Examples of Letter of Commencement in a sentence
The bank guarantee towards Performance Security provided prior to the Letter of Commencement shall have a validity of not less than 36 (thirty six) month.
On receipt of the Letter of Commencement from the Authority and on and after the Commencement Date, the Concessionaire shall commence Construction Work for the Silo Complex as per the Construction Plan and in conformity with the Standards and Specifications and the Applicable Permits procured.
In case of termination of this Agreement by the Concessionaire for an Authority Default pursuant to Clause 21.2.1 any time after the issue of Letter of Commencement, the Authority shall in addition to the payment in the above Clause 21.3.1, pay the Concessionaire 150% of Adjusted Equity or 150% of Equity, whichever is lower.
To this effect, the Concessionaire would submit an undertaking on Non-Judicial Stamp paper duly notarized for the purpose of issue of Letter of Commencement (LOC).
After the Commencement Date, the Landlord shall send the Tenant a Letter of Commencement, identifying both the Commencement Date, and the Termination Date of this Agreement.