Revised RFP for Lease Cum Development of Tourism Properties ...

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Development of Tourism Properties, Uttar Pradesh 7.7 Insurance of the Property 7.7.1 The Developer at his own cost will insure the Property along with its assets towards fire, theft, natural calamities, earthquake etc and submit a copy of the same to the Authority from time to time. The Developer would be further required to timely renew the insurance policy from time to time during the Lease Period. 7.8 Hypothecation 7.8.1 The Developer will not be permitted to raise funds by hypothecating the Property or its assets. 7.9 Maintain a separate Escrow Bank account 7.9.1 For purpose of Clause 7.16.1 (z), the Developer is required to open an Escrow account, which shall be operated as per Clause 6.6 of the Lease cum Development Agreement. 7.10 Developer’s Freedom to Fix Tariffs 7.10.1 The Developer would have the freedom to decide and fix the tariff to be charged towards the facilities, and the other services provided depending upon its policies and market demand so as to maintain the business of the Property. 7.11 Sub-leasing / Joint Venture by Developer 7.11.1 The Developer shall not enter in to a fresh Consortium or Joint Venture Agreement for the development, operation, management and maintenance of the Property and the same shall be treated as an unfair practice and lead to forfeiture of the Performance Security and entails termination of the Agreement. 7.11.2 Similarly, the Developer shall not be allowed to sub-lease for development, operations and maintenance of the Property. The Developer may however choose to licence/sub-contract to any agency various operations viz: Gym and health club, Business Centre, souvenir store, etc. upon seeking the consent of the Authority along with the revenue monitoring system to be adopted for the same. The Developer may also choose to outsource other services like housekeeping, laundry security, maintenance, and staff. 7.12 Penalty for delay in Payments 7.12.1 The Developer shall pay a penalty equivalent to SBI Base Rate plus 3 percent per annum on the outstanding amounts to the Authority. The date of commencement of interest for the purpose of calculation of the interest would be from the first day of the month from which the payment was due. 7.13 Termination 7.13.1 The Authority reserves the right to terminate the Agreement for failure on part of the Developer to abide by the conditions of the Lease cum Development Agreement Request for Proposal 28
Development of Tourism Properties, Uttar Pradesh with a notice of three months. The Authority reserves the right to call for an early termination of the Lease cum Development Agreement in the following cases: a) On event of failure on the part of the Developer to commence 100% operations of the Property within a period of 180 days from the date of taking possession of the Property by Developer. b) On event of default of Developer to timely pay to the Authority the Annual Lease Rent for a period of 90 days from the Due Date 7.14 Terminal Value 7.14.1 In the event of default or termination or expiry of Lease cum Development Agreement or by efflux of time (the Lease having run its full course), the Developer shall hand over/ transfer the vacant possession of the Property, including all Project Facility and Project Asset, to the Authority at Rs 1/- value. For avoidance of doubt it is made clear that Authority shall pay the aforesaid Rs 1/- for improvement/upgradation etc. made by the Developer in the Property/Project Facility/Project Assets. 7.15 Treatment to Existing Employees 7.15.1 The existing employees will have the option of working with the Developer on mutually agreed terms. In that case the employee will be treated as an employee of the Authority for the benefit of retiral dues but the current salary and related emoluments will be paid by the Developer. The statutory deduction will be made and deposited under relevant heads by the Developer. However, the Developer has no obligation to accommodate the existing employees. 7.15.2 Employees can opt for Voluntary Retirement Scheme (VRS). 7.15.3 The Employees who are not opting for any of the above options will continue with the Authority. 7.16 Responsibility of Developer 7.16.1 The Developer shall comply with the following as his responsibilities during the Lease Period: a) Design, Develop, Upgrade, Finance, Manage, Market, Operate and Maintain the Property and Project Facilities, at its cost and expense in accordance with the provisions of the Lease cum Development Agreement, the Standards and Specifications, the Applicable Laws, terms of Applicable Permits and Good Industry Practice. b) Obtain and maintain at its cost all Applicable Permits, in conformity with the Applicable Laws and be in compliance therewith. c) Provide to the Authority reports on a regular basis during the Lease Period and the refurbishment, renovations, addition of assets carried out and at all times provide the Authority such information, data and documents the Authority may reasonably require. d) May contract at its cost and risk to Contractors possessing the requisite skill, expertise, capacity and technical and financial qualifications, the designing, Request for Proposal 29
Page 1 and 2: DEPARTMENT OF TOURISM GOVERNMENT OF
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Revised RFP for Lease Cum Development of Tourism Properties ...

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