Assurance Audits. Concessionaire shall promptly notify the Authority of the corrections as completed or request additional time to correct outstanding items where the Authority determines progress has been made by Concessionaire, to correct such deficiencies.
D. In the event Concessionaire fails to correct in a timely manner the deficiencies noted in any Quality Assurance Audit as provided in this Section, the Authority may elect to charge Concessionaire an amount not to exceed Three Hundred Dollars ($300.00) per violation, per day. Concessionaire and the Authority agree that the Authority will incur damages from Concessionaire's failure to promptly remedy such violations, which damages are impractical or impossible to determine, and that this amount is a reasonable forecast of the damages to be suffered by the Authority.
ARTICLE 12
DEFAULT BY CONCESSIONAIRE
12.1 Default by Concessionaire
The occurrence of any of the following events shall constitute a default by Concessionaire:
- A.Concessionaire's failure to pay the concession fee or any other sums payable hereunder, and if such failure shall continue for a period of fifteen (15) days after written notice from the Authority to Concessionaire.
- B.Concessionaire's failure to provide and maintain current security bond or irrevocable letter of credit as required herein, and if such failure shall continue for a period of thirty (30) days after written notice from the Authority to Concessionaire.
- C.Concessionaire's failure to provide and maintain all certificates of insurance as required herein, and if such failure shall continue for a period of thirty (30) days after written notice from the Authority to Concessionaire.
- D.Concessionaire's failure to observe, keep or perform any of the other terms, covenants, agreements or conditions of this Agreement or in the Airport Rules and Regulations, and if such failure shall continue for a period of thirty (30) days after written notice from the Authority to Concessionaire.
- E The bankruptcy of Concessionaire.
- E.An assignment by Concessionaire for the benefit for creditors.
- F.A receiver or trustee being appointed for Concessionaire, or a substantial portion of Concessionaire's assets and the receivership is not set aside within 30 days after such appointment.
- G.Concessionaire's voluntary petitioning for relief under, or otherwise seeking the benefit of, any bankruptcy, reorganization, and arrangement or insolvency law and said proceeding is not dismissed, discontinued, or vacated within 30 days.
- H.Concessionaire's allowing any kind of a lien to be placed on any property of Authority or attempting to pledge its interest hereunder.
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