Common use of Termination Due to Force Majeure Event Clause in Contracts

Termination Due to Force Majeure Event. or an Event of Default (a) In the event of termination of this Agreement/Concession due to Force Majeure Event or an Event of Default, the Authority shall, upon transfer of the Project, Project Assets and the Site by the Concessionaire to the Authority or its nominated agency in accordance with the provisions hereof, pay to the Concessionaire the following termination payments: No termination payments shall be payable to the Concessionaire in the event of termination of this Agreement due to a Concessionaire Event of Default or a Force Majeure Event. Upon termination of this Agreement due to: (1) a Concessionaire Event of Default, Authority shall retain the Project Development Fee, Lease Rentals Security Deposit, and forfeit the Performance Security, as case may be, as damages; (2) a Force Majeure Event, the Authority shall retain the Project Development Fee, but return/refund the Security Deposit and the Bank Guarantee in lieu of Performance Security to the Concessionaire/Preferred Bidder; provided there are no outstanding claims of the Authority on the Preferred Bidder/Concessionaire. Upon termination by the Concessionaire due to an Authority Event of Default, compensation payable by the Authority to the Concessionaire shall be the amount determined as follows: The aggregate Depreciated Historic Cost (DHC), as determined by a third party Expert (appointed by mutual consent and who shall be in the position of an expert under the Arbitration and Conciliation Act, 1996), of (a) the tangible assets forming part of, fixed or attached to the ground created, installed or provided by the Concessionaire and comprised in the Project , which in the reasonable judgment of the said Expert are capable of being put to use/utilized by the Authority and (b) the moveable assets which the Authority agrees to take over; LESS any amount due to the Authority from the Concessionaire under this Agreement and the insurance claims claimed or received. Upon termination of this Agreement due to (i) Authority Event of Default, the Authority shall return the Performance Security and refund the Security Deposit to the Preferred Bidder/Concessionaire; provided there are no outstanding claims of the Authority on the Preferred Bidder/Concessionaire. (b) Nothing herein shall prejudice the right of the Authority to recover from the Concessionaire any amounts due and payable to it by the Concessionaire hereunder. (c) Notwithstanding anything to the contrary contained in this Agreement, any Termination pursuant to the provisions of this Agreement shall be without prejudice to accrued rights of a Party, including its right to claim and recover money damages and other rights and remedies which it may have in law or contract. All rights and obligations of a Party under this Agreement, including without limitation termination payment, shall survive the termination of this Agreement to the extent such survival is necessary for giving effect to such rights and obligations.

Termination Due to Force Majeure Event. or an Event of Default (a) In the event of termination of this Agreement/Concession due to Force Majeure Event or an Event of Default, the Authority shall, upon transfer of the Project, Project Assets and the Site by the Concessionaire to the Authority or its nominated agency in accordance with the provisions hereof, pay to the Concessionaire the following termination payments: No termination payments shall be payable to the Concessionaire in the event of termination of this Agreement due to a Concessionaire concessionaire Event of Default or a Force Majeure Event. Upon termination of this Agreement due to: (1) a Concessionaire concessionaire Event of Default, Authority shall retain the Project Development Fee, Lease Rentals Security Deposit, and forfeit the Performance Security, as case may be, as damages; (2) a Force Majeure Event, the Authority shall retain the Project Development Fee, but return/refund the Security Deposit and the Bank Guarantee in lieu of Performance Security to the Concessionaire/Preferred BidderConcessionaire/; provided there are no outstanding claims of the Authority on the Preferred Selected Bidder/Concessionaire. Upon termination by the Concessionaire due to an a Authority Event of Default, compensation payable by the Authority to the Concessionaire shall be the amount determined as follows: The aggregate Depreciated Historic Cost (DHC), as determined by a third party Expert (appointed by mutual consent and who shall be in the position of an expert under the Arbitration and Conciliation Act, 1996), of (a) the tangible assets forming part of, fixed or attached to the ground created, installed or provided by the Concessionaire and comprised in the Project , which in the reasonable judgment of the said Expert are capable of being put to use/utilized by the Authority and (b) the moveable assets which the Authority agrees to take over; LESS any amount due to the Authority from the Concessionaire under this Agreement and the insurance claims claimed or received. Upon termination of this Agreement due to (i) Authority Event of Default, the Authority shall return the Performance Security Security, if in force and refund the Lease Rental Security Deposit to the Preferred Bidder/Concessionaire/Concessionaire; provided there are no outstanding claims of the Authority on the Preferred Bidder/Concessionaire/Concessionaire. (b) Nothing herein shall prejudice the right of the Authority to recover from the Concessionaire any amounts due and payable to it by the Concessionaire hereunder. (c) Notwithstanding anything to the contrary contained in this Agreement, any Termination pursuant to the provisions of this Agreement shall be without prejudice to accrued rights of a Party, including its right to claim and recover money damages and other rights and remedies which it may have in law or contract. All rights and obligations of a Party under this Agreement, including without limitation termination payment, shall survive the termination of this Agreement to the extent such survival is necessary for giving effect to such rights and obligations.

