Common use of Termination Payment for Force Majeure Event Clause in Contracts

Termination Payment for Force Majeure Event. If Termination is on account of a Non-Political Event, the Authority shall, subject to terms of clause 30.3.3 hereof, make a Termination Payment to the Concessionaire in an amount equal to 80% (eighty percent) of the Unexpired Cashflow less Insurance Cover. If Termination is on account of an Indirect Political Event, the Authority shall subject to terms of Clause 30.3.3 hereof, make a Termination Payment to the Concessionaire in an amount equal to 100% (hundred percent) of Unexpired Cashflow less Insurance Cover. If Termination is on account of a Political Event, the Authority shall make a Termination Payment to the Concessionaire in an amount that would be payable under Clause 30.3.2 as if it were an Authority Default. Dispute resolution In the event that the Parties are unable to agree in good faith about the occurrence or existence of a Force Majeure Event, such Dispute shall be finally settled in accordance with the Dispute Resolution Procedure; provided that the burden of proof as to the occurrence or existence of such Force Majeure Event shall be upon the Party claiming relief and/or excuse on account of such Force Majeure Event. Excuse from performance of obligations If the Affected Party is rendered wholly or partially unable to perform its obligations under this Agreement because of a Force Majeure Event, it shall be excused from performance of such of its obligations to the extent it is unable to perform on account of such Force Majeure Event; provided that: the suspension of performance shall be of no greater scope and of no longer duration than is reasonably required by the Force Majeure Event; the Affected Party shall make all reasonable efforts to mitigate or limit damage to the other Party arising out of or as a result of the existence or occurrence of such Force Majeure Event and to cure the same with due diligence; and when the Affected Party is able to resume performance of its obligations under this Agreement, it shall give to the other Party notice to that effect and shall promptly resume performance of its obligations hereunder.

Termination Payment for Force Majeure Event. If Termination is on account of a Non-Political Event, the Authority shall, subject to terms of clause 30.3.3 hereof, shall make a Termination Payment to the Concessionaire Operator in an amount equal to 8090% (eighty percentninety per cent) of the Unexpired Cashflow Debt Due less Insurance Cover. If Termination is on account of an Indirect Political Event, the Authority shall subject to terms of Clause 30.3.3 hereof, make a Termination Payment to the Concessionaire Operator in an amount equal to 100% (hundred percent) of Unexpired Cashflow to: Debt Due less Insurance Cover; provided that if any insurance claims forming part of the Insurance Cover are not admitted and paid, then 80% (eighty per cent) of such unpaid claims shall be included in the computation of Debt Due; 110% (one hundred and ten per cent) of the Adjusted Equity; and an amount equivalent to the Additional Termination Payment less Insurance Cover; provided that if any insurance claims forming part of the Insurance Cover are not admitted and paid, then 80% (eighty per cent) of such unpaid claims shall be included in computation of the amount payable hereunder. If Termination is on account of a Political Event, the Authority shall make a Termination Payment to the Concessionaire Operator in an amount that would be payable under Clause 30.3.2 32.3 as if it were an Authority Default. Dispute resolution In the event that the Parties are unable to agree in good faith about the occurrence or existence of a Force Majeure Event, such Dispute shall be finally settled in accordance with the Dispute Resolution Procedure; provided that the burden of proof as to the occurrence or existence of such Force Majeure Event shall be upon the Party claiming relief and/or excuse on account of such Force Majeure Event. Excuse from performance of obligations If the Affected Party is rendered wholly or partially unable to perform its obligations under this Agreement because of a Force Majeure Event, it shall be excused from performance of such of its obligations to the extent it is unable to perform on account of such Force Majeure Event; provided that: the suspension of performance shall be of no greater scope and of no longer duration than is reasonably required by the Force Majeure Event; the Affected Party shall make all reasonable efforts to mitigate or limit damage to the other Party arising out of or as a result of the existence or occurrence of such Force Majeure Event and to cure the same with due diligence; and when the Affected Party is able to resume performance of its obligations under this Agreement, it shall give to the other Party notice to that effect and shall promptly resume performance of its obligations hereunder. The Parties agree that the Operator shall develop alternate or standby arrangements for provision of goods and services in accordance with Good Industry Practice and failure on this account shall not excuse the Operator from performance of its obligations hereunder.

