Section 32(5)(c) in The Punjab Infrastructure (Development & Regulation) Act, 2002

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State of Punjab - Subsection

Section 32(5)(c) in The Punjab Infrastructure (Development & Regulation) Act, 2002

(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.

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State of Punjab - Subsection

Section 32(5)(c) in The Punjab Infrastructure (Development & Regulation) Act, 2002