Termination Payment for Force Majeure Events Sample Clauses

Termination Payment for Force Majeure Events. Upon Termination of this Agreement pursuant to Clause 18.8,Termination Payment of the Concessionaire shall be made in accordance with the following:
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Termination Payment for Force Majeure Events. Upon Termination of this Agreement pursuant to Clause 28.8, the Parties shall bear their respective costs and no Party shall be required to pay to the other Party any costs thereof.
Termination Payment for Force Majeure Events. Upon Termination of this Agreement pursuant to Article 15.7 hereinabove, Termination Payment to the Concessionaire shall be made in accordance with the following: (a) If the Termination is on account of a Non Political Event, the Concessionaire shall be entitled to receive from NGS / SMC by way of Termination Payment an amount equal to 90% of the Debt Due less pending insurance claims, if any. Provided that in the event such insurance claims or any part thereof are not admitted and paid, the Concessionaire shall be entitled to receive from NGS / SMC further sum equal to 90% of amount of such claims not admitted. (b) If the Termination is on account of an Indirect Political Event, the Concessionaire shall be entitled to receive from NGS / SMC by way of Termination Payment an amount equal to: (i) the total Debt Due, less pending Insurance claims, if any. Provided, however, that if any of such insurance claims are not admitted and paid, the Concessionaire shall be entitled to receive from NGS / SMC further sum equal to 80%(eighty percent) of such claims not admitted, plus (ii) 110% (one hundred ten percent) of the Equity subscribed in cash and actually spent on the Project if such Termination occurs at any time during three years commencing from the Commencement Date and for each successive year thereafter, such amount shall be adjusted every year to fully reflect the changes in WPI during such year, and the adjusted amount so arrived shall be reduced every year by 7.5%(seven and half percent) per annum. (c) If the Termination of this Agreement is on account of a Political Event, the Concessionaire shall be entitled to receive from NGS / SMC by way of Termination Payment an amount equal to:
Termination Payment for Force Majeure Events. 20.8.1 Upon termination of this Contract on account of Non-Political Force Majeure Event, the Operator shall be entitled to receive from the Authority: a. payment of [Grant and]66 Monthly Bonus due for the number of days the Bus Service has been provided by the Operator upto the date of termination, after deducting Penalties and Damages, if any; b. [90% of the Asset Transfer Value, and the Authority shall take possession of Buses, subject to the following: i. The Authority shall be under an obligation to take possession of the Buses that are less than [4 (four)] years of age and have plied upto 360,000 kms; ii. The Authority shall have an option to take possession of the Buses that are more than [4 (four)] years of age]67. c. The Performance Security of the Operator shall be released to the Operator. 20.8.2 If Termination is on account of a Political Force Majeure Event, a. the Authority shall make Termination Payment to the Operator in an amount that would be payable under Clause22.3.2 as if it were an Authority Event of Default; For the avoidance of doubt, no Termination Payment shall be payable to the Operator for termination of the Contract due to occurrence of any Force Majeure Event prior to the Effective Date. b. The Performance Security of the Operator shall be released to the Operator provided there are no outstanding dues of the Authority with the Operator
Termination Payment for Force Majeure Events. 20.8.1 Upon termination of this Contract on account of Non-Political Force Majeure Event, the Operator shall be entitled to receive from the Authority: a. payment of O&M Fee due for the number of days Bus Service has been provided by the Operator up to the date of termination, after deducting Penalties and Damages, if any;
Termination Payment for Force Majeure Events. Upon Termination of this Agreement pursuant to Article 15.4, no Party shall be entitled for any termination payments.
Termination Payment for Force Majeure Events. 20.8.1 Upon termination of this Contract on account of Non-Political Force Majeure Event, Operator shall be entitled to receive from the Authority: a. payment of Actual O&M Fee due for the number of days of Bus Service has been provided, by the Operator up to the date of termination, after deducting the Penalties and Damages, if any; b. [90% of the Asset Transfer Value and the Authority shall take possession of Buses, subject to the following: i. The Authority shall be under an obligation to take possession of the Buses that are less than [4 (four)] years of age and have plied up to 360,000 kms; ii. The Authority shall have an option to take possession of the Buses that are more than [4 (four)] years of age]59. c. The Performance Security of the Operator shall be released to the Operator provided there are no outstanding dues of the Authority with the Operator.
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Termination Payment for Force Majeure Events. 20.8.1 Upon termination of this Contract on account of Non-Political Force Majeure Event, the Operator shall be entitled to receive from the Authority:: a. [payment of Grant due for the number of days the Bus Service has been provided by the Operator up to the date of termination, after deducting Penalties and Damages, if any]23; b. The Performance Security of the Operator shall be released to the Operator provided there are no outstanding dues of the Authority with the Operator 20.8.2 If Termination is on account of a Political Force Majeure Event: a. The Authority shall make Termination Payment to the Operator in an amount that would be payable under Clause 22.3.2 as if it were an Authority Event of Default. For the avoidance of doubt, no Termination Payment shall be payable to the Operator for termination of the Contract due to occurrence of any Force Majeure Event prior to the Effective Date. b. The Performance Security of the Operator shall be released to the Operator provided there are no outstanding dues of the Authority with the Operator
Termination Payment for Force Majeure Events. Upon Termination of this Agreement pursuant to Clause 14.7 hereinabove, Termination Payment to the Concessionaire shall be made in accordance with the following: (a) If the Termination is on account of a Non Political Event, the Concessionaire shall be entitled to receive from DUSIB by way of Termination Payment an amount equal to 90% of the Total Balance Value of MTV less pending insurance claims, if any. Provided that in the event such insurance claims or any part thereof are not admitted and paid, the Concessionaire shall be entitled to receive from DUSIB further sum equal to 90% of amount of such claims not admitted. DUSIB shall release the Performance Security. (b) If the Termination is on account of an Indirect Political Event, the Concessionaire shall be entitled to receive from DUSIB by way of Termination Payment an amount equal to the Total Balance Value of MTV less pending Insurance claims, if any. Provided, however, that if any of such insurance claims are not admitted and paid, the Concessionaire shall be entitled to receive from DUSIB further sum equal to 80%(eighty percent) of such claims not admitted, and DUSIB shall release the Performance Security. (c) If the Termination of this Agreement is on account of a Political Event, the Concessionaire shall be entitled to receive from DUSIB by way of Termination Payment an amount equal to the Total Balance Value of MTV less pending insurance claims, if any, and DUSIB shall release the Performance Security.

