Common use of Additional Concession Fee Clause in Contracts

Additional Concession Fee. 26.2.1 Without prejudice to the provisions of Clause 26.1, the Concessionaire agrees to pay to the Authority immediately after the first (1st) anniversary of Project Completion Date , a premium (the “Premium”) in the form of an additional Concession Fee for every year of the remaining Concession Period, to be calculated on total Realisable Fee in the manner stated in this clause. The Premium to be paid for the 2nd year after Project Completion Date shall equal to …… (…. per cent) of the total Realisable Fee during that year. For all subsequent years, the Premium shall be determined on the total Realisable Fee in the respective year at the percentage to be arrived at by increasing the percentage of Premium by an additional 1% (one percent) as compared to the immediately preceding year. For the avoidance of doubt, and by way of illustration, if the Premium for the 1st year after Project Completion Date is 3.5% (three point five per cent) of the total Realizable Fee in that year, then the premium for the 2nd year shall be equal to 4.5% (four point five per cent) of the total Realisable Fee for that year. 26.2.2 The Premium payable under Clause 26.2.1 shall be deemed to be part of the Concession Fee for the purposes of this Agreement.