HMRDC Contract Termination will enable better passenger services from Bangalore-Mangalore and it should be done in 2019 March below are few details.
There are few clauses in HMRDC which are as below. Suggestion is to terminate the contract on 19th March 2019(less than three years from now). By this Indian Railways will have to pay 10% less money.
Please see the clauses which acts as spoiler for Bangalore-Mangalore passenger trains.
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SWR shall be entitled to run on the Project Railway, the equivalent of the passenger services that already was operational on the MG track in the Project Area without payment of any access charges. Provided, however that, any new passenger service on the Project Railway shall be commenced only with the prior written consent of HMRDC.
- Right to collect revenues for passenger services and provide facilities incidental thereto at its cost.
Early Termination Clause:
In the event of early termination, the procedure for termination set forth in the Concession Agreement shall be followed along with the Article 8.2.1 and 8.2.2 being the default payments payable by the Defaulting Party to the Non-Defaulting Party.
Upon Termination on account of Concessioning Authority’s Event of Default, HMRDC shall be entitled to receive and MoR shall pay the following as Transfer Payment:
a. 130% of DRV if the default occurs within 15 years of COD.
b. 120% of DRV if the default occurs after 15 years but within 25 years of COD.
c. 110% of DRV if the default occurs after 25 years of COD.
"DRV" means depreciated replacement value of New Assets and Additional Facilities and is the aggregate cost of replacing each asset on Termination Date minus aggregate depreciation on straight line method, where depreciation on straight line method for each asset means the number of years the asset has been in use divided by the codal life of the asset multiplied by the cost of replacement of asset on Termination Date. The asset life shall be computed as per the provisions in the codes and manuals of the MoR. Where the life of an asset is not mentioned in the MoR codes/manuals, it shall be decided mutually between MoR and the Company. The cost of replacement of each asset shall be determined by the then prevailing accepted rate for the relevant assets of MoR.
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