Common use of Reduction in Scope of the Project Clause in Contracts

Reduction in Scope of the Project. 16.6.1 If the Concessionaire shall have failed to complete any Construction Works on account of Force Majeure or for reasons solely attributable to MPRDC, MPRDC may, in its discretion, require the Concessionaire to pay 80% (eighty per cent) of the sum saved therefrom, and upon such payment to MPRDC, the obligations of the Concessionaire in respect of such works shall be deemed to have been fulfilled. For the avoidance of doubt, it is agreed that in the event such reduction in Scope of the Project causes or will cause a reduction in net after-tax return of the Concessionaire, the Parties shall meet, as soon as reasonably practical, and agree on a full or partial waiver of the aforesaid payment of 80% (eighty per cent) so as to place the Concessionaire in the same financial position as it would have enjoyed had there been no reduction in Scope of the Project. It is further agreed that the liability of MPRDC under this Clause 16.6 shall not extend beyond waiver of the aforesaid 80% (eighty per cent). It is also agreed that in the event of a dispute, the Dispute Resolution Procedure shall apply.

Reduction in Scope of the Project. 16.6.1 If the Concessionaire shall have failed to complete any Construction Works Work on account of Force Majeure or for reasons solely attributable to MPRDCthe MOPIT, MPRDC the MOPIT may, in its discretion, require the Concessionaire to pay 80% (eighty per centpercent) of the sum saved therefrom, and upon such payment to MPRDCthe MOPIT, the obligations of the Concessionaire in respect of such works shall be deemed to have been fulfilled. For the avoidance of doubt, it is agreed that in the event of such reduction in Scope of the Project causes or will cause a reduction in net after-tax return of the Concessionaire, the Parties shall meet, as soon as reasonably practical, and agree on a full or and partial waiver of the aforesaid payment of 80% (eighty per cent) so as to place the Concessionaire in the same financial position as it would have enjoyed had there been no reduction in Scope of the Project. It is further agreed that the liability of MPRDC the MOPIT under this Clause 16.6 shall not extend beyond waiver of the aforesaid 80% (eighty per cent). It is also agreed that in the event of a dispute, the Dispute Resolution Procedure shall apply.

Reduction in Scope of the Project. 16.6.1 If the Concessionaire shall have failed to complete any Construction Works on account of Force Majeure or for reasons solely attributable to the MPRDC, MPRDC may, in its discretion, require the Concessionaire to pay 80% (eighty per cent) of the sum saved therefrom, and upon such payment to MPRDCthe MPRDC , the obligations of the Concessionaire in respect of such works shall be deemed to have been fulfilled. For the avoidance of doubt, it is agreed that in the event such reduction in Scope of the Project causes or will cause a reduction in net after-tax return of the Concessionaire, the Parties shall meet, as soon as reasonably practical, and agree on a full or partial waiver of the aforesaid payment of 80% (eighty per cent) so as to place the Concessionaire in the same financial position as it would have enjoyed had there been no reduction in Scope of the Project. It is further agreed that the liability of the MPRDC under this Clause 16.6 shall not extend beyond waiver of the aforesaid 80% (eighty per cent). It is also agreed that in the event of a dispute, the Dispute Resolution Procedure shall apply.

Reduction in Scope of the Project. 16.6.1 If the Concessionaire of the entity appointed by the Concessionaire shall have failed to complete any Construction Works construction works on account of Force Majeure or for reasons solely attributable to MPRDCthe Authority, MPRDC the Authority may, in its discretion, require the Concessionaire to pay 80% (eighty per centpercent) of the sum saved therefrom, and upon such payment to MPRDCthe Authority, the obligations of the Concessionaire in respect of such works shall be deemed to have been fulfilled. For the avoidance of doubt, it is agreed that in the event such reduction in Scope of the Project causes or will cause a reduction in the net after-tax return of the Concessionaire, the Parties shall meet, as soon as reasonably practical, and agree on a full or partial waiver of the aforesaid payment of 80% (eighty per cent) so as to place the Concessionaire in the same financial position as it would have enjoyed had there been no reduction in Scope of the Project. It is further agreed that the liability of MPRDC the Authority under this Clause 16.6 21.6 shall not extend beyond waiver of the aforesaid 80% (eighty per cent). It is also agreed that in the event of a dispute, the Dispute Resolution Procedure shall apply.

Reduction in Scope of the Project. 16.6.1 If the Concessionaire shall have failed to complete any Construction Constmction Works on account of Force Majeure or for reasons solely attributable to MPRDCthe Authority, MPRDC the Authority may, in its discretion, require the Concessionaire to pay 8080 % (eighty per cent) of the sum saved therefrom, and upon such payment to MPRDCthe Authority, the obligations of the Concessionaire in respect of such works shall be deemed to have been fulfilled. For the avoidance of doubt, it is agreed that in the event such reduction in Scope of the Project causes or will cause a reduction in net after-tax return of the Concessionaire, the Parties shall meet, as soon as reasonably practical, and agree on a full mil or partial waiver of the aforesaid payment of 8080 % (eighty per cent) so as to place the Concessionaire in the same financial position as it would have enjoyed had there been no reduction in Scope of the Project. It is further agreed that the liability of MPRDC the Authority under this Clause 16.6 shall not extend beyond waiver of the aforesaid 8080 % (eighty per cent). It is also agreed that in the event of a dispute, the Dispute Resolution Procedure shall apply.

Reduction in Scope of the Project. 16.6.1 If 14. 6. 1 I f the Concessionaire shall have failed to t o complete any Construction Works on account of Force Majeure or for reasons solely attributable to MPRDCthe Government, MPRDC the Government may, in its discretion, require the Concessionaire to pay 80% (eighty per centpercent) of the sum saved therefrom, and upon such payment to MPRDCthe Government, the obligations of the Concessionaire in respect of such works shall be deemed to have been fulfilled. For the avoidance of doubt, it is agreed that in the event such reduction in Scope of the Project causes or will cause a reduction in net after-tax return of the Concessionaire, the Parties shall meet, as soon as reasonably practical, and agree on a full or partial waiver of the aforesaid payment of 80% (eighty per cent) so as to place the Concessionaire in the same financial f inancial position as it would have enjoyed had there been no reduction in Scope of the Project. It I t is further agreed that the liability of MPRDC the Government under this Clause 16.6 14.6 shall not extend beyond waiver of the aforesaid 80% (( eighty per cent). It I t is also agreed that in the event of a dispute, the Dispute Resolution Procedure shall apply.