Share of IC’s remuneration Sample Clauses

Share of IC’s remuneration. As per concession agreement in respect of Satara-Kagal, the remuneration, cost and expenses of the IC were to be borne fully by the Concessionaire. The Authority was to make the initial payment to IC and the Concessionaire was to reimburse his share within 15 days of receiving such a statement of expenditure from the Authority. Audit found that the Authority could not recover Rs.8.79 crore (for the period from April 2002 to December 2006) from the Concessionaire due to failure in raising periodical invoices. Further, failure to raise monthly invoices for the reimbursement resulted in loss of interest of Rs.3.89 crore♣ to the Authority. The Authority stated that the reimbursement of cost of IC would be adjusted against the outstanding grant (Rs.8.27 crore). The fact, however, remained that the Authority failed to recover the remuneration paid by it to the IC from the Concessionaire as per provisions of the agreement.
Sample 1
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Related to Share of IC’s remuneration

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