[Six-Laning] of the Project Highway. 12.4.1 On or after the Appointed Date, the Concessionaire shall undertake construction of Six- Laning as specified in Schedule-B and Schedule-C, and in conformity with the Specifications and Standards set forth in Schedule-D. The 913th (Nine Hundred and Thirteenth) day from the Appointed Date shall be the scheduled date for completion of Six-Laning (the “Scheduled Six -Laning Date”) and the Concessionaire agrees and undertakes that Six-Laning shall be completed on or before the Scheduled Six-Laning Date. 12.4.2 The Concessionaire shall construct the Project Highway in accordance with the Project Completion Schedule set forth in Schedule-G. In the event that the Concessionaire fails to achieve any Project Milestone within a period of 90 (ninety) days from the date set forth for such Milestone in Schedule-G, unless such failure has occurred due to Force Majeure or for reasons solely attributable to the Authority, it shall pay Damages to the Authority in a sum calculated at the rate of 0.1% (zero point one per cent) of the amount of Performance Security for delay of each day until such Milestone is achieved; provided that if any or all Project Milestones or the Scheduled Six -Laning Date are extended in accordance with the provisions of this Agreement, the dates set forth in Schedule-G shall be deemed to be modified accordingly and the provisions of this Agreement shall apply as if Schedule-G has been amended as above; provided further that in the event Project Completion Date is achieved on or before the Scheduled Six-Laning Date, the Damages paid under this Clause 12.4.2 shall be refunded by the Authority to the Concessionaire, but without any interest thereon. For the avoidance of doubt, it is agreed that recovery of Damages under this Clause
Appears in 2 contracts
Samples: Concession Agreement, Concession Agreement
[Six-Laning] of the Project Highway. 12.4.1 On or after the Appointed Date, the Concessionaire shall undertake construction of Six- Six-Laning as specified in Schedule-B and Schedule-C, and in conformity with the Specifications and Standards set forth in Schedule-D. The 913th (910th (Nine Hundred and ThirteenthTenth Day) day from the Appointed Date shall be the scheduled date for completion of Six-Laning Laning, (the “Scheduled Six -Laning Date”) and the Concessionaire agrees and undertakes that Six-Laning shall be completed on or before the Scheduled Six-Laning Date”).
12.4.2 The Concessionaire shall construct the Project Highway in accordance with the Project Completion Schedule set forth in Schedule-G. In the event that the Concessionaire fails to achieve any Project Milestone within a period of 90 (ninety) days from the date set forth for such Milestone in Schedule-G, unless such failure has occurred due to Force Majeure or for reasons solely attributable to the Authority, it shall pay Damages to the Authority in a sum calculated at the rate of 0.1% (zero point one per cent) of the amount of Performance Security for delay of each day until such Milestone is achieved; provided that if any or all Project Milestones or the Scheduled Six -Laning Six-Laning Date are extended in accordance with the provisions of this Agreement, the dates set forth in Schedule-G shall be deemed to be modified accordingly and the provisions of this Agreement shall apply as if Schedule-G has been amended as above; provided further that in the event Project Completion Date is achieved on or before the Scheduled Six-Laning Date, the Damages paid under this Clause 12.4.2 shall be refunded by the Authority to the Concessionaire, but without any interest thereon. For the avoidance of doubt, it is agreed that recovery of Damages under this ClauseClause 12.4.2 shall be without prejudice to the rights of the Authority under this Agreement, including the right of Termination thereof.
12.4.3 In the event that Six-Laning is not completed within 270 (two hundred and seventy) days from the Scheduled Six-Laning Date, unless the delay is on account of reasons solely attributable to the Authority or due to Force Majeure, the Authority shall be entitled to terminate this Agreement.
Appears in 2 contracts
Samples: Concession Agreement, Concession Agreement