Common use of Delay in Commencement of Project Clause in Contracts

Delay in Commencement of Project. i. The Licensee shall develop the project as per project development milestone set out in Article 2.8. ii. Where the Licensee does not obtain the permission of development and/or building construction as the case may be within the time specified by the Authority, the extension in time to commence the development/construction may be granted by the Chief Executive Officer, NRANVP, on payment of surcharge by the Licensee. iii. Where the Licensee does not obtain permission of development and/or building construction as set out in this Agreement, the extension in time to commence the development and/or construction may be granted by the CEO, NRANVP subject to payment of surcharge by the Licensee as per the provision of the ''Chhattisgarh ▇▇▇▇▇▇▇ Kshetra (▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ka Vyayan) Niyam, 2008" which is subject to revision by Authority from time to time. The present provision is as follows : — Block of time Extension Period of Extension Amount of surcharge as Percent of the Land premium First Twelve months or part thereof Twenty Second Twelve months or part thereof after the First extension of time Twenty-five Third Twelve months or part thereof after the Second extension of time Thirty Fourth Twelve months or part thereof after the Third extension of time Thirty-Five Fifth Twelve months or part thereof after the Fourth extension of time Forty Provided that the extension in time shall be granted for Twelve months or its part only at one time and such extension shall be granted maximum for five years, failure to commence the development and/or construction even after the extension provided by Authority under this Article shall lead to termination of License Agreement.

Delay in Commencement of Project. i. The Licensee shall develop the project as per project development milestone set out in Article clause 2.8. ii. Where the Licensee does not obtain the permission of development and/or building construction as the case may be within the time specified by the Authority, the extension in time to commence the development/construction may be granted by the Chief Executive Officer, NRANVP, on payment of surcharge by the Licensee. iii. Where the Licensee does not obtain permission of development and/or building construction as set out in this Agreement, the extension in time to commence the development and/or construction may be granted by the CEO, NRANVP subject to payment of surcharge by the Licensee as per the provision of the ''Chhattisgarh ▇▇▇▇▇▇▇ Kshetra (▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ka Vyayan) Niyam, 2008" which is subject to revision by Authority from time to time. The present provision is as follows : — Block of time Extension Timeline Period of Extension Amount of surcharge as Percent as% of the Land premium accepted land Premium INR per Sqm First Twelve months Months or part parts thereof Twenty 20% Second Twelve months Months or part parts thereof after the First first extension of time Twenty-five 25% Third Twelve months Months or part parts thereof after the Second second extension of time Thirty 30% Fourth Twelve months Months or part parts thereof after the Third third extension of time Thirty-Five 35% Fifth Twelve months Months or part parts thereof after the Fourth fourth extension of time Forty 40% Provided that the extension in time shall be granted for Twelve months or its part only at one time and such extension shall be granted maximum for five years, failure to commence the development and/or construction even after the extension provided by Authority under this Article clause shall lead to termination of License Agreement.