Termination Due to Force Majeure Event. or an Event of Default (a) In the event of termination of this Agreement/Concession due to Force Majeure Event or an Event of Default, the Grantor / Authority shall, upon transfer of the Project, Project Assets and the Site by the Concessionaire to the Grantor / Authority or its nominated agency in accordance with the provisions hereof, pay to the Concessionaire the following termination payments: : (i) No termination payments shall be payable to the Concessionaire in the event of termination of this Agreement due to a Concessionaire Event of Default or a Force Majeure Event. . (ii) Upon termination of this Agreement due to: (1) a Concessionaire Event of Default, Grantor / Authority shall retain the Project Development Fee, Advance Lease Rentals Security Depositamount , and forfeit the Performance Security, as case may be, as damages; (2) a Force Majeure Event, the Grantor / Authority shall retain the Project Development Fee, but return/refund the Security Deposit and the Bank Guarantee in lieu of Performance Security to the Concessionaire/Preferred Bidder; provided there are no outstanding claims of the Grantor / Authority on the Preferred Bidder/Concessionaire. . (iii) Upon termination by the Concessionaire due to an a Grantor / Authority Event of Default, compensation payable by the Grantor / Authority to the Concessionaire shall be the amount determined as follows: The aggregate Depreciated Historic Cost (DHC), as determined by a third party Expert (appointed by mutual consent and who shall be in the position of an expert under the Arbitration and Conciliation Act, 1996), of (a) the tangible assets forming part of, fixed or attached to the ground created, installed or provided by the Concessionaire and comprised in the Project , which in the reasonable judgment of the said Expert are capable of being put to use/utilized by the Grantor / Authority and (b) the moveable assets which the Grantor / Authority agrees to take over; LESS any amount due to the Grantor / Authority from the Concessionaire under this Agreement and the insurance claims claimed or received. . (iv) Upon termination of this Agreement due to (i) Grantor / Authority Event of Default, the Grantor / Authority shall return the Performance Security and refund the Security Deposit to the Preferred Bidder/Concessionaire; provided there are no outstanding claims of the Grantor / Authority on the Preferred Bidder/Concessionaire. (b) Nothing herein shall prejudice the right of the Grantor / Authority to recover from the Concessionaire any amounts due and payable to it by the Concessionaire hereunder. (c) Notwithstanding anything to the contrary contained in this Agreement, any Termination pursuant to the provisions of this Agreement shall be without prejudice to accrued rights of a Party, including its right to claim and recover money damages and other rights and remedies which it may have in law or contract. All rights and obligations of a Party under this Agreement, including without limitation termination payment, shall survive the termination of this Agreement to the extent such survival is necessary for giving effect to such rights and obligations.

Termination Due to Force Majeure Event. or an Event of Default (a) In the event of termination of this Agreement/Concession due to Force Majeure Event or an Event of Default, the Authority shall, upon transfer of the Project, Project Assets and the Site by the Concessionaire to the Authority or its nominated agency in accordance with the provisions hereof, pay to the Concessionaire the following termination payments: No termination payments shall be payable to the Concessionaire in the event of termination of this Agreement due to a Concessionaire concessionaire Event of Default or a Force Majeure Event. Upon termination of this Agreement due to: (1) a Concessionaire concessionaire Event of Default, Authority shall retain the Project Development Fee, Lease Rentals Security Deposit, and forfeit the Performance Security, as case may be, as damages; (2) a Force Majeure Event, the Authority shall retain the Project Development Fee, but return/refund the Security Deposit and the Bank Guarantee in lieu of Performance Security to the Concessionaire/Preferred Bidder; provided there are no outstanding claims of the Authority on the Preferred Bidder/Concessionaire. Upon termination by the Concessionaire due to an a Authority Event of Default, compensation payable by the Authority to the Concessionaire shall be the amount determined as follows: The aggregate Depreciated Historic Cost (DHC), as determined by a third party Expert (appointed by mutual consent and who shall be in the position of an expert under the Arbitration and Conciliation Act, 1996), of (a) the tangible assets forming part of, fixed or attached to the ground created, installed or provided by the Concessionaire and comprised in the Project , which in the reasonable judgment of the said Expert are capable of being put to use/utilized by the Authority and (b) the moveable assets which the Authority agrees to take over; LESS any amount due to the Authority from the Concessionaire under this Agreement and the insurance claims claimed or received. Upon termination of this Agreement due to (i) Authority Event of Default, the Authority shall return the Performance Security and refund the Security Deposit to the Preferred Bidder/Concessionaire; provided there are no outstanding claims of the Authority on the Preferred Bidder/Concessionaire. (b) Nothing herein shall prejudice the right of the Authority to recover from the Concessionaire any amounts due and payable to it by the Concessionaire hereunder. (c) Notwithstanding anything to the contrary contained in this Agreement, any Termination pursuant to the provisions of this Agreement shall be without prejudice to accrued rights of a Party, including its right to claim and recover money damages and other rights and remedies which it may have in law or contract. All rights and obligations of a Party under this Agreement, including without limitation termination payment, shall survive the termination of this Agreement to the extent such survival is necessary for giving effect to such rights and obligations.