Termination Payment for Concessionaire Event of Default Sample Clauses
The 'Termination Payment for Concessionaire Event of Default' clause defines the financial compensation owed to the concessionaire if the contract is terminated due to the concessionaire's default. Typically, this clause outlines the calculation method for the termination payment, which may be based on the value of completed works, outstanding debts, or other agreed metrics, and often excludes compensation for lost profits. Its core function is to provide a clear and fair mechanism for settling financial obligations upon early termination, thereby reducing disputes and ensuring predictability for both parties.
Termination Payment for Concessionaire Event of Default. (a.) Upon Termination of this Agreement on account of Concessionaire Event of Default before COD, no Termination Payment shall be made to the Concessionaire and the Authority shall be entitled to forfeit the Performance Security of the Concessionaire;
(b.) Upon Termination of this Agreement on account of Concessionaire Event of Default after COD, the Authority shall be entitled to forfeit the Performance Security of the Concessionaire and pay Termination Payment to the Concessionaire as specified below: An amount equal to 90% of Debt Due less Insurance cover; provided that if any insurance claims forming part of the Insurance cover are not admitted and paid, then 80% of s u ch unpaid claims shall be included in the computation of Debt Due.
Termination Payment for Concessionaire Event of Default i. Upon termination of this Agreement on account of a Concessionaire/Agency Event of Default before COD of Processing Plant,
a. Upon termination of this Agreement on account of a Concessionaire/Agency Event of Default before COD of Processing Plant, the Authority shall be entitled to terminate this Concession Agreement and Lead Authority shall encash & forfeit the Performance Security of the Concessionaire/Agency. In such event, the Concessionaire/Agency shall only be entitled to the payments unpaid and due Tipping Fee for C&T & Reimbursement Fee for development of Allied Infrastructure on proportionate basis due for the Work done till the Termination Date.
b. For the avoidance of doubt, the Concessionaire hereby acknowledges that no Termination Payment shall be due or payable on account of a Concessionaire Default for the development of the Project Facilities occurring prior to COD, save and except as provided below.
4.7 i. a. shall, to the extent applicable to Debt Due, apply in respect of the expenditure exceeding such 40% (forty per cent). For the avoidance of doubt and by way of illustration, the Parties agree that if the total expenditure incurred prior to Termination is 90% (ninety per cent) of the capital expenditure for the development of the Project Facilities as determined under Article 13.4.8, the expenditure eligible for computation of Termination Payment hereunder shall be 50% (fifty per cent) of the of the capital expenditure for the development of the Project Facilities as determined as per Article 13.4.8 and the Termination Payment due and payable in such event shall not exceed 45% (forty five per cent) of the capital expenditure for the development of the Project Facilities as determined under Clause Article
Termination Payment for Concessionaire Event of Default. (i) Upon Termination of this Agreement on account of Concessionaire Event of Default before COD, no Termination Payment shall be made to the Concessionaire and the AMC shall be entitled to forfeit the Performance Security of the Concessionaire.
(ii) Upon Termination of this Agreement on account of Concessionaire Event of Default after COD, the AMC shall be entitled to forfeit the Performance Security of the Concessionaire.