Termination Payment for Force Majeure Event. If Termination is on account of a Non-Political Event, the Authority shall, subject to terms of clause 30.3.3 hereof, shall make a Termination Payment to the Concessionaire in an amount equal to 8090% (eighty ninety percent) of the Unexpired Cashflow Debt Due less Insurance Cover. If Termination is on account of an Indirect Political Event, the Authority shall subject to terms of Clause 30.3.3 hereof, make a Termination Payment to the Concessionaire in an amount equal to 100to: Debt Due less Insurance Cover; provided that if any insurance claims forming part of the Insurance Cover are not admitted and paid, then 80% of such unpaid claims shall be included in the computation of Debt Due; and 110% (one hundred and ten percent) of Unexpired Cashflow less Insurance Coverthe Adjusted Equity. If Termination is on account of a Political Event, the Authority shall make a Termination Payment to the Concessionaire in an amount that would be payable under Clause 30.3.2 as if it were an Authority Default. Dispute resolution In the event that the Parties are unable to agree in good faith about the occurrence or existence of a Force Majeure Event, such Dispute shall be finally settled in accordance with the Dispute Resolution Procedure; provided that the burden of proof as to the occurrence or existence of such Force Majeure Event shall be upon the Party claiming relief and/or excuse on account of such Force Majeure Event. Excuse from performance of obligations If the Affected Party is rendered wholly or partially unable to perform its obligations under this Agreement because of a Force Majeure Event, it shall be excused from performance of such of its obligations to the extent it is unable to perform on account of such Force Majeure Event; provided that: the suspension of performance shall be of no greater scope and of no longer duration than is reasonably required by the Force Majeure Event; the Affected Party shall make all reasonable efforts to mitigate or limit damage to the other Party arising out of or as a result of the existence or occurrence of such Force Majeure Event and to cure the same with due diligence; and when the Affected Party is able to resume performance of its obligations under this Agreement, it shall give to the other Party notice to that effect and shall promptly resume performance of its obligations hereunder.

Termination Payment for Force Majeure Event. If Termination is on account of a Non-Political Event, the Authority shall, subject to terms of clause 30.3.3 hereof, shall make a Termination Payment to the Concessionaire in an amount equal to 8090% (eighty percentninety per cent) of the Unexpired Cashflow Debt Due less Insurance Cover. If Termination is on account of an Indirect Political Event, the Authority shall subject to terms of Clause 30.3.3 hereof, make a Termination Payment to the Concessionaire in an amount equal to 100% (hundred percent) of Unexpired Cashflow to: Debt Due less Insurance Cover; provided that if any insurance claims forming part of the Insurance Cover are not admitted and paid, then 80% (eighty per cent) of such unpaid claims shall be included in the computation of Debt Due; and 110% (one hundred and ten per cent) of the Adjusted Equity. If Termination is on account of a Political Event, the Authority shall make a Termination Payment to the Concessionaire in an amount that would be payable under Clause 30.3.2 32.3.2 as if it were an Authority Default. Dispute resolution In the event that the Parties are unable to agree in good faith about the occurrence or existence of a Force Majeure Event, such Dispute shall be finally settled in accordance with the Dispute Resolution Procedure; provided that the burden of proof as to the occurrence or existence of such Force Majeure Event shall be upon the Party claiming relief and/or excuse on account of such Force Majeure Event. Excuse from performance of obligations If the Affected Party is rendered wholly or partially unable to perform its obligations under this Agreement because of a Force Majeure Event, it shall be excused from performance of such of its obligations to the extent it is unable to perform on account of such Force Majeure Event; provided that: the suspension of performance shall be of no greater scope and of no longer duration than is reasonably required by the Force Majeure Event; the Affected Party shall make all reasonable efforts to mitigate or limit damage to the other Party arising out of or as a result of the existence or occurrence of such Force Majeure Event and to cure the same with due diligence; and when the Affected Party is able to resume performance of its obligations under this Agreement, it shall give to the other Party notice to that effect and shall promptly resume performance of its obligations hereunder.. Compensation for Loss of Food Grain Where any loss or shortfall of Food Grains occurs due to occurrence of a Force Majeure Event, such loss or shortfall of Food Grains shall be borne and paid as follows: upon occurrence of a Non-Political Event, any loss or shortfall in Food Grains arising therefrom, but not exceeding the Insurance Cover, shall be borne by the Concessionaire and paid to the Authority; upon occurrence of an Indirect Political Event, any loss or shortfall in Food Grains arising therefrom, but not exceeding the Insurance Cover, shall be borne by the Concessionaire and paid to the Authority; upon occurrence of a Political Event, the Concessionaire shall not be required to bear any loss or shortfall arising therefrom and such loss or shortfall shall be borne by the Authority Relief for Unforeseen Events Upon occurrence of an unforeseen event, situation or similar circumstances not contemplated or referred to in this Agreement, and which could not have been foreseen by a prudent and diligent person (the “Unforeseen Event”), any Party may by notice inform the other Party of the occurrence of such Unforeseen Events with the particulars thereof and its effects on the costs, expense and revenues of the Project. Within 15 (fifteen) days of such notice, the Parties shall meet and make efforts in good faith to determine if such Unforeseen Event has occurred, and upon reaching agreement on occurrence thereof, deal with it in accordance with the provisions of this Clause 29.13 Upon determination of the occurrence of the Unforeseen Event, the Parties shall make a reference to a conciliation tribunal which shall comprise one member each to be nominated by both Parties from among persons who have been Judges of a High Court and the conciliators so nominated shall choose a chairperson who has been a Judge of the Supreme Court or Chief Justice of a High Court The conciliation tribunal referred to in Clause 29.13.2 shall conduct its proceedings in accordance with the provisions of Article 39 as if it is an arbitration proceeding under that Article, save and except as provided in this Clause 29.13 The conciliation tribunal referred to in this Clause 29.13 shall conduct preliminary proceedings to satisfy itself that - An Unforeseen Event has occurred; The effects of such Unforeseen Event cannot be mitigated without a remedy or relief which is not contemplated in the Agreement; and The Unforeseen Event or its effects have not been caused by any Party by any act or omission of its part; and if the conciliation tribunal is satisfied that each of the conciliations specified hereinabove is fulfilled, it shall issue an order to this effect and conduct further proceedings under this Clause 29.13 Upon completion of the conciliation proceedings referred to in this Clause 29.13, the conciliation tribunal may by a reasoned order make recommendations which shall be: based on a fair and transparent justification; no greater in scope than is necessary for mitigating the effects of the Unforeseen Event; of no greater duration than is necessary for mitigating the effects of the Unforeseen Events; and quantified and restricted in terms of relief or remedy Within 15 (fifteen) days of receiving the order referred to in Clause 29.13.5, the Parties shall meet and make efforts in good faith to accept, in whole or in part, the relief or remedy recommended by the conciliation tribunal for mitigating the effects of the Unforeseen Event and to procure implementation of the Project in accordance with the provision of this Agreement. In pursuance hereof, the Parties may enter into a Memorandum of Understanding (“MoU”) setting forth the agreement reached hereunder, and the terms of such MoU shall have force and effect as if they form part of the Agreement

