Delay Penalty is a discount offered to customers when handovers are delayed for a period longer than 30 days after the confirmed move-in date*. This date is communicated in the Project Schedule after all the sales orders are raised.
How much is the delay penalties?
Penalty per day for every day, beyond 30 days after the committed move in date, is 0.1% of the total Project Value.
E g.Move In Date - 1st July 2020. Project Value (net offer/ discount): INR 10,00,000/-. In this case, penalty of INR 1,000 (0.1% of INR 10,00,000/-) per day will be applicable in case of delay beyond August 1st.
The maximum delay penalty payable cannot exceed 2% of the total project value..
*Move in definition:- A project will be ready to move in if the kitchen and bedrooms wardrobes are ready without snag list from customers side(any pending decision from customer/electrical work/supply chain issues/finishing/damages will not be considered). Home will be consider as a ready to move-in.
If painting and other (except modular furniture) scope of work not under Asense then Move-in date will be depends on the customers. Asense will not be responsible for any move-in date.
How the delay penalty will be paid out?
Delay penalty would be paid out through a refund to customer’s bank account. However this depends on whether 100% payment and project handover is complete.
1. In case there are any design changes/ modifications after communication of date of move-in to the customer; this includes change in scope, addition of scope, reduction of scope, material changes, finish changes, aesthetic changes, functional changes, or any other changes that may result in a delay in the manufacturing, procurement or execution at site.
2. In cases where the project involves scope of work handled by the customer, then the duration of execution of the customer’s scope of work will be taken into consideration to estimate the move-in date. This duration will be calculated after understanding from the customer the total number of days they require to complete their scope of work. Should the delay stem from the customer’s scope of work overshooting the budgeted days, or, any changes in the schedule of the customer’s scope of work, move-in date will be re-estimated and any delay penalty will be computed from the revised date.
3. Delay in access to the site, which results in delay in execution by Asense / Asense partner scope of work.
4. Restricted access to the site, which results in delay in execution by Asense/ Asense partner scope of work.
5. Unavailability of consistent, uninterrupted power or water supply to the site during the execution phase will result in Delay Penalty not being applicable.
6. In case of non-payment by the customer or partial payment or any delay in payments as per the payment milestones, Asense will not be held responsible for delays beyond the move-in date, and, hence, Delay Penalty will not be applicable
7. Force Majeure, which includes, but is not restricted to:
8. Any act of god including natural disasters, floods, fire, earthquake, typhoon, cyclone or landslides.
9. War, riot, strike, lock-outs, hartal/bandh, accidents, power failure or shortage of fuel.
10. Any restrictions imposed by the central, state or local statutory / government authorities.
11. Any change in applicable law.
12. Any unforeseen supply shocks for raw materials and accessories.
13. Any unforeseen manpower supply shocks.
14. Any other unforeseen circumstances/causes beyond the reasonable control of Asense.