Related to Termination Payment for Force Majeure Events

  • Termination Payment for Force Majeure Event 30.9.1 If Termination is on account of a Non-Political Event, the Authority shall make a Termination Payment to the Concessionaire in an amount equal to 55% (fifty five per cent) of the Debt Due less Insurance Cover. 30.9.2 If Termination is on account of an Indirect Political Event, the Authority shall make a Termination Payment to the Concessionaire in an amount equal to: (a) 55% of the Debt Due less Insurance Cover; provided that if any insurance claims forming part of the Insurance Cover are not admitted and paid, then 80% (eighty per cent) of such unpaid claims shall be included in the computation of Debt Due; (b) 60.5% (sixty point five per cent) of the Adjusted Equity; and 30.9.3 If Termination is on account of a Political Event, the Authority shall make a Termination Payment to the Concessionaire in an amount that would be payable under Clause 33.3.2 as if it were Authority’s Default.

  • Termination Notice for Force Majeure Event If a Force Majeure Event subsists for a period of 180 (one hundred and eighty) days or more within a continuous period of 365 (three hundred and sixty five) days, either Party may in its discretion terminate this Agreement by issuing a Termination Notice to the other Party without being liable in any manner whatsoever, save as provided in this Article 34, and upon issue of such Termination Notice, this Agreement shall, notwithstanding anything to the contrary contained herein, stand terminated forthwith; provided that before issuing such Termination Notice, the Party intending to issue the Termination Notice shall inform the other Party of such intention and grant 15 (fifteen) days time to make a representation, and may after the expiry of such 15 (fifteen) days period, whether or not it is in receipt of such representation, in its sole discretion issue the Termination Notice.

  • Termination for Force Majeure 15.5.1. The License Agreement may be terminated for Force Majeure Reasons as specified in Article -14.

  • Termination for continuing Force Majeure Event Either Party may, by written notice to the other, terminate this Framework Agreement if a Force Majeure Event endures for a continuous period of more than one hundred and twenty (120) Working Days.

  • Termination Due to Force Majeure Event If the period of Force Majeure continues or is in the reasonable judgment of the Parties likely to continue beyond a period of 120 (one hundred and twenty) Days, the Parties may mutually decide to terminate this Agreement or continue this Agreement on mutually agreed revised terms. If the Parties are unable to reach an agreement in this regard, the Affected Party shall after the expiry of the said period of 120 (one hundred and twenty ) Days be entitled to terminate the Agreement in which event, the provisions of Articles 16 and 17 shall, to the extent expressly made applicable, apply.

  • Termination due to Force Majeure 13.5.1 If the Force Majeure Event or its effects continue to be present beyond the period as specified in Article 4.5.3, either Party shall have the right to cause termination of the Agreement. In such an event, this Agreement shall terminate on the date of such Termination Notice.

  • Reporting of Non-Force Majeure Events Each Party (the “Notifying Party”) shall notify the other Parties when the Notifying Party becomes aware of its inability to comply with the provisions of this Agreement for a reason other than a Force Majeure event. The Parties agree to cooperate with each other and provide necessary information regarding such inability to comply, including the date, duration, reason for the inability to comply, and corrective actions taken or planned to be taken with respect to such inability to comply. Notwithstanding the foregoing, notification, cooperation or information provided under this Article shall not entitle the Party receiving such notification to allege a cause for anticipatory breach of this Agreement.

