Model Project Development Agreement Page 4
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8815.21
Performance Security ................................................................................................... 47
15.22
Royalties Payable to GON ........................................................................................... 47
16.
FORCE MAJEURE...................................................................................................... 48
16.1
Definition of Force Majeure Event .............................................................................. 48
16.2
Exclusions from Force Majeure Events ....................................................................... 49
16.3
Obligation to notify ...................................................................................................... 50
16.4
Obligation to mitigate................................................................................................... 51
16.5
Delay caused by Force Majeure Events ....................................................................... 51
16.6
Consequences of Political Force Majeure Events prior to COD.................................. 52
16.7
Consequences of Political Force Majeure Events following COD .............................. 53
16.8
Restoration due to Political Force Majeure Events or Change in Law ........................ 54
16.9
Restoration due to Other Force Majeure Events .......................................................... 54
16.10
Termination .................................................................................................................. 54
17.
CHANGE IN LAW...................................................................................................... 54
17.1
Change in Law - termination........................................ Error! Bookmark not defined.
17.2
Change in Law – other remedies.................................................................................. 54
18.
EVENTS OF DEFAULT AND TERMINATION ....................................................... 56
18.1
Company Events of Default ......................................................................................... 56
18.2
GON Events of Default ................................................................................................ 58
18.3
Termination .................................................................................................................. 58
18.4
Transfer option ............................................................................................................. 59
18.5
Power of Attorney ........................................................................................................ 60
19.
RIGHTS CUMULATIVE WITH THOSE AT LAW .................................................. 60
20.
GOVERNING LAW .................................................................................................... 60
21.
DISPUTE RESOLUTION ........................................................................................... 60
21.1
Disputes........................................................................................................................ 60
21.2
Dispute Notice.............................................................................................................. 60
21.3
Resolution by consultation ........................................................................................... 60
21.4
Expert determination .................................................................................................... 60
21.5
Dispute Resolution by Arbitration ............................................................................... 61
21.6
Waiver of sovereign immunity..................................................................................... 62
22.
LIABILITY AND INDEMNIFICATION.................................................................... 62
22.1
Limitation of liability ................................................................................................... 62
22.2
Indemnification ............................................................................................................ 63
22.3
Assertion of claims to exceed minimum amount ......................................................... 63
22.4
Indemnification for fines and penalties ........................................................................ 63
22.5
Notice of proceedings................................................................................................... 64
22.6
Defence of claims......................................................................................................... 64
22.7
Subrogation .................................................................................................................. 65
23.
ASSIGNMENT AND SECURITY .............................................................................. 65
23.1
Assignment and mortgage by the Company................................................................. 65
23.2
Assignment by GON .................................................................................................... 66
24.
CHANGE OF CONTROL ........................................................................................... 66
25.
REFINANCING........................................................................................................... 66
26.
REPRESENTATIONS AND WARRANTIES ............................................................ 66
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