A Concession Agreement between a Government Authority and Private Developer has following Drop Dead Clause:
"In the event Zero date is not achieved within 24 months from the Signing of Concession Agreement unless otherwise agreed to, this Agreement shall stand terminated and the Parties to the Agreement shall have no liability of any nature of whatsoever"
The Zero Date was not achieved for many reasons (some attributable to one Party and some other party and many neutral) within 24 months from signining Date. But the parties are continuing with the Agreement without any amendment. Is the Concession Agreement still valid or it expires only after one party issues the Termination Notice. Remember one party is Govt Authority.
