Common use of Minimum Development Obligations Clause in Contracts

Minimum Development Obligations. 6.2.1 The Developer shall be obliged to complete the construction of the Minimum Development Obligations in accordance with this Agreement, including without limitation, the Technical Specifications, Approved Drawings and Plan, and Applicable Permits, within 8 (eight) years from Commercial Operations Date of the Minimum Facilities (“Scheduled Construction Period-MDO”). 6.2.2 In the event that the Developer does not achieve the Completion of the Minimum Development Obligations prior to expiry of the Scheduled Construction Period- MDO unless the delay is on account of reasons solely attributable to the Mandi Board or due to Force Majeure, otherwise the Developer shall pay damages to the Mandi Board of a sum calculated at the rate of Rs. 40,000 for delay of each day until Completion of Minimum Development Obligation is achieved. 6.2.3 In the event that the Minimum Development Obligations are not completed within 360 days from the expiry of the Scheduled Construction Period-MDO, unless the delay is on account of reasons solely attributable to the Mandi Board or due to Force Majeure, otherwise the Mandi Board shall be entitled to terminate this Agreement.

Minimum Development Obligations. ‌ 6.2.1 The Developer shall be obliged to complete the construction of the Minimum Development Obligations in accordance with this Agreement, including without limitation, the Technical Specifications, Approved Drawings and Plan, and Applicable Permits, within 8 2 (eighttwo) years from prior to the Commercial Operations Date of the Minimum Facilities (“Scheduled Construction Period-MDO”). 6.2.2 In the event that the Developer does not achieve the Completion of the Minimum Development Obligations prior to expiry of the Scheduled Construction Period- Period-MDO unless the delay is on account of reasons solely attributable to the Mandi Board ******* or due to Force Majeure, otherwise the Developer shall pay damages to the Mandi Board **** of a sum calculated at the rate of Rs. 40,000 61644.00 for delay of each day until Completion of Minimum Development Obligation is achieved. 6.2.3 In the event that the Minimum Development Obligations are not completed within 360 days from the expiry of the Scheduled Construction Period-MDO, unless the delay is on account of reasons solely attributable to the Mandi Board ******or due to Force Majeure, otherwise the Mandi Board ****** shall be entitled to terminate this Agreement.