Section 32(5) in The Punjab Infrastructure (Development & Regulation) Act, 2002
(5)Financial parameters shall also be described, which amongst others, shall include -(a)maximum period of project construction;(b)fixed term for project operation and collection of tolls or fees or rentals or charges in respect of models of contracts specified in Schedule II;(c)The Draft Concession Agreement shall clearly define the basic and legal relationship between the parties as well as the rights and responsibilities of the parties involved. Where applicable, the following matters, among others, shall be included :-(i)bonds, guarantees, insurance, damages;(ii)warranties, indemnities, limitation of liability;(iii)schedule and amount of milestone bonding;(iv)relevant price index to be used;(v)force majeure and its consequences;(vi)effect of changes in circumstances, which may be brought about by, among others, the enactment of new laws or regulations or the change-in existing government policies which will materially affect the financial viability of the project;(vii)contract termination and combination;(viii)the governing laws, manner and procedure for the resolution of disputes including partnering, conciliation, arbitration;(ix)project monitoring mechanisms including provisions for independent quality control consultants and dispute review experts on a standing basis; and(x)taxes and duties.