  • SAVINGS/FORCE MAJEURE A Force Majeure occurrence is an event or effect that cannot be reasonably anticipated or controlled and is not due to the negligence or willful misconduct of the affected party. Force Majeure includes, but is not limited to, acts of God, acts of war, acts of public enemies, terrorism, strikes, fires, explosions, actions of the elements, floods, or other similar causes beyond the control of the Contractor or the Commissioner in the performance of the Contract where non- performance, by exercise of reasonable diligence, cannot be prevented. The affected party shall provide the other party with written notice of any Force Majeure occurrence as soon as the delay is known and provide the other party with a written contingency plan to address the Force Majeure occurrence, including, but not limited to, specificity on quantities of materials, tooling, people, and other resources that will need to be redirected to another facility and the process of redirecting them. Furthermore, the affected party shall use its commercially reasonable efforts to resume proper performance within an appropriate period of time. Notwithstanding the foregoing, if the Force Majeure condition continues beyond thirty (30) days, the Parties shall jointly decide on an appropriate course of action that will permit fulfillment of the Parties’ objectives hereunder. The Contractor agrees that in the event of a delay or failure of performance by the Contractor, under the Contract due to a Force Majeure occurrence: a. The Commissioner may purchase from other sources (without recourse to and by the Contractor for the costs and expenses thereof) to replace all or part of the Products which are the subject of the delay, which purchases may be deducted from the Contract quantities without penalty or liability to the State, or b. The Contractor will make commercially reasonable efforts to provide Authorized Users with access to Products first in order to fulfill orders placed before the Force Majeure event occurred. The Commissioner agrees that Authorized Users shall accept allocated performance or deliveries during the occurrence of the Force Majeure event. Neither the Contractor nor the Commissioner shall be liable to the other for any delay in or failure of performance under the Contract due to a Force Majeure occurrence. Any such delay in or failure of performance shall not constitute default or give rise to any liability for damages. The existence of such causes of such delay or failure shall extend the period for performance to such extent as determined by the Contractor and the Commissioner to be necessary to enable complete performance by the Contractor if reasonable diligence is exercised after the cause of delay or failure has been removed. Notwithstanding the above, at the discretion of the Commissioner where the delay or failure will significantly impair the value of the Contract to the State or to Authorized Users, the Commissioner may terminate the Contract or the portion thereof which is subject to delays, and thereby discharge any unexecuted portion of the Contract or the relative part thereof. In addition, the Commissioner reserves the right, in his/her sole discretion, to make an equitable adjustment in the Contract terms and/or pricing should extreme and unforeseen volatility in the marketplace affect pricing or the availability of supply. "Extreme and unforeseen volatility in the marketplace" is defined as market circumstances which meet the following criteria: (i) the volatility is due to causes outside the control of Contractor; (ii) the volatility affects the marketplace or industry, not just the particular Contract source of supply; (iii) the effect on pricing or availability of supply is substantial; and (iv) the volatility so affects Contractor's performance that continued performance of the Contract would result in a substantial loss. Failure of the Contractor to agree to any adjustment shall be a dispute under the Disputes clause; provided however, that nothing in this clause shall excuse the Contractor from performing in accordance with the Contract as changed.

  • Force Majeure Events a) Neither Party shall be responsible or liable for or deemed in breach hereof because of any delay or failure in the performance of its obligations hereunder (except for obligations to pay money due prior to occurrence of Force Majeure events under this Agreement) or failure to meet milestone dates due to any event or circumstance (a "Force Majeure Event") beyond the reasonable control of the Party experiencing such delay or failure, including the occurrence of any of the following: i) acts of God; ii) typhoons, floods, lightning, cyclone, hurricane, drought, famine, epidemic, plague or other natural calamities; iii) acts of war (whether declared or undeclared), invasion or civil unrest; iv) any requirement, action or omission to act pursuant to any judgment or order of any court or judicial authority in India (provided such requirement, action or omission to act is not due to the breach by the SPG or of any Law or any of their respective obligations under this Agreement); v) inability despite complying with all legal requirements to obtain, renew or maintain required licenses or Legal Approvals; vi) earthquakes, explosions, accidents, landslides; fire; vii) expropriation and/or compulsory acquisition of the Project in whole or in part by Government Instrumentality; viii) chemical or radioactive contamination or ionizing radiation; or ix) damage to or breakdown of transmission facilities of GETCO/ DISCOMs; x) Exceptionally adverse weather condition which are in excess of the statistical measure of the last hundred (100) years.

  • Available Relief for a Force Majeure Event 11.7.1 Subject to this Article 11: (a) no Party shall be in breach of its obligations pursuant to this Agreement except to the extent that the performance of its obligations was prevented, hindered or delayed due to a Force Majeure Event; (b) every Party shall be entitled to claim relief in relation to a Force Majeure Event in regard to its obligations, including but not limited to those specified under Article 4.5; (c) For avoidance of doubt, neither Party’s obligation to make payments of money due and payable prior to occurrence of Force Majeure events under this Agreement shall be suspended or excused due to the occurrence of a Force Majeure Event in respect of such Party. (d) Provided that no payments shall be made by either Party affected by a Force Majeure Event for the period of such event on account of its inability to perform its obligations due to such Force Majeure Event.

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