Common use of Damages for delay by the Authority Clause in Contracts

Damages for delay by the Authority. 4.3.1. If the Conditions Precedent set forth in Clause 4.1.3 have not been satisfied by the Authority within the stipulated period, and (i) the delay has not occurred as a result of breach of this Agreement by the Concessionaire or (ii) due to Force Majeure, the Authority shall pay to the Concessionaire Damages in an amount calculated at the rate of 0.1% of Performance Security for each day‟s delay until the fulfilment of such Conditions Precedent, subject to a maximum of 10% (ten percent) of Performance Security. In the event the total Damages under this Clause4.3.1 reaches the maximum level stipulated herein, the Concessionaire may terminate the Agreement in accordance with the provisions of Clause 21.2 and the Authority shall return the Performance Security on such Termination of the Agreement.

Damages for delay by the Authority. 4.3.1. If the Conditions Precedent set forth in Clause 4.1.3 have not been satisfied by the Authority within the stipulated period, and (i) the delay has not occurred as a result of breach of this Agreement by the Concessionaire or (ii) due to Force Majeure, the Authority shall pay to the Concessionaire Damages in an amount calculated at the rate of 0.1% of Performance Security for each day‟s day’s delay until the fulfilment of such Conditions Precedent, subject to a maximum of 10% (ten percent) of Performance Security. In the event the total Damages under this Clause4.3.1 reaches the maximum level stipulated herein, the Concessionaire may terminate the Agreement in accordance with the provisions of Clause 21.2 and the Authority shall return the Performance Security on such Termination of the Agreement.