Common use of Verification of Realisable Fee Clause in Contracts

Verification of Realisable Fee. 26.5.1 The Authority may, in order to satisfy itself that the Concessionaire is reporting its Realisable Fee honestly and faithfully, depute its representatives to the Port and the offices of the Concessionaire, and undertake such other measures and actions as it may deem necessary, to ascertain the actual Fee revenues. For the avoidance of doubt, the scope of this Clause 26.5.1 may include detection of diversion, if any, of the Concessionaire’s revenues to any Associate or other person and/ or any other act or omission which may result in concealing or understating such revenues. 26.5.2 If the verification of Fee revenues pursuant to this Clause 26.5 demonstrates that the Realisable Fee is more than the amount reported by the Concessionaire, and if the Average Daily Fee revenue determined under this Clause 26.5 exceeds the average daily Realisable Fee reported by the Concessionaire during the preceding month by 1% (one per cent) thereof, the difference between such Fee revenue and Realisable Fee shall be multiplied by 180 (one hundred and eighty) and the product thereof shall be paid as Damages by the Concessionaire to the Authority, and in the event of any Dispute relating to Damages, the Dispute Resolution Procedure shall apply. For the avoidance of doubt, it is agreed that seasonal variations in traffic volume shall be determined by the Independent Engineer on the basis of past trends and other relevant information, and due weightage shall be assigned to such variations in computing the Realisable Fee under this Clause 26.5.2.

Verification of Realisable Fee. $ In the event of the Concessionaire seeking a Grant under Clause 25.1 of this Agreement, Clauses 26.2 to 26.5 shall be omitted. 26.5.1 The Authority may, in order to satisfy itself that the Concessionaire is reporting its Realisable Fee honestly and faithfully, depute its representatives to the Port Toll Plazas and the offices of the Concessionaire, and undertake such other measures and actions as it may deem necessary, to ascertain the actual Fee revenues. For the avoidance of doubt, the scope of this Clause 26.5.1 may include detection of diversion, if any, of the Concessionaire’s revenues to any Associate or other person and/ or any other act or omission which may result in concealing or understating such revenues. 26.5.2 If the verification of Fee revenues pursuant to this Clause 26.5 demonstrates The Parties hereto agree that the Realisable Fee is more than the amount reported by the Concessionaire, and if the Average Daily average daily Fee revenue determined under this Clause 26.5 26.5.2 exceeds the average daily Realisable Fee reported by the Concessionaire during the preceding month by 1% (one per centpercent) thereof, the difference between such Fee revenue and Realisable Fee shall be multiplied by 180 (one hundred and eighty) and the product thereof shall be paid as Damages by the Concessionaire to the Authority, and in the event of any Dispute relating to Damagesthe traffic sampling, the Dispute Resolution Procedure shall apply. For the avoidance of doubt, it is agreed that seasonal variations in traffic volume shall be determined by the Independent Engineer on the basis of past trends and other relevant information, and due weightage shall be assigned to such variations in computing the Realisable Fee under this Clause 26.5.2.

Verification of Realisable Fee. 26.5.1 27.4.1 The Authority may, in order to satisfy itself that the Concessionaire is reporting its Realisable Fee honestly and faithfully, depute its representatives to the Port Stations, centralised controls of automatic Fee collection system and the its offices of the Concessionaireconcessionaire , and undertake such other measures and actions as it may deem necessary, to ascertain the actual revenues from Fee. £ Where the successful bidder has sought a Grant or has not offered any Premium, payment of additional Concession Fee revenuesshall commence from the 20th (twentieth) year of the Concession Period and the Premium in that year shall be 1% of the total Realisable Fee. Annual increase thereafter shall be in accordance with the provisions of Clause 30.2.1. $ In case no Grant is sought by the bidder, it may offer a Premium and specify the reference date for computation and commencement of its payment, subject always to a ceiling of 20% (twenty per cent) of the Total Realisable Fee. For the avoidance of doubt, the scope rate of this Clause 26.5.1 may include detection Premium payable by the successful bidder and the date of diversion, if any, commencement thereof shall be determined by inviting bids with reference to the number of days before/after the COD. In the event of the Concessionaire’s revenues bidder specifying a date prior to any Associate or other person and/ or any other act or omission which may result COD for giving effect to a Premium greater than 1% (as specified in concealing or understating the curly parenthesis), such revenueshigher Premium shall be payable from COD and shall be increased annually in accordance with the provisions of Clause 30.2.1. 26.5.2 27.2.2 If the verification of Fee revenues pursuant to this Clause 26.5 27.4 demonstrates that the Realisable Fee is more than the amount reported by the Concessionaire, and the Authority shall, for the purpose of determining the Fee revenues, be entitled to undertake traffic sampling for a continuous period of 7 (seven) days in accordance with Clause 23.3. The Parties hereto agree that if the Average Daily Fee revenue determined under this Clause 26.5 28.4.2 exceeds the average daily Realisable Fee reported by the Concessionaire during the preceding month by 1% (one per centpercent) thereof, the difference between such Fee revenue and Realisable Fee shall be multiplied by 180 (one hundred and eighty) and the product thereof shall be paid as Damages by the Concessionaire to the Authority, and in the event of any Dispute relating to Damagesthe traffic sampling, the Dispute Resolution Procedure shall apply. For the avoidance of doubt, it is agreed that seasonal variations in traffic volume shall be determined by the Independent Engineer on the basis of past trends and other relevant information, and due weightage shall be assigned to such variations in computing the Realisable Fee payable under this Clause 26.5.228.4.2.