PURCHASE OF EXCLUSIVE ADVERTISING RIGHTS FROM THE CONSULTANT  FOR 10,392 TAMIL NADU STATE BUSES Sample Clauses

PURCHASE OF EXCLUSIVE ADVERTISING RIGHTS FROM THE CONSULTANT  FOR 10,392 TAMIL NADU STATE BUSES. 5.1 The Parties have agreed that for a period of 4 years the value of advertising rights shall be Indian Rupees Nine Hundred And Twenty Million Only (INR920,000,000) hereinafter referred to as the “Purchase Price” corresponding to the Licensing period represented by PML. Parties have also agreed to set aside a sum of an additional Indian Rupees Two Hundred And Thirty Million (INR230,000,000) as a contingency sum for the Business on a need to basis only. The Parties shall on a best effort basis prudently avert and reduce the need of the contingency fund as would be as practicable as possible. 5.2 The Purchase Price is exclusive of all applicable duties and taxes. corresponding to the Licensing period. 5.3 Parties have assessed and agreed the value of the advertising rights based on the estimated costs of the full installation of the equipment and software (the “Technology ”) to operate the Business on the said buses. 5.4 The Parties agree that out of the Purchase Price of INR920,000,000 TMM has already remitted an amount of INR46,000,000 to PML. The balance amount of INR874,000,000 shall be paid to PML in the following manner: Amount (INR) Payable on/by (Due Date) 92,000,000 30-06-2010 138,000,000 31-08-2010 276,000,000 15-09-2010 124,200,000 01-04-2011 124,200,000 01-04-2012 119,600,000 01-04-2013
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