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, licence and authority to construct, operate and maintain the Commercial Complex for a period of 60 years and Bus terminal for a period of 35 years (the "Concession") commencing from the Appointed Date, 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. Provided that in the event the Concessionaire shall have discharged its obligations without any material breach thereof (whether cured during the Cure Period or not) for the Concession Period, it shall participate in the competitive bidding process and shall have a right to match the financial bid of the highest ranked bidder in the event the Authority invites fresh bids for selection of a new concessionaire for the Commercial Complex after the expiry of the Concession Period of Commercial Complex by efflux of time. For the avoidance of doubt, material breach shall for the purposes hereof mean Suspension and/or cumulative levy of Damages exceeding a sum equivalent to Performance Security. It is expressly agreed between the Parties that the First Right of Refusal shall mean that the Concessionaire will have a right to match the financial bid of the highest ranked bidder only if the Concessionaire participates in such bidding process and its bid is within 10% of the highest ranked bidder. It is expressly agreed between the Parties that the terms and conditions for such additional period after the expiry of the Concession Period of Commercial Complex shall be determined by the Authority. Provided further that in the event Concessionaire successfully matches the financial bid of the bidder selected, if any, the Concessionaire shall have a right to undertake the Project for an additional period of 30 (thirty) years on the terms and conditions as specified in such bidding document. It is expressly agreed between the Parties, in the event, no bidder is selected through the competitive bidding process and/or no bidder participates in the process for undertaking the Project, as the case may be, the Concessionaire may, by notice to be given no later than the 180 days prior to the date of Termination of the Concession Agreement, by efflux of time, seek extension of the additional 30 years and in such an event, it may be entitled to an additional period of 30 years, at the discretion of the Authority on the terms and conditions specified in the bidding document.