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:

Compensation Event means any of the following:

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;

Examples of Compensation Event in a sentence

• The Engineer shall decide whether and by how much time to extend the Intended Completion Date within 21 days of the Contractor asking the Engineer for a decision upon the effect of a Compensation Event or Variation and submitting full supporting information.

• If a Compensation Event would prevent the Works being completed before the Intended Completion Date, the Intended Completion Date shall be extended.

• Compensation And Relief events41 Subject to Clause 12.5, to the extent that either Party is impaired or prevented from performing any of its obligations under this Agreement due to a Compensation Event, such affected Party (“the claiming party”) shall be entitled to: relief from its obligations under this Agreement; a fair and reasonable extension of time; and payment of reasonable additional costs incurred; except to the extent caused or contributed to by the affected Party, its agents or contractors.

• The Engineer shall extend the Intended Completion Date only after the approval of NHIDCL if a Compensation Event occurs or a Variation is issued which makes it impossible for Completion to be achieved by the Intended Completion Date without the Contractor taking steps to accelerate the remaining Works, which would cause the Contractor to incur additional cost.

• Each of the Parties shall use reasonable efforts to mitigate the impact of a Compensation Event and to remedy its inability to perform.

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 means the Concessionaire’s compliance with or the implementation of any 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 requires the payment of Concession Compensation.

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

Compensation Event. COMPLETION CERTIFICATE"; "CONFIDENTIAL INFORMATION"; "DELAY EVENT"; "DEPARTMENT'S CHANGE IN SPECIFICATION"; "DEPARTMENT'S WORKS CHANGE"; "DESIGN DATA"; "ELIGIBLE CHANGE"; "GOOD INDUSTRY PRACTICE"; "IMPROVEMENT"; "LATENT DEFECTS"; "LEASE"; "NEW ROAD"; "PENALTY POINTS"; "PROJECT ROAD"; "RETENTION ACCOUNT"; "SAFETY IMPROVEMENT"; "SECTION"; "SITE"; "SUBSEQUENT SCHEME"; "TERMINATION ACCOUNTS"; "TERMINATION DATE"; "TERMINATION EVENT"; "TRAFFIC DATA"; "WARNING NOTICE"; "WORKS"; AND "WORKS PROGRAMME".

Compensation Event any Abuse by an NUD Employee that is not covered by the Insurance, provided that the the Private Party shall have procured all the Insurances and shall not be in breach of any provisions of such Insurance, other than as result of breach by theNDoT/NUD;

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