10.5.4  Failure to achieve Completion

Failure by the private party to achieve Completion by the Date for Completion will not of itself result in an Event of Default36 however government may terminate the Project Contracts if the private party fails to achieve Completion by any specified sunset date.

The private party must take all reasonable steps to preclude the cause, and minimise the consequence of any delay and keep government informed including by providing a detailed corrective action plan if it becomes aware that it is not likely to achieve Completion by the Date for Completion.

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36 See however, sections 23.1(a) and 23.1(b) in Chapter 23 (Default).