Termination Payment for Force Majeure Event. If Termination is on account of a Non-Political Event, the Authority shall, subject to terms of clause 30.3.3 hereof, shall make a Termination Payment to the Concessionaire in an amount equal to 8090% (eighty percentninety per cent) of the Unexpired Cashflow Debt Due less Insurance Cover. If Termination is on account of an Indirect Political Event, the Authority shall subject to terms of Clause 30.3.3 hereof, make a Termination Payment to the Concessionaire in an amount equal to 100% (hundred percent) of Unexpired Cashflow to: Debt Due less Insurance Cover; provided that if any insurance claims forming part of the Insurance Cover are not admitted and paid, then 80% (eighty per cent) of such unpaid claims shall be included in the computation of Debt Due; and 110% (one hundred and ten per cent) of the Adjusted Equity. If Termination is on account of a Political Event, the Authority shall make a Termination Payment to the Concessionaire in an amount that would be payable under Clause 30.3.2 37.3.2 as if it were an Authority Default. Dispute resolution In the event that the Parties are unable to agree in good faith about the occurrence or existence of a Force Majeure Event, such Dispute shall be finally settled in accordance with the Dispute Resolution Procedure; provided that the burden of proof as to the occurrence or existence of such Force Majeure Event shall be upon the Party claiming relief and/or excuse on account of such Force Majeure Event. Excuse from performance of obligations If the Affected Party is rendered wholly or partially unable to perform its obligations under this Agreement because of a Force Majeure Event, it shall be excused from performance of such of its obligations to the extent it is unable to perform on account of such Force Majeure Event; provided that: the suspension of performance shall be of no greater scope and of no longer duration than is reasonably required by the Force Majeure Event; the Affected Party shall make all reasonable efforts to mitigate or limit damage to the other Party arising out of or as a result of the existence or occurrence of such Force Majeure Event and to cure the same with due diligence; and when the Affected Party is able to resume performance of its obligations under this Agreement, it shall give to the other Party notice to that effect and shall promptly resume performance of its obligations hereunder.