SALIENT TERMS OF DA Sample Clauses

SALIENT TERMS OF DA. The Parties agree on the respective rights and obligations in relation to the implementation, construction and successful completion of the Project Works as follows:- (a) SKSB shall at its own risk, cost and expense to:- (i) undertake the reclamation of the Project land; (ii) undertake the development, design, construction and completion of the construction of major infrastructure works on the Project Land and all other works relating to, in connection with or incidental to the Project; (iii) find prospective purchasers for the Project Land or any part thereof. (b) The State Government shall be entitled to 3% of the gross proceeds of the sales from the net saleable area of the Project Land (excluding sums paid or payable by the relevant purchasers for major infrastructure works in respect of the Project Land) (hereinafter referred to as “Government Benefit”). (c) In consideration of the State Government receiving the Government Benefit, the State Government shall ensure that the State Authority approved such application(s) by SKSB for the alienation of the Parcels or any part thereof (as the case may be) for a term of 99 years to SKSB and/or its nominees and/or the relevant purchasers. (d) The Parties agreed that the reclamations works of the Project land shall be implemented in three (3) phases which shall be completed in accordance with the Reclamation Works Implementation Schedule as defined in the DA (hereinafter referred to as “Reclamation Works”). (e) SKSB shall be solely and singly responsible for providing complete financing for the design and construction of the Project Works, payment of fees, premium, and other dues, cost of all preliminary works, overhead expenses and all incidental or consequential costs of the preparation and execution of the Project Works (hereinafter referred to as “the Project Work Financing”).
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