Common use of Project Milestone Clause in Contracts

Project Milestone. a. The Concessionaire shall construct the Project in accordance with the Project Completion Schedule set forth in Schedule – 6 of the Agreement. b. In the event that any of the Project Milestone is not achieved for any reason other than Force Majeure or reasons attributable to the Concessioning Authority or any Competent Authority, the Concessionaire shall, subject to clause below, pay to the Concessioning Authority damages for delay beyond the date on which the Construction Completion was due to the extent of 0.05% of the performance security per day for every day of delay or part thereof until Project Milestone is achieved. Provided that nothing contained in this paragraph shall be deemed or construed to authorize any delay by the Concessionaire in achieving Project Milestone. c. In the event that Project Milestone does not occur within 120 (one hundred and twenty) days from the date on which the Project Milestone was due, the Concessioning Authority shall be entitled to invoke the Performance Security and to terminate the Agreement on account of Concessionaire Event of Default. Provided that instead of terminating the Concession Agreement, the Concessioning Authority may at its sole option extend the time for achieving Project Milestone on such terms and conditions as it deem fit in its sole discretion.

Project Milestone. a. The Concessionaire shall construct the Project in accordance with the Project Completion Schedule set forth in Schedule – 6 of the this Agreement. b. In the event that any of the Project Milestone is not achieved for any reason other than Force Majeure or reasons attributable attributabl e to the Concessioning Authority or any Competent Authority, the Concessionaire shall, subject to clause below, pay to the Concessioning Authority damages for delay beyond the date on which the Construction Completion was due to the extent of 0.05% of the performance security Performance Security per day for every day of delay or part thereof until Project Milestone is achieved. Provided that nothing contained in this paragraph shall be deemed or construed to authorize any delay by the Concessionaire in achieving Project MilestoneMilest one. c. In the event that Project Milestone does not occur within 120 (one hundred and twenty) days from the date on which the Project Milestone was due, the Concessioning Authority shall be entitled to invoke the Performance Security and to terminate the this Agreement on account of Concessionaire Event of Default. Provided that instead of terminating the Concession Agreement, the Concessioning Authority may at its sole option extend the time for achieving Project Milestone on such terms and conditions as it deem fit in its sole discretion.

Project Milestone. a. The Concessionaire shall construct the Project in accordance with the Project Completion Schedule set forth in Schedule – 6 of the this Agreement. b. In the event that any of the Project Milestone is not achieved for any reason other than Force Majeure or reasons attributable to the Concessioning Authority or any Competent Authority, the Concessionaire shall, subject to clause below, pay to the Concessioning Authority damages for delay beyond the date on which the Construction Completion was due to the t he extent of 0.05% of the performance security Performance Security per day for every day of delay or part thereof until Project Milestone is achieved. Provided that nothing contained in this paragraph shall be deemed or construed to authorize any delay by the Concessionaire in i n achieving Project Milestone. c. In the event that Project Milestone does not occur within 120 (one hundred and twenty) days from the date on which the Project Milestone was due, the Concessioning Authority shall be entitled to invoke the Performance Security Securi ty and to terminate the this Agreement on account of Concessionaire Event of Default. Provided that instead of terminating the Concession Agreement, the Concessioning Authority may at its sole option extend the time for achieving Project Milestone on such terms term s and conditions as it deem fit in its sole discretion.

Project Milestone. a. The Concessionaire shall construct the Project in accordance with the Project Completion Schedule set forth in Schedule – 6 of the Agreement. b. In the event that any of the Project Milestone is not achieved for any reason other than Force Majeure or reasons attributable to the Concessioning Authority or any Competent Authority, the Concessionaire shall, subject to clause below, pay to the Concessioning Authority damages for delay beyond the date on which the Construction Completion was due to the extent of 0.05% of the performance security Performance Security per day for every day of delay or part thereof t hereof until Project Milestone is achieved. Provided that nothing contained in this paragraph shall be deemed or construed to authorize any delay by the Concessionaire in achieving Project Milestone. c. In the event that Project Milestone does not occur within with in 120 (one hundred and twenty) days from the date on which the Project Milestone was due, the Concessioning Authority shall be entitled to invoke the Performance Security and to terminate the Agreement on account of Concessionaire Event of Default. Provided P rovided that instead of terminating the Concession Agreement, the Concessioning Authority may at its sole option extend the time for achieving Project Milestone on such terms and conditions as it deem fit in its sole discretion.

Project Milestone. a. The Concessionaire shall construct the Project in accordance with the Project Completion Schedule set forth in Schedule – 6 of the this Agreement. b. In the event that any of the Project Milestone is not achieved for any reason other than Force Majeure or reasons attributable to the Concessioning Concessionin g Authority or any Competent Authority, the Concessionaire shall, subject to clause below, pay to the Concessioning Authority damages for delay beyond the date on which the Construction Completion was due to the extent of 0.05% of the performance security Performance Security per day for every day of delay or part thereof until Project Milestone is achieved. Provided that nothing contained in this paragraph shall be deemed or construed to authorize any delay by the Concessionaire in achieving Project Milestone. c. In the event that Project Milestone does not occur within 120 (one hundred and twenty) days from the date on which the Project Milestone was due, the Concessioning Authority shall be entitled to invoke the Performance Security and to terminate the this Agreement on account of Concessionaire Event of Default. Provided that instead of terminating the Concession Agreement, the Concessioning Authority may at its sole option extend the time for achieving Project Milestone on such terms and conditions as it deem fit in its sole discretiondis cretion.