Common use of Additional Terms for Events of Default and Consequences Clause in Contracts

Additional Terms for Events of Default and Consequences. i) The parties agree and acknowledge that in addition to the interest as provided in Clause 9.3 (i), in case of every second instance of delayed payment, the Allottee in all fairness shall be responsible for such delayed payments, all costs associated with the administrative actions related to follow-up and recovery of such delayed payments, which are estimated to be 2% per instance of the delayed payment in the current financial year and shall be revised on 1st April of each year as per the rate of Reserve Bank of India’s consumer price index)

Additional Terms for Events of Default and Consequences. i) The parties agree and agreeand acknowledge that in addition to the interest as provided in Clause 9.3 (i), in case of every second instance of delayed payment, the Allottee in all fairness shall be responsible for such delayed payments, all costs associated with the administrative actions related to follow-up and recovery of such delayed payments, which are estimated to be 2% per instance of the delayed payment in the current financial year and shall be revised on 1st April of each year as per the rate of Reserve Bank of India’s consumer price index)