Private Party Variations Sample Clauses

Private Party Variations. If the Private Party wishes to introduce a Variation, it must serve a notice on the Institution providing details of such Variation (a "Private Party Variation Proposal"). The Private Party Variation Proposal must: set out the proposed Variation in sufficient detail to enable the Institution to evaluate it in full; specify the Private Party’s reasons for the Private Party Variation Proposal; request the Institution to consult with the Private Party with a view to deciding whether to agree to the Private Party Variation Proposal and, if so, what consequential changes the Institution requires as a result; specify all implications of the Private Party Variation Proposal on this PPP Agreement and any of its terms, including the impact on the PPP Fee, the Construction, Environmental, Operation and Maintenance Specifications, BEE Obligations and the Project Insurances; and indicate if there are any dates by which a decision by the Institution is critical. The Institution shall evaluate the Private Party’s Variation Proposal taking into account all relevant issues, including whether: the Variation will affect the quality or successful delivery of the Works and/or the Operation and Maintenance; the Variation will interfere with the relationship of the Institution with third parties; the financial strength of the Private Party is sufficient to perform the Variation; the residual value of the Project Assets is reduced; and the Variation materially affects the risks or costs to which the Institution is exposed. As soon as practicable after receiving the Private Party Variation Proposal, the Parties shall meet and discuss the matters referred to in it. During their discussions the Institution may propose modifications or accept or reject the Private Party Variation Proposal. If the Institution accepts the Private Party Variation Proposal (with or without modification), the Private Party shall begin to implement the relevant changes arising from the Variation within [x] Business Days of the Institution’s acceptance. Within this period, the Parties shall consult and agree the remaining details as soon as practicable and shall enter into any documents to amend this PPP Agreement or any relevant Project Document, which are necessary to give effect to the Variation. If the Institution rejects the Private Party Variation Proposal, it shall not be obliged to give its reasons for such a rejection.
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Private Party Variations. 50.3.1 If the Private Party wishes to introduce a Variation, it must serve a notice on the Municipality providing details of such Variation (a Private Party Variation Proposal).
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