules in Clauses 11.2 and 11.3 also apply for this penalty.