Common use of The Concession Clause in Contracts

The Concession. 3.1.1 Subject to and in accordance with the provisions of this Agreement, the Applicable Laws and the Applicable Permits, the Authority hereby grants to the Concessionaire the concession set forth herein including the exclusive right and authority to construct, operate and maintain the Project (the “Concession”) for a period of 32 (thirty two) years commencing from the Effective Date (“Term of Concession”) in accordance with the provisions of this Agreement, {the Lease Deed}1 and the Escrow Agreement, and the Concessionaire hereby accepts the Concession and agrees to implement the Project subject to and in accordance with the terms and conditions set forth herein. Either Party may seek an extension to the Term of Concession by an additional period not exceeding 30 (thirty) years by serving a written notice to the other Party at least 450 (four hundred and fifty) days prior to the expiry of the Term of Concession. The extension of the Term of Concession shall be by mutual agreement between the Parties and on terms and conditions mutually agreed between the Parties.

The Concession. 3.1.1 Subject to and in accordance with the provisions of this Agreement, the Applicable Laws and the Applicable Permits, the Authority hereby grants to the Concessionaire the concession set forth herein including the exclusive right and authority to construct, operate and maintain the Project (the “Concession”) for a period of 32 (thirty two) years commencing from the Effective Date (“Term of Concession”) in accordance with the provisions of this Agreement, {the Lease Deed}1 Deed and the Escrow Agreement, and the Concessionaire hereby accepts the Concession and agrees to implement the Project subject to and in accordance with the terms and conditions set forth herein. Either Party may seek an extension to the Term of Concession by an additional period not exceeding 30 (thirty) years by serving a written notice to the other Party at least 450 (four hundred and fifty) days prior to the expiry of the Term of Concession. The extension of the Term of Concession shall be by mutual agreement between the Parties and on terms and conditions mutually agreed between the Parties.