Common use of Deemed Termination upon delay Clause in Contracts

Deemed Termination upon delay. 4.2.1 In the event that (i) the Licensee does not procure fulfilment of any or all of the Conditions Precedent set forth in Clause 4.1.3 within a period of 180 (one hundred and eighty) days from the Effective Date, and (ii) the delay has not occurred as a result of failure to fulfil the obligations under Clause 4.1.3 or other breach of this Agreement by the Licensor, or due to Force Majeure, the Licensee shall pay to the Licensor Damages in an amount calculated at the rate of 0.2% (zero point two per cent) of the Performance Security for each day’s delay until the fulfilment of such Conditions Precedent, subject to a maximum amount equal to 20% (twenty percent) of the Performance Security, and upon reaching such maximum, the Licensor may, in its sole discretion, terminate the Agreement.

Deemed Termination upon delay. 4.2.1 In the event that (i) the Licensee Concessionaire does not procure fulfilment of any or all of the Conditions Precedent set forth in Clause 4.1.3 within a period of 180 (one hundred and eighty) days from the Effective Date, and (ii) the delay has not occurred as a result of failure to fulfil the obligations under Clause 4.1.3 or other breach of this Agreement by the LicensorAuthority, or due to Force Majeure, the Licensee Concessionaire shall pay to the Licensor Authority Damages in an amount calculated at the rate of 0.2% (zero point two per cent) of the Performance Security for each day’s delay until the fulfilment of such Conditions Precedent, subject to a maximum amount equal to 20% (twenty percent) of the Performance Security, and upon reaching such maximum, the Licensor Authority may, in its sole discretion, terminate the Agreement.