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Jewar airport builder to pay Rs 10 lakh per day for delay

A penalty of Rs 10 lakh a day will be imposed on the concessionaire building Noida international airport if it exceeds the deadline of September 29, 2024. A day after the airport project was launched by the PM, officials said when the concessionaire, Zurich AG, and the UP government had signed the final agreement, it had been decided the company would be liable to pay 0.1% of the bank guarantee it had deposited every day as liquidated damages if the project breached the deadline.

A penalty of Rs 10 lakh a day will be imposed on the concessionaire building Noida international airport if it exceeds the deadline of September 29, 2024. A day after the airport project was launched by the PM, officials said when the concessionaire, Zurich AG, and the UP government had signed the final agreement, it had been decided the company would be liable to pay 0.1% of the bank guarantee it had deposited every day as liquidated damages if the project breached the deadline. from Times of India https://ift.tt/3p0xS1n
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