Compensation Event definition

Compensation Event means any of the following events or circumstances if and to the extent that it interferes adversely with, or causes a failure of, the carrying out of the Design, the Construction or the Services, causes an Unavailability Event or causes Direct Losses to Project Co or any Project Co Person:

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Compensation Event means any material breach by the Buyer of any of its obligations under this Agreement including any failure to make any payments due and payable to the Seller on the due date for payment, to the extent in each case that the breach is not caused or contributed to by the Seller or any Contractor or by Force Majeure, a System Event or Unforeseeable Conduct;

Compensation Event means any of the following:

Examples of Compensation Event in a sentence

• If possession of a part is not given by the date stated in the Contract Data the Employer is deemed to have delayed the start of the relevant activities and this will be Compensation Event.

• If approval is subject to the sole, absolute or unfettered discretion of TxDOT, then its decision shall be final, binding and not subject to dispute resolution, and such decision shall not constitute a TxDOT-Caused Delay, TxDOT Change, Relief Event, Compensation Event or other basis for any Claim.

• If possession of a part is not given by the date stated in the Special Conditions of Contract, the Employer will be deemed to have delayed the start of the relevant activities, and this will be a Compensation Event.

• Developer shall have no claim for a Relief Event or Compensation Event by reason of TxDOT’s grant of access permits, the terms and conditions thereof, or the actions of permit holders or their employees, agents, representatives and invitees.

• In all other cases, any actions of the Authority under Sections 11.1 and 11.2 will constitute a Compensation Event.

More Definitions of Compensation Event

Compensation Event has the meaning given in Clause 29.10;

Compensation Event means any event referred to in Sections 22.1(a)(i), 22.1(a)(ii), 22.1(a)(iii), 22.1(a)(iv), 22.1(a)(v), 22.1(a)(vi) and 22.1(a)(vii), as a direct result of which Project Co has incurred loss or expense.

Compensation Event any breach by TNPA of any of its obligations under this Agreement (save for any breach that constitutes TNPA default), to the extent in each case that the breach is not caused or contributed to by the Facility Operator or any of its Subcontractors, and any other event that is designated in this Agreement to be dealt with in accordance with clause 40 (Consequences of a Compensation Event);

Compensation Event means any of the following events or circumstances:

Compensation Event shall have the meaning provided in Section 2(c)(i).

Compensation Event has the meaning ascribed thereto in the definition of “Leasehold Compensation” below.

Compensation Event means the Concessionaire’s compliance with or the implementation of any City Directive or any modified or changed Operating Standard subject to Section 6.3(b), the occurrence of an Adverse Action or the occurrence of any other event that under the terms of this Agreement explicitly requires the payment of Concession Compensation, including under Section 3.12(c), Section 6.3(b), Section 7.1 and Section 7